These are difficult times for clients and advisors alike, but that doesn’t mean you shouldn’t be taking some specific practice management actions in response.
Your Staff. In these times, some people expect the worst, even if those fears are unfounded. So if you aren’t considering layoffs, tell your staff that and thank them for putting in extra effort.
Tap employees to gather suggestions for how to economize. From using the color printer only when needed, to reading documents online instead of printing pages, to enhancing efficiency through better teamwork, small changes can add up to big differences. You may discover that an employee wants to reduce hours and work part-time. On the other hand, if you’ve been tolerating poor employee performance for some time, the economy may push you to take action you should have taken long ago.
If you feel that, for economic reasons, you have to terminate a solid performer, think twice. Laying off a good employee has a toxic effect on an organization, not to mention the advisor’s heart.