Right now, for many RIAs, life is good. The market is at a record high and investors are jumping back in. For many firms, the challenge has shifted from how to market and increase revenue to how to recruit and attract talent to service all this new business. Too often, I see firms pull back on their marketing when capacity becomes an issue.
While rapid and unintentional growth of your business can be just as harmful as unintentional shrinkage, you shouldn’t ignore marketing in favor or handling new business. Getting your marketing flywheel spinning takes a lot of momentum—you don’t want to have to start from scratch when new clients aren’t so abundant. Even if you don’t have the capacity to take on new clients, here is one more marketing strategy you must not neglect:
Developing an emergency plan. Today, the markets are strong, the economy is growing and recent international and national political news has had only short-term repercussions on the economy. But if 2008 taught us anything, it’s that we must be ever ready. While you may hope you never have to use it, start developing your emergency marketing kit so that you can be prepared in the event of a catastrophe.