Top 5 Key Insights for Business Continuity
By Ray Sclafani | April 22, 2022
Q1 2022 INSIGHTS
During the first quarter of 2022 (Jan - Mar), we asked our clients a series of business-specific questions to gauge their perceptions as to how prepared their firm and team would be in case of a disaster or emergency. We received more than 300 responses and the following are the top 5 keys insights of consideration.
Top 5 Key Insights on Business Continuity In Case of a Disaster or Emergency :
- Respondents felt fairly confident that their teams could continue to adequately advise their clients in the event that they were no longer in the position to do so. However, the sentiment was the inverse when it came to client acquisition. This highlighted the need for stronger business continuity planning and a non-founder centric client acquisition strategy. Advisors are well equipped to advise clients, but do not have the team to grow the firm without them.
- Respondents also felt the strong need to create, document, communicate and test their business continuity plans. The pandemic has taught many that having a solid continuity plan and top talent to execute on said plan is crucial to continued growth.
- There is a strong need for the hiring and development of teams and the next generation of owners/partners. We not only saw this in the survey, but also witnessed this topic come up repeatedly in our workshops. Firms want to know how to win the war for talent in this competitive landscape.
- Firms have grown faster than expected and this has led to teams planning for continued growth at an accelerated pace. The hiring of more team members, development of current ones and scaling processes for growth are top priorities.
- Finally, respondents recognize the fertile grounds of growth ahead for their firms. Multiple responses conveyed excitement related to the opportunities for client acquisition in 2022 as well as overall firm growth.
- What can you do to further develop others within your team?
- How can your firm better prepare for business continuity and succession?
- What most excites you and your team when you consider the opportunity for growth?
Topics: Business and Operations Management Business Planning Business Continuity