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Everyone knows some business owners. They come in many sizes and shapes. They might own a store on Main Street, a dental practice or manufacture widgets. There are things keeping them awake at night. Knowing how they think and offering to help, might lead to direct (or indirect) business.
1. Thou shalt not assume thine business owner client loves being in business. An accountant once told me: Many small business owners are in a race against bankruptcy." They face many challenges. They need advice, but often don't know where to look, think they will need to pay to get it or don't want to scare off their lender. Developing a personal relationship and taking a sincere interest in their business might get them to open up. You know many business owners in different fields. Your experience can add perspective.
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2. Thou shalt not assume thine business owner's children want to follow in their parent's footsteps. Many businesses are passed down through generations. In many other cases, parents want to use their success as a springboard for their children's ultimate success. It's unreasonable to expect the child who graduated from medical school will want to make over the family bakery. In many cases, the business owner's wealth is tied up in the business. They need a way to cash out. Once they have, as much of that cash will need to be preserved for future generations.
3. Thou shalt remember that thine business owner client is always interested in cutting expenses. It's a tough world out there. Online retailers are competing for business. Some customers are driving to the superstores on the edge of town to do their shopping. They want to drive revenue and minimize expenses. For clients and prospects, your seven most powerful words might be: "I think I can save you money."
4. Thou shalt not assume thine client hates his or her competitors. Sometimes businesses in the same field are complimentary. One store sells discount wine and another fine wine. They might have a common enemy, the beverage superstore. Your client might be able to refer colleagues you would consider competitors, but they don't.
5. Thou shalt not assume the current business climate is killing thine client. How many times have you asked: "How's business' and gotten "It's terrible" as an answer? Some business owners don't want to be seen as doing too well. It might attract the attention of the tax man. They might be approached for charitable contributions. Don't assume a client has no money for new investment ideas.
6. Thou shalt not assume thine client wants to stay a small business owner forever. Your client might want to expand. They could open another store or hire more salespeople, but a better strategy might be to buy out a competitor who is thinking of retiring. You live and work in the same area. You know lots of people socially. Does anyone fit this description?
7. Thou shalt help thine client consider other options besides working forever. Doesn't everyone see retirement as that moment when you slip out of the harness or stop pushing that rock uphill? Your client might assume they will work until they are carried out feet first. Do some retirement planning with your client. Help them see light at the end of the tunnel.
8. Thou shalt help thine client see the good in using current technology. You've heard about people who don't have websites. They think technology peaked when email was invented. They aren't on social media because they don't see the point. It's important to engage with prospects and clients on their terms. The younger generations expect it. Tell them how you have embraced technology in your own business.
9. Thou shalt help thine client realize that selling online is not a passing fad. Jeff Bezos has talked about "the gift of the Internet." Suddenly a local business can sell worldwide. You don't need to open more stores, but you do need to develop an online presence. Do their competitors sell online?
10. Thou shalt help thine client have a plan in case staff shortages are not temporary. Your client might think once the government cuts back on unemployment benefits, lots of people will be applying for jobs. It might not be that easy. Some people might have embraced the work from home model. Others decided to retire early. If their business needs employees now, they must learn what they need to pay plus offer as benefits to be competitive.
Many things worry business owners. You can strengthen your relationship by talking with them about them.
Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book, "Captivating the Wealthy Investor" can be found on Amazon.
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Bryce Sanders
Bryce Sanders, president of Perceptive Business Solutions Inc., has provided training for the financial services industry on high-net-worth client acquisition since 2001. He trains financial professionals on how to identify prospects within the wealthiest 2%-5% of their market, where to meet and socialize with them, how to talk with wealthy people and develop personal relationships, and how to transform wealthy friends into clients. Bryce spent 14 years with a major financial services firm as a successful financial advisor, two years as a district sales manager and four years as a home office manager. He developed personal relationships within the HNW community through his past involvement as a Trustee of the James A. Michener Art Museum, Board of Associates for the Bucks County Chapter of the Fox Chase Cancer Center, Board of Trustees for Stevens Institute of Technology and as a church lector. Bryce has been published in American City Business Journals, Barrons, InsuranceNewsNet, BenefitsPro, The Register, MDRT Round the Table, MDRT Blog, accountingweb.com, Advisorpedia and Horsesmouth.com. In Canada, his articles have appeared in Wealth Professional. He is the author of the book “Captivating the Wealthy Investor.”
