“The secret to humor is surprise”.
I’m not sure that Aristotle’s view on surprise was of much humor to those in the recent banking crisis. As a couple of big banks recently discovered how quickly the tide can go out, it made us all wonder how deep and wide this crisis might become. It’s a bit of a cautionary tale: Silicon Valley Bank and Signature Bank both showed us how successful having a well-developed niche can be, but you’d better tend to risk management in order to keep that success from rolling back over you.
As advisors, we have a unique view on news stories such as this banking crisis. On the one hand, we need to know how to communicate the news to our clients in order to keep them on track to meet their financial goals. After all, a systemic banking crisis can affect them in a number of ways, from a declining stock market to a real fear that their own bank deposits may be at risk. On the other hand, we can view the news through a more personal lens: how should we manage our own business in light of these catastrophic business failures? Should we do things differently or are these business failures just anomalies that are part of life?
As you’ll read in The Insider feature here, I’m a big fan of developing a niche for your practice. Sure, there are dangers of having a niche, but with some prudent risk management, we have the ability to keep ourselves from being run over by our success. The alternative to being really focused and good at just a few things is to be very mediocre – or worse – at lots of things. And this doesn’t sound like a path to the success we hope to achieve. So, let’s decide to get really good at a few things while keeping our other eye on the dangers lurking in the shadows. I’m pretty sure that’s just what humans need to do; it’s just…life.
As you’re doing the work of getting better at your craft, consider how we can help you leverage your efforts. In other words, let us know when you’re ready to scale up your business, having done the hard work of knowing who you best serve. As you’re well aware, the best time to reach people is when they’re most fearful. And since we live in a crazy, dynamic world, there’s no shortage of concern out there. Thus, there’s no better time than now to share your marketing message with a bigger audience. Let’s not let this opportunity pass because once today is gone, it’s gone for good.
The world won’t get less crazy any time soon. And since you’re more focused than ever, and more equipped than ever to deliver valuable solutions to new and existing clients, let’s get the word out, shall we?