A few weeks ago when the market declined in response to the Federal Reserve’s move to help stimulate the economy, many people who had investments in the stock market panicked. We didn’t have to though, and that was because our financial advisor was “on it.”
Shortly after the market declined, we received an email from our financial advisor explaining the reasons for the decline, noting that it was predicted, and offering reassurance about next steps in terms of our investments. This told us that we may not be able to predict what the market will do, but we know our financial advisor is paying attention and watching carefully over our money, and will provide thoughtful advice and how we could respond.
Times are uncertain, for sure, in many sectors of our economy and for many businesses. In response, consumers are unsure. Apply what our financial advisor did for us and demonstrate to your customers that you’re “on it.” Tell them that you know what’s going on and that you know what to do about it in terms of your business. Communicate in a timely manner, right on the cusp of economic events that affect your business, keep your customers in the loop, and give them reason to patron you over your competitors.