Fresh start: how to reinvent your brokerage in the new year
Author: Alexey Kutsenko
The beginning of the year leaves no one feeling indifferent.
And as we enter 2022, now is the perfect time to be inspired and use some of that start-of-a-new-year magic to our advantage.
Like any other business, brokerages have to change, adapt, and innovate to stay successful and competitive. And if you are currently in that phase of re-thinking your direction and reviewing your operations, then this article is for you!
This week, we have prepared a list of tips that will help you take an honest look at the business, find out your strengths and work them to your advantage, and learn new strategies too.
#1 New Year resolutions are not just for you! Plan them for your brokerage too
As a business, your brokerage already has budgeting plans and sales targets set up for 2022. But think beyond that!
Is there any thought or idea that you had in mind, but you’ve ignored it? Perhaps something challenging and even a bit crazy? If the answer is yes, why not put it on your NY resolutions list? Once you write it down, it stops being a dream and becomes a goal. And from that point on, you can work on achieving that goal.
So, whether it’s an expansion on a new continent, a significant technological update, portfolio diversification, or anything else – make your abstract plans into tangible goals and start acting on them.
#2 Run an analysis of your current situation
It’s hard to make progress and improve when you don’t know where you stand.
Engage your top management and trusted employees and run a group session to identify your strengths, weaknesses, risks, and opportunities.
Look at your risks and threats, prioritise them, and start dealing with the most urgent ones right away, slowly moving to the less pressing matters. Remember that it’s a bad business practice to ignore low priority issues as they tend to grow into urgent ones as time passes. If you’re unsure where to start, check out our blog post about the seven red flags for brokerages.
#3 Run a customer survey
Getting feedback from clients can be scary. But it is one of the fastest ways you can gain valuable insight into your brokerage and move forward. We recommend doing it in addition to the internal strategic analysis so that you can compare the two perspectives and make sure you don’t miss important points from both sides.
Make it a short questionnaire, and remember to leave some space for comments.
#4 Multiply and duplicate your success
After the analysis, you will see what works best for you. Maybe it’s a particular service, a specific market that you’ve taken by storm, or your customer support team is doing a fantastic job,making clients fall in love with you.
Have a closer look at those success cases and see how you can expand them into other areas of your business. Sometimes we don’t need fancy training, mentoring, or an MBA to have a breakthrough idea. All it takes is paying attention to what is happening around us and work with it.
#5 Launch a new service to future-proof your brokerage
If we have learned something from the past two years, it’s that you have to be strong to survive. Ideally, brokerages need to have a plan B, plan C, and maybe even a plan D to make sure they stay afloat regardless of what challenges they encounter.
And one great way to secure your company’s future is to spread the eggs across multiple baskets. Just because you are a powerful PAMM provider with a line of clients waiting outside your door doesn’t mean you should ignore other solutions and services and only focus on money management.
What if a strong competitor comes up with a new marketing strategy or technological solution next week? Would you survive if your PAMM client base decreases dramatically in a short period? We hope the answer is yes. But even so, why play with fire?
Clients worldwide are eager to diversify too, and a lot of them would prefer to stick with a broker who can handle all their needs. Plus, upselling and cross-selling to your existing clients is many times easier and cheaper than attracting cold leads.
If you are not yet ready to dive deep into a brand new service, try expanding your existing ones. For example, TFB has launched support of Weekend FX by LMAX earlier this year. You can partner with us to offer clients more trading hours over the weekend. Or, you can offer more trading assets, like FX, CFDs, cryptocurrencies, equities, options, or metals.
That’s it for today! We hope you found our tips useful. If you’d like to learn more about any of the TFB solutions or to request a free demo, please feel free to email us at email@example.com.
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