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STRATEGY COACHING
How Many Clients Will Be Devastated by Commercial Real Estate Crisis?
David Wolfskehl
How Many Clients Will Be Devastated by Commercial Real Estate Crisis?
Reuters recently ran an article about fears and predictions of a crisis in the commercial real estate market in 2010. Some are predicting that it will parallel the recent crash in the residential real estate market. According to Reuters on Dec. 7, “The credit crisis that rocked U.S. residential mortgages and corporate credit markets may roil commercial real estate and sovereign debt markets next, senior investment managers said on Monday.”
What are you doing today to help your business clients protect themselves against these possibilities? How many of your business clients read this article and know what steps to take to protect their companies and their personal assets? Here is a prime opportunity to be thinking and working at practice development for your professional services firm. Clients stay with you because of your competence and because they have come to trust your work. If they also trust you to always have their best interests at heart, they are more likely to remain clients and more likely to turn to you for other valuable services.

One way to build trust is to regularly demonstrate your concern for the client’s best interests. Whenever you read news like this, you should

  • evaluate the merits of the news report,
  • review your business client book to see who might be affected,
  • send a note to all business clients sharing the news with a note that you want to be certain they are taking appropriate steps in case this prediction becomes reality
  • send a different note to all business clients you have strong reason to believe will be adversely affected. In this note, request a meeting to discuss the ramifications of the news and what you can do to help the client protect his/her business assets.

This is the kind of news that can make or break some companies and investors. Demonstrating your link to breaking news and your willingness to consider how it will affect each client builds the kind of trust that wins new business through increased client spend and through solid referrals. Don’t miss out on any opportunity of this kind.

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David Wolfskehl
David Wolfskehl

Accrediated Strategic Planner - helping accounting firms build thier businesses from the inside out

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