Where Is Your Focus?

These are difficult times we’re going through. As is true for all economic downturns, fear and uncertainty creep into our lives. In the time it took to write this article, the Dow Jones Industrial Average (DJIA) fell 100 points. What we’re experiencing today is not unprecedented. I went through Black Monday (October 19, 1987) as a stock broker. The DJIA fell 508 points. Stock markets around the world plummeted. It was a terrible bloodletting. We have many more examples of the same trend: Black Monday and Tuesday (October 28 and 29) which followed Black Thursday (October 24), commonly known as the Stock Market Crash of 1929; on December 12, 1914, following the outbreak of World War I the Market fell 24%, and on September 11, 2001, the Market took a dramatic downturn as a result of the World Trade Center tragedy in New York City. History has proven that these conditions are not permanent. There are a host of investors that are already betting that this one isn’t either. So what do we do now that we find ourselves in the midst of another downward cycle and what are the expectations of our prospects and clients?

Above all, at times like this, people are looking for ways to calm their fears and weather the storm. If they are working with folks like us, they expect honesty and confidence. They can take a bit of bad news and they appreciate someone who has the courage to be straight with them. When the foundation of our security is shaky, manipulation and dishonesty only magnify an already fragile situation.

There is always an overabundance of negativity during a struggling economy. It is reasonable to engage in a bit of it just to flush it out of our system. There is a danger although in getting swallowed up by it. As most of you know, it doesn’t take long to end up mired in bad news. Many in our business will be overwhelmed by the dramatic rise and fall of the stock market and key financial indicators as well as the ‘crash’ theories that we’ve all heard. Remember though that there are opportunities for producers in the financial services industry that stay focused on their goals and understands that there is a bottom to each of these cycles and an ensuing upswing.

Our self-assurance and conviction are effective tools to calm these rough waters for our clients and prospects. Make sure that’s what they hear in your voice and see in your actions. Be prepared, work smarter, increase your call volume, and don’t forget the simple things that mean so much at times of insecurity:

1)  Call each of your clients, say “Hi”, and see how you can encourage them.
2)  Take a client to lunch.
3)  Send your clients a birthday or anniversary card.

Opportunities come to those who have the creativity and courage to rise above difficult times like we face today. It takes focus, determination, and an awareness of the negative forces around you. Commit to bringing confidence and self-reliance to your customers. These traits are effective in establishing rapport and trust at a time when people are wary and tentative. Most important, you will find valuable ways to believe in yourself and learn to navigate through the dark times when most flounder. It is worth the effort.