Sunday, October 19, 2008

For some----- this crisis is an opportunity!

At our staff meeting on Friday at Davenports we absorbed the reports from each staff member regarding the views of our clients on the financial crisis.
Each staff member was set the task of talking to 5 clients and teasing out their views. They did not have to specifically ring them-------they could simply work it into the conversation they were having.
It was a good exercise because everyone was able to contribute. Our receptionist was able to engage clients as they were waiting to see staff. Her information was as critical as anyone else's.
We all listened intently to the second genuine exercise we had all done in canvassing the views of clients.And then we analysed.

The clients that were particularly concerned and had already been affected were in the non-food retailing sector. An electronics importer is facing reduced margins due to the sliding dollar. A prestige gate-maker had experienced cancellation of orders in Toorak and Brighton due to the share market slide. A business broker had plenty of deals lined up but was unable to see them completed because the purchasers were having difficulty getting finance. One elderly female client who was reliant on managed funds for an income admitted to a panic attack. Another had experienced margin calls and felt fear and anxiety.
It was great education for us all.

Then there were the opportunists. One client was in the office-removal business. He expected increased activity because of businesses down-sizing. Another was in the domestic cleaning business and expected more activity. In his client base the women go back to work to shore up the family budget and insist on employing a cleaner because they cant do that as well as work. Another ran a bottle shop and advised that sales seem to be holding up as they always do in tough times.

The main thing we learnt was that each client is affected in a different way----and not all are going to be affected negatively!

It is a classic case of needing to analyse each client's situation before we step forward.


Because for some this financial crisis is an opportunity!

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