May 5, 2020
Heading into the end of 2019, I was taking advantage of the slower holiday time to formulate my business plan for the following year. Generally, this process involves picking a few key areas I want to focus on for our business, formulating a plan on how we are going to accomplish those goals and then allocating a budget towards those initiatives.
My priorities for 2020 include:
Through the early part of the year, January and February, my team and I ramped up efforts for a branding campaign that would take care of priority number three on my list. I have always been interested in creative marketing initiatives and I wanted to put Endeavour Wealth Management on the map by doing something a little out of the box and what some would consider to be a guerilla marketing tactic.
I was also going to commit a significant investment to pull it off and so the stakes were going to be running fairly high, given that it was by far the biggest marketing commitment I was ever making in my career on a single initiative.
I had held a number of planning meetings with both internal and external people on the campaign and we were just about ready to put it together when COVID-19 really started to make its full impact felt, throwing almost everyone’s 2020 plan through a loop. Given the situation, we ultimately decided to pull back on our branding campaign for now, as it would have been impossible to execute given the social guidelines we are following.
Given what is transpiring, though, I have been forced to consider whether the timing is right to be making such a large investment as well. Admittedly, in our industry we are all very fortunate as we are still working, and we are able to keep our businesses fully operational even if we are doing it remotely.
But the economic conditions out there are certainly different than they were even a few months ago and so I found myself thinking harder about whether or not it makes sense to be taking big leaps on these initiatives or if it would be more prudent to hang on to a war chest and weather the storm. Recently I had a conversation with my business coach on this and we came up with the following process for evaluating the decision:
Ultimately, my goal was to determine where my comfort levels were for downside risk. When you understand that we cannot control the external forces at play whether that be a pandemic, or a market crash, or both, what you are left with is what variables can you control. From there it is all about only taking on the risks that you are comfortable with. For me, in order to feel comfortable, I needed to evaluate all the angles. I needed to understand the potential downside and I needed to formulate a plan for what I would do if things did not go well. You may never be able to remove all of the uncertainty, but this process helps me to take the leaps of faith that are required to do great things in our business.
Grant White is a Portfolio Manager/Investment Advisor at Endeavour Wealth Management with Industrial Alliance Securities Inc, an award-winning office as recognized by the Carson Group. Together with his partners he provides comprehensive wealth management planning for business owners, professionals and individual families.
This information has been prepared by Grant White who is a Portfolio Manager/Investment Advisor for Industrial Alliance Securities Inc. (iA Securities) and does not necessarily reflect the opinion of iA Securities. The information contained in this newsletter comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any of the securities mentioned. The information contained herein may not apply to all types of investors. The Investment Advisor can open accounts only in the provinces in which they are registered.
Reference Link: https://www.wealthprofessional.ca/news/industry-news/does-pandemic-have-you-second-guessing-investing-in-your-business/329282
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