Harrison Law Group - June 2020

Harrison Law Group - June 2020

June 2020 Te Contractor’s Advantage

www.HarrisonLawGroup.com (410) 832-0000 [email protected]

Navigating the ‘New Normal’

These are interesting and challenging times. Everyone has to be nimble and adaptable because of the countless changes to everyday life and to society as a whole. Many people haven’t been able to spend time with their friends and family or engage in the typical activities they normally enjoy. Hopefully by the time you read this, we are in the slow shift back to normalcy, but as I write this, there is no telling how things will pan out as we enter the summer months. We have been fortunate at our firm to be well equipped to work remotely. We can handle the bulk of our work wherever we need to. That said, working from home has had its difficulties. It’s interesting to think about the “work office” versus the home environment. Each has its specific use, and for the most part, many of us keep the two separate. We compartmentalize our workspaces and our home spaces and never intend for them to meet. When they do, that work-life balance can shift and not always for the better. As I’ve mentioned in the past, I have two kids who are 5 and 7. They have been out of school for a couple of months, and they are both a bundle of energy. It’s great to spend more time with them, but when you are trying to focus on work, you can guess where the challenge comes in. Fortunately I get up early, so I can get started on my workday before the kids get up. As schools started closing earlier in the spring, my daughter’s school shifted to remote learning, so that gave her something to do during the day. She has had a set schedule every day, including physical education activities, which was fun to see incorporated into the remote learning setup. My son, however, hasn’t yet started kindergarten, so we have had to learn how to keep him occupied. But that idea really encapsulates the last several months: learning. We have had to learn how to adapt as a family, whether it’s adapting to distance learning or learning how to live and work in the same space every day.

remotely, I had to learn how to work in a different environment and away from colleagues and clients.

I will admit I do miss driving to and from work. It might sound strange to some, but I enjoy the drive. I find that there’s a sort of rejuvenation that happens on that drive. It’s a time to clear your mind and reset for the day or the evening. The drive also provides a clean transition from one aspect of your life to another, coming back to that idea of compartmentalization.

This whole situation has brought about a new perspective on the world and on our daily lives. A lot of uncertainty still hangs in the air, and uncertainty will likely reverberate for many more months to come, especially as we navigate the return to normalcy, whatever that may be.

-Jeremy Wyatt

For myself, I have had to learn how to get business done remotely. While I may have had the tools I needed to work

[email protected] | www.HarrisonLawGroup.com | 1

Published by The Newsletter Pro • www.newsletterpro.com

Right now, finding new customers is easier said than done, but relationship marketing could be your ticket to surviving and thriving. After all, there’s no better asset to a business than its customers. Relationship marketing places a high value on the customers you already have and focuses on how you can continue to serve them so they keep doing business with you. The idea is to go above and beyond what the customer expects from you and continually keep in touch with them. This includes sending monthly newsletters, communicating via email, offering monthly specials, and providing loyalty and referral rewards. In turn, your customers will remember your name and be more likely to recommend you to their friends and family. People take the word of their loved ones very seriously, and your customers could serve as the driving force you need to get new business in the door. In fact, studies point to consumers placing a higher value on the word of their loved ones than advertisements. It’s one thing for you to talk about your customer service, but it’s a whole other ballgame to hear about it from one of your customers. In addition, this constant contact with your customers gives you a plethora of feedback opportunities. When your customers trust you, they are honest with you, and you learn more ways you can grow or find weak links in your process. Granted, relationship marketing can be one of the more expensive marketing tactics, but according to Harvard Business Review, a 5% increase in customer retention can translate into 25%–95% profit increases. That value is worth more than a little extra investing. Now more than ever, you must focus on the customers you are already serving. Get your team together and collaborate on the ways you can show up for your customers, encourage them to recommend you, and wow them into becoming lifelong clients. Pro Tip: If you want to get in contact with your customers on a more frequent basis, reach out to our team about this newsletter! We can connect you with The Newsletter Pro, which helps us create it each month. Maximize Your Business’s Success With Relationship Marketing YOUR CUSTOMERS MATTER

RISK VS. REWARD How to Handle Loss Aversion in Your Business

We’re all afraid of loss: loss of revenue, income, customers. We could make an incredibly long list of the things we'd rather not lose. But it’s not just loss. We’re also afraid of the potential of loss, and that fear overrides our desire to gain something. This is loss aversion, a psychological and economic bias that suggests people would rather not lose something than gain something. It’s not uncommon to see traits of loss aversion among business owners and entrepreneurs. However, successful business owners don’t let the thought of loss aversion deter their success and growth; they’ve figured out how to limit it instead. According to Daniel Kahneman, a 2002 Nobel Prize winner for his work in economic sciences, the biggest thing standing between you and overcoming loss aversion is risk. You accept that every decision you make comes with a measure of risk. Sometimes it’s minor; sometimes it’s not. Your goal is to have confidence in your decision-making, which makes it easier to overcome loss aversion.

So how do you increase confidence and reduce your risk in any given decision? The answer is >Page 1 Page 2 Page 3 Page 4 Page 5

www.harrisonlawgroup.com

Made with FlippingBook - professional solution for displaying marketing and sales documents online