Let’s spend 5 minutes talking training with Mike Rollinson, Managing Director at SME Wealth.

Mike, prior to founding your own company, you also have a 20+ year experience in growing financial advice businesses.  What’s the hardest part of running a successful Business Development strategy?  Is there a particular hurdle that needs to be overcome?

Developing and maintaining a network is I think the hardest thing.  The real hurdle is when opportunities arrive and/or your network helps you to get busy...you can tend to lose regular contact with them.  Then it is often hard to restart the relationship or if you do, it can take a lot longer.   The result is a lot of peaks and troughs unless networking is an integral part of your weekly activity.

It’s been a tough market over the last 18 months.  What’s been the best business development strategy you have seen or used over that period?

It’s not really business development but client retention, which will of course, lead to more new business in due course.  This is a very simple strategy of contacting your existing clients just to have a chat and show you care, when most people are actually quite worried about the future.  The mistake is to assume they are OK or to avoid these catch-ups when you are not feeling 100% confident.

Do you belong to any networking groups or attend regular business networking functions?  How successful are these events or what makes them successful?

I do have a number of informal networks as well as being a member of the AICD and Chamber of Commerce.  I find that the informal networks are best but a good method can be to combine both and take your informal networks along to other functions so they can also network.  This has been a definite value add for them and a good opportunity for me to socialise with them and meet some of their contacts in an unscheduled, non threatening way.

A lot of professional services firms want to get more out of their referral partners and joint ventures.  What do you think makes these relationships fail or succeed?

As above – expecting too much too soon, losing touch when you get busy.  Not putting their needs and their client’s needs first.  The most successful referral sources I have are the ones to whom I made the first referral!

Do you track your business development activities and outcomes?  Any tips in this area – what makes this process easier, more effective or more useful?

A weekly review of who I have seen and when, to ensure I am regularly in touch even if its just for a coffee so I know what’s going on in their world.  And you never know, business opportunities may arise.  They certainly won’t if you are not catching up with them regularly.

What’s your #1 business development tip?

Activity, activity, activity! [David:  I couldn't agree more. Most people look for a secret prospecting tip or method, but the secret is activity.  It's a secret because few advisers seems to actually follow it...]

Time for your “stadium pitch”.  You are standing before 30,000 people and have 30 seconds to get them to come and have a coffee with SME Wealth.  You step up and say…

Life is one great big rollercoaster, particularly for entrepreneurs and business people.  SME Wealth understands that you are focussed on creating wealth for yourself, your family and others that rely on your business – employees, customers, suppliers and distributors.  We at SME Wealth help you and your other professional advisers to manage the risks that can impact on your strategies.  Even if our services cannot help you directly, we usually know someone who can and for the time it takes for a coffee – let’s catch up.

Thanks Mike! You can check out Mike, SME Wealth and all their expertise in financial advice, business and insurance risk at www.smewealth.com or 1300 452 152.