With the Christmas holidays upon us, it’s fair to say that business issues might be slipping down the priority list just a little bit, as we all consider what presents we’re going to buy, and perhaps more importantly, what we’re going to eat and drink.
And while this time of year is when we can all (hopefully) take a much-deserved rest, I also know it’s when many advisory firm owners also take stock as the rush eases a little, the phone rings less, and you can think about how 2025 appears to have passed in the blink of an eye.
This may well include a rather firm look at the suppliers you rely on. Some will have backed you all year. Others may have let you down. If so, you are likely to have a choice to make.
On that topic, I know change is not always easy, and ties with long-standing partners can run deep, but keeping a link that no longer serves your business does not help you or your clients. If better options are out there, it is fair to ask why you would not at least look at them?
WHY ADVISERS SHOULD CHECK THEIR OWN SET-UP
After all, you encourage your clients to use your services to shop around. You urge them to look beyond what they know. You help them compare products and fees so they get the best deal.
Yet many firms don’t hold themselves to the same rule when it comes to their own suppliers. This may include your network, packager, mortgage club, conveyancer distributor, surveyor, even your bank or savings provider. All of these shape how your business runs.
They also shape the income you make and the outcomes you provide to your clients.
This is a busy field. There is choice in every part of it, and new options come in each year.
The danger is not that you choose the wrong one. The danger is that you do not look at all. A simple check once a year may be enough to show whether your current set-up still fits. Many firms say they are happy where they are. That may be true. But without a look at the other options, you cannot say that with full confidence.
WHAT A FRESH LOOK CAN TELL YOU
A review can show how your suppliers have worked for you this year. Have they kept their service promises? Have they added value? Have they helped you deal with a tough market? Have they backed you when a case needed extra help? Have they saved your client money? Have they made your service to clients better?
If the answer is yes, then you know you are in a strong place. If the answer is no, then it may be time to think about a shift.
A move can feel like a risk, but doing nothing carries a risk as well. If a supplier slows you down, limits your choice, or gives you poor support, that can cost you time, money, and clients.
A better match can open more routes to income, cut delays, and help you give a smoother service. In conveyancing, for example, the right set-up can mean clear transparent and cheaper pricing, quicker updates, and less strain on you and your clients. That’s certainly what we look to deliver at conveybuddy.
TAKING A MOMENT OVER THE HOLIDAYS
Now, I don’t expect firm owners to spend Christmas Day looking at supplier terms. You need a rest. You should enjoy time with your family. This industry runs at full pace for most of the year and time off is needed.
But many business owners find that their thoughts turn to work even when the out-of-office is on. It is normal to think about how to improve things.
If that happens, you can use that short space to reflect on what has gone well and what has not. You can think about the support you have had. You can note down where things fell short. That is all you need to do until the new year. When January arrives, you will have a clear view of what to test, what to change, and what to keep.
A small shift can make a big difference. It can mean more income for the same work. It can mean better outcomes for clients without extra strain on your team. It can also lift the service standards across your firm.
If you find a spare hour over the next few days, look at your current suppliers. Look at what they have helped you deliver this year. Review the service and the set-up. If any part has fallen short, look at the alternatives. A short check now can set your firm up well for the year ahead.
