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  • Business Development How important is office space for IFAs?

    How important is office space for IFAs?

    If you have an office, clients will visit you. Your office can make a strong statement about your commitment and vision.
    Poonam Bansal Apr 28, 2016

    Let me describe two scenarios for you.

    Scenario 1: You walk into an office being run from home. You can hear the pressure cooker going off in the kitchen, you can hear the kids shouting and fight, water running in the bathroom.

    Scenario 2: imagine an office which is next to a dump and the office passage smells of mold; in fact the office itself is very untidy and smelly and everything is scattered around the place.

    People tend to ignore the importance of an office space but imagine yourself to be a client walking into one of the above scenarios! It is unlikely that you would be impressed by these offices and by extension to the people running these offices.

    Office space tends to convey your commitment; how serious and motivated you are to expand your business. It is a factor that helps you stand out and convert a potential prospect into a client or send him/her across the town to a competitor.

    Impression

    It generally takes 7 seconds to create an impression, while it takes a lifetime to change a negative one.

    When you have an office set up your clients tends to visit you. They judge you by the way you maintain and keep your office. It gives them an idea about your vision and mission.

    “It is important for a financial planning office to reflect stability which can be done by maintaining neatness, cleanliness and a disciplined system for all the processes. All the technology should be well connected and in place for easy use and access. The ambience should bring forward a sense of balance which comforts both your clients and employees” says Mimi Partha Sarthy, founder of Sinhasi Consultants.

    Your office should be designed in a way that moment they enter they feel your vibe and energy. Visitors to Mimi Partha Sarthy’s office which is set up among old trees and done up with a very traditional and artistic approach to the interiors will  see her persona as a Bharat Natyam dancer, an artist and a yoga teacher being reflected in her office.

    Tangible proof of your seriousness

    When you set your office space separately it shows how serious you are about growing and staying in the business. When you hand them your business card with your office address, it speaks on your behalf. 

     “Your visiting card says it all. The address conveys how serious you are about your business. It tells the client if you are in it for the long run.” says, Gajendra Kothari, MD & CEO of Etica Wealth Management.

    When you rent out or buy an office space it adds an extra expense or an overhead cost which can actually work as a positive motivator for you - you tend to worry about the bill payments, rent/interest payments. And to cover that cost you tend to work harder. You give it your best.

    Trust building

    Clients tend to look beyond the aesthetics in your office. They look for the number of employees you have and how competently they operate the business.

    This builds a sense of confidence in your clients. They understand that in your absence your business wouldn’t stop and they have an entire team to look after them and their investments.

    Motivation for the employees

    A good spacious, neat and clean working space not only appeases your clients but also your employees. Employees tend to work for more than 8 hours in the office, but if they find the office itself uncomfortable due to either lack of amenities, hygiene etc. they won’t be motivated to work.

    A place where you and employees spend most of their time should provide everyone a sense of comfort. It should have all the technology and communication devices in place so they can easily drive their business. This also instills a sense of pride.

    Access

    Easy access can cause a difference in the kind of clientele that approaches you. When you are located in heart of the city, people find it easier to connect to you as it will be easily accessible from anywhere. If you are located near IT parks or an area solely dedicated to offices, you get a more professional clientele approaching you. And yes, location can be a game changer for you to bring and retain clients. As they say, out of sight, out of mind.

    Key points to remember while selecting your office space:

    • Look at your office space with a critical eye: Sometimes a third party consultant will give a better  neutral opinion.
    • If you intend to run a one-man show then a small study room in the house would suffice for your work. If you intend to retire in few years a small space would do the work. If you plan to run it and make it big then it’s necessary your office space conveys your vision
    • Parking Space: It is important to have a parking space so the clients can sit back and talk to you and not be constantly worried about their car.
    • Natural Lighting: As most of the work is done from the office natural lighting is important to maintain a balance, as artificial lighting can cause strain to one’s eye.

     

    Do share your opinion with us!

    Have a query or a doubt?
    Need a clarification or more information on an issue?
    Cafemutual welcomes all mutual fund and insurance related questions. So write in to us at newsdesk@cafemutual.com

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