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  • Writer's pictureThe Woodgate Team

Why we are going to experience a business boom after lockdown

The lockdown will be the catalyst for many changes in the months and years to come. It will also herald a boom in demand for the services that we offer as a group. Here’s why.

The lockdown has shown people a new way of life, and they want more of it For many people, the lockdown has been quite a revelation. They’ve actually enjoyed slowing down, spending more time with their family or on their own, and they’ve found activities and routines that have made their lives richer and more meaningful.

Whether it’s discovering new walks in their local area, shared interest in board games, catching up with people by phone or internet, or just enjoying each other’s company, they’ve discovered that life doesn’t have to be hectic to be pleasurable. As the restrictions ease, they’re not looking forward to going back to the daily grind in quite the same way. Many of these people will be looking for guidance on how they can arrange their affairs to make this simpler lifestyle one that they can enjoy permanently. Maybe they will be wanting to bring forward their retirement plans, or move to part-time working or even a career change. They will want to know whether they can afford to make the changes now, and if so what it would do to their future financial position. They might need help with budgeting, investing and planning, making sure that their lifestyle choices are sustainable. They will need a financial plan. The lockdown has shown people a way of life that they want to get away from For some people, the lockdown has been like a living nightmare. Crushed under each other’s company, with no space to move and nowhere to hide, they will demand change. Perhaps it will be a new home or an extension to their existing home, and they’ll be seeking guidance on finance and how to pay for it. In some cases, people may have decided that they can’t live together and they want their own place, and they want to know how they stand with regard to their pensions and investments, and whether these will be sufficient. They’ll need some courage to make the move, and they will need advice to get it done. The lockdown has made people feel less secure With all of the uncertainty it’s important for many people to get their affairs in order and re-establish control. We’ve already witnessed this with the rising demand for advice about making a Will or a Lasting Power of Attorney, and there’s a whole host of other things that need sorting out. Our Estate Planning Service addresses many of them, and provides a single source of information about your affairs and your wishes. Greater insecurity also leads to people wanting to save more money, and I’m expecting that we’ll see greater demand for advice about saving and investing, and how to maximise the return on your hard earned wealth whilst staying safe. The lockdown has helped people in business to focus on their future plans As businesses come through the lockdown, they will be looking to repair the damage of the last few months. They’ll need to review their inventories, reconsider their marketing, look carefully at their pricing, and put together a workable business plan that will carry them through to greater success. Our accounting partners have been working with our existing clients throughout the lockdown to help them with all of these things, and I’m anticipating that this is a trend that will continue.

People have felt isolated and want someone to talk to Having time to contemplate the future whilst wading through a sea of information from television, social media, news channels, audio and conversations can lead to confusion. One thing our team is really good at is having focused conversations that drill down to what’s really important to each of our clients, their personal values, and what they want to achieve. I’m expecting that many more people will want to share their experiences about the lockdown, their hopes and concerns for the future, and their ideas, before getting some helpful feedback about how to find a way forward that maximises the opportunity that is available to all of us as we emerge from the crisis. We’ve learned new ways of working As a result of the lockdown many of us have been forced into changing the way we do things, and as a result we’ve become more efficient, easier to reach and more responsive. We’ve kept in touch with our teams throughout the crisis, and they’ve told us that they are excited about the future, looking forward to the better times ahead, and eager to reach out and serve our clients. It’s going to be a busy time ahead. My team and I are ready for the challenge. Contact us when you’re ready to talk. Andy Jervis, CFP

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