Don't let the market get you down, build your infrastructure up!

Ashley Kramer wrote this on February 19, 2016

If you’re like many other Hedge Funds these days, you may be experiencing a slow-down in capital raising due to the current, unfavorable market conditions. Instead of letting the tough market environment get you down, why not focus your efforts on improving your business and its infrastructure, better equipping your firm for the eventual market turnaround?

build your infrastructure

Implementing new tools, like client relationship management (CRM) systems, take a significant amount of time not only to integrate the new system into your current business processes, but also to train your employees to use these new tools properly.

In a recent Chicago Tribune article entitled, “When is it the best time for companies to choose a CRM system,” highlights the top 5 things to consider when implementing a CRM to help you avoid the common pitfalls many firms experience. 

1.) “Do you have time to implement the CRM correctly?” This is perhaps the most important question to ask yourself before embarking on a CRM vendor search. According to the article, an average implementation may take 2 weeks to a month for a small firm and up to a year for a medium to large firm. A successful implementation requires your firm to take these new CRM tools and apply them to the current sales and investor relations processes, improving these workflows. “One common mistake during a CRM system implementation process is that it’s sometimes being regarded as a heal-all event which is going to fix all the broken sales processes, return all lost leads back and fulfill the lack of proper analytics.” Instead, view the implementation as a valuable opportunity to optimize your workflows and harvest better analytics, which has tremendous potential to give your firm with a competitive advantage as you improve both efficiency and business intelligence.

2.) “A slow period is better for the implementation process.” As a result of the poor market conditions, your investor relations and sales/marketing departments will most likely not be inundated in onboarding new clients, making it a favorable time to implement a CRM system. You’ll have the time and resources necessary to properly adopt the new system and learn how to effectively utilize it.

3.) “Implementation and trainings.” It’s important to dedicate the time necessary for each department to learn how to successfully use the system. The most effective trainings are job-role specific, which emphasize the tool sets the end user will be utilizing on a daily basis. This will allow users to better absorb the system’s functionality and lead to a more successful deployment.

4.) “When is the best time for your smaller businesses?” This speaks to those firms who have several branches under one larger parent firm. If this is your firm’s situation, it’s best to start with the smallest branches, allowing you to learn from any mistakes made during those implementation processes. By the time you’re ready for the parent company’s more complex implementation, you will have a solid plan mapped out that will allow you to more smoothly reach full system deployment. 

5.) “Implement when your organization structure is sound.” Nothing kills an implementation project faster than organizational instability. Staff expansion, changing business strategies, or employee turnover can all cause an implementation project to delay or even fail. It’s critical to have clearly defined firm and employee goals, as well as, employee roles before undertaking a CRM implementation project.

Implementing better infrastructure, like a CRM tool, can have significant ROIs not only in improving production and gleaning better analytics, but also in the form of monetary benefits. According to the article, in a study conducted by Nucleus Research, “an average ROI for every dollar spent on CRM software is $8.71.”  Even though deploying new infrastructure may seem like a behemoth of a task, taking advantage of an opportune time can help ease this daunting process, leading to a successful deployment and a significant ROI.

Looking for a new CRM system? Check out Imagineer’s industry-specific Clienteer CRM and business automation tools.  We focus on the asset management industry only, so we are able to bring not only an unparalleled degree of robust industry-specific functionality to the table, but due to our extensive experience and deep understanding of industry best practices, we can also minimize the time necessary to get you implemented so that you can start reaping that ROI even sooner.