“Investment banking is no cakewalk”, surmises Gennady Barsky, an investment banking expert. “You’ll have to dedicate 70 hours every week or even more”, he adds. The returns, however, are worth the hard work you’ll put in.
Sometimes pleasure will be mixed with work when you spend time with your elite clients at influential events. Standing out in the investment banking is an art that requires focusing on small details and the ability to see the big picture clearly.
An investment’s primary goal should be to be the best in the field, because only then would he/she be able to guide their investment bank towards successful endeavors. Like Hercules had his 12 labors, investment bankers have 12 labors they need to focus on.
The success of an investment bank depends largely on investment bankers devoting their time and effort to a multitude of projects undertaken by the bank. An investment banker needs to be industrious and tactful at the same time. Objectives run higher as you climb up the ladder. Investment banks should nurture these 12 habits, explains Gennady Barsky.
1. Take risks, but calculate them first. It will increase your flexibility with respect to the opportunities that come your way.
2. Adapt yourself to the working environment and the clients that you are dealing with. Be a team player and always prioritize your client’s needs.
3. Persistency is important for investment bankers. Investment bankers should brace for a lot of failures despite putting a lot of effort in a business pitch.
4. Stay a step ahead of your competitors. Information on the vicinity of ideas that you pitch, should be on your fingertips.
5. Learn to delegate your work to your juniors, make sure the tasks you delegate provide experience. Put the time you have gained to good use.
6. Channeling out the accumulated stress is also necessary. While some use videogames as a stress-buster, Barsky recommend athletic practices to freshen you up.
7. Remember, there is always room for improvement.
8. You need to mix work and enjoyment. If you’re not passionate about investment banking, don’t do it.
9. Investment bankers need to be brutal and selfish due to the competition. “Your comrades may fall, but you need to keep on going,” explains Gennady Barsky.
10. Do not get emotional with what happens at work. Investing too much emotions in your career as an investment banker may hurt you a lot, especially when things don’t go your way, which is often.
11. Dress smartly.
12. Keep the delivery of revenues consistent, if not more. It’s tough but it’s necessary to strengthen your base.
While these points help the staff, the company as a whole needs to pay attention to branding, reputation, and the customer base it wishes to target.
Branding forms the basis of marketing. Think of your customers as fish. If your business is a fishing rod, branding is the reel and line. Effective branding is an art that can catapult your startup. It can be broken down into the process of using creativity in the form of written content, graphic design on signboards, and videos on popular mediums such as Television or YouTube.
The idea is to make your brand stand out in the crowd. For example, the Old Spice with actor Terry Crews presents the fresh macho man image hilariously. Similarly, GE’s ‘Raining Octopus’ advertisement delivers ‘whatever the world throws at us, we’re ready’ message perfectly.
This is a corollary of branding. Building a reputation doesn’t happen overnight, one has to invest time and services to their local community with dedication. “You need to build your company’s reputation as an ethical protocol-practicing conglomerate,” suggest Gennady Barsky.
This can be done by presenting the local citizens with demos of your concern towards the consumers, environment, and the economy. CSR activities are helpful, but there’s always more one can do. Start by setting up a dedicated PR unit for your company that can monitor your reputation on various platforms.
Businesses need a strong market to survive. In spite of your company’s immeasurable strength, skills, and reach, if you’re not able to make good sales, then something is wrong with the market you are targeting. Advertisements should not be all-encompassing, where multiple groups are targeted. It would invite a lot of people who have a different agenda or are unwilling to work with you.
Your advertising should be tailored for a specific group of people who are somewhat dependable on your product. This will surely boost your conversion rates.
Might sound harsh, but in the end, only results matter in investment banking. As Gennady Barsky mentioned earlier, if you’re rooting to be the best in the field, you’ll have to carry both your company and your career on your shoulders. Good luck!