Better Business it’s not the game, it’s how you play it by
Alan Dring, director, The Mad Approach
Unless we have an individual and corporate attitude based on a common sense approach to the knowledge we need to succeed then we will never have the confidence we must have to achieve our goals. It’s all about attitude. Now more than ever, brokers should be asking themselves what added value they can offer their clients all of whom work for the threatened UK PLC. But before brokers can start to answer this question a radical review of business models might be in order. That review should include five major elements, all of which need to be addressed before brokers can be confident the faith they have in their businesses is based on a suitable business model developed in difficult times for difficult times.
Those five elements I suggest should be: 1) A SWOT analysis. To determine honestly the strengths, weaknesses, opportunities and threats not to mention, current value of the business and its market penetration. 2) A business plan. Embracing all areas but perhaps focusing on the business’ current product range and the income potential that could come from extending that range. 3) Marketing. A review of current arrangements to determine a new set of USPs if necessary and to determine how best to get the message over to the client base and beyond in a TCF environment. The business plan will cover the cost constraints that will need to be applied here. 4) The competition. In a difficult market competition is a determing factor in the success of any small business. Best
practice is frequently not something that is focused on and is ignored at brokers’ peril. 5) Software integration. Choice of software is likely to be pivotal in business planning and could well influence the choice of business partners when integration is often a priority.
Priorities
I have long advocated that there are only three things that a broker gets out of bed for (ignoring of course, to read Mortgage Introducer): • To make money. • To do it as efficiently as possible. • And to make a client happy enough to come back again. I am confident brokers can achieve these objectives if they adopt a structured professional approach to the future that reflects an honest appraisal of the current business model. Satisfy the five elements and the three objectives will follow, believe me. Be honest and continue to demand help and support from mortgage clubs, trade associations and networks. Whatever your view do not forget planning, second opinions and dare I say it, your clients. As times get tougher, and they will, they will shop around even more so your USPs will need to hit the spot and your TCF approach will be under the microscope.
Make these your priorities and you will have every reason to believe that your expectations for the future will be met. Never before have all the professional sectors needed to be so on the ball when it comes to knowing their markets and the competition. The growth of a business depends on the talent of its people and how prepared and motivated they are to step up to the challenges they face. Attitude determines how effective you will be at recruiting the right staff, targeting business objectives in a
44 mortgage introducer NOVEMBER 2010
competitive environment, writing a fit business plan, having an open mind on breaking the mould of your traditional business model and encouraging your staff to innovate. Think about: • Identifying target markets • Pre course research
• What does your database look like? How do you use it? • Where are you going? Who is going to help you get there? • Developing relationships • Who are your current relationships? • What do they contribute to your growth?
• What is the basis of your business and marketing plans?
• Developing the partnership business model to ensure selling is an integral part of your culture • What is the strength of your brand? How can it be improved? • Is recruitment focused on the right mix of ‘hunters’ and ‘farmers’? • Training, what is the current priority, does it need to change? • Promoting the business objectives of such a model to the broader market • How do you currently measure the value to your business? • The benefits to be derived from such as breakfast meetings, Chamber of Commerce etc.
• The benefits of ‘networking’ and how to develop good techniques • Building and gaining commitment to staff
initiatives
• Do your current rewards and incentives work? • Are they understood by all? How can they be improved to drive growth? Most of it is common sense but it is having the right attitude to knowledge and the consequent confidence that brings that will enable us to achieve our goals. And don’t forget, it is often an external perspective that is needed to enable us to appreciate better what is under our nose.
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56