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Mortgage brokers, as business owners, need to juggle the tasks of working in the business and working on the business.
Working in the business involves doing the day-to-day activities such as writing loans, making calls and sending emails. Working on the business is where brokers look to the future and develop ways to grow their client base and loan book.
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Writing loans and servicing clients can be time intensive. It is important to manage time as effectively as possible to ensure there is enough time available to work on your business.
At 1st Street, we have weekly meetings and there is always an open agenda for suggestions on marketing and promotion activities. We also held discussions on opportunities for partnerships or alliances with charitable and socially-conscious organisations. In doing this, our working on the business is embedded into our work routine.
Once a broker has identified growth opportunities that are worth pursuing, it is essential to act on those opportunities. The time a broker puts into growing their business is like an investment in the future, but brokers should also keep in mind that, as with any investment, there is a level of risk. Some growth activities will work well and some may not work at all. A broker should carefully calculate how much time they are willing to invest and risk in growing their business as during this time spent growing, a broker won’t be actively working in the business on day-to-day tasks.
A time may come when a broker decides to take on more staff in order to manage business growth. A broker may also decide to take on more staff to create more time to work on their business. Like any business owner, it is easy for a broker to ‘over parent’ their business and potentially stunt its growth by not letting go. For many brokers, delegation is the key to success.
A broker who finds the right balance between servicing their clients and growing their business is likely to have a continued stream of clients and a successful brokerage.
