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Take your business from good to great by implementing processes that save time, save money and deliver better customer experiences.
When thinking about operational excellence, brokers often focus on lodgement through to settlement, but that’s only one small part of your business. Your operations encompass various aspects such as marketing, compliance, sales, leadership, training, and all these areas can contribute to how successful your business is.
In the fast-paced world of broking, implementing processes across your business can help you save time and money and deliver better customer experiences. This Creating Next-Level Business Processes presentation from Jason Back is the perfect tool to help you get started.
Here are 6 tips to help you on your journey to operational excellence:
1. Define your value proposition. Consumer demand and expectations have dramatically increased. Understand what value you offer your clients and aim to deliver seamless experiences that exceed their expectations. By regularly reviewing your clients’ journey you can adapt to rising expectations and deliver experiences that will leave a lasting impression.
2. Find your niche. Brokerages across the country offer everything from residential to asset finance and commercial finance for a host of clients from first time buyers to investors with large portfolios. Know your own clients and develop your own areas of expertise. Once you’ve identified your top two or three niches, you can optimise your service offering and create processes around those niches.
3. Build a network. The broking industry is unique and generous in that people will give you their time and knowledge. If you divide the total number of mortgages by the total number of brokers, there is plenty to go around. So put yourself out there, go to events, ask questions and collaborate with your peers to see what's working well in their business and what you could implement into yours.
For more tips and insights, watch Jason Back, one of Australia’s leading mortgage broker business mentors and the Founder and Director of Broker Essentials as he discusses how brokerages can create processes and embrace the habits of high-performance brokers.
4. Hire the right people. Invest the time to find the right people to help you run and grow your business. Before just throwing a body at the mounting workload, think about how you can structure your workflow and what responsibilities you want them to take on. Hiring the right candidate and onboarding them effectively will benefit you, your clients and your overall business.
5. Attract the right clients. Focus on acquiring and retaining the right clients for your business. When you have clients who align with your business, you are more likely to meet their needs effectively. Satisfied clients can often become advocates who in turn bring in more business.
6. Align strategy and tactics. Create strategies and tactics in your business that work for you and your clients. For example, if you want to go into commercial broking, then you will need to know how to read a P&L statement and about debtors, inventory and all sorts of bits and pieces. But if you’re not prepared to invest the time or resources, then make sure you have an alternative strategy in place, such as referring to someone else.
Start building your vision for the future and watch Jason Back’s presentation on creating next-level business processes.
Supporting you throughout your broker journey.
If you're interested in creating next-level business processes, you might also be interested in our Better Broker’s Guides:
Starting your own mortgage brokerage
High performance broking - customer experience & workflow optimisation
Building profitable referral networks
Diversifying your business into commercial lending
Looking for the right support and tools to grow your business?
Contact us for more information about how we can support you throughout your journey.
Remember you can always reach out to Them Lam, our General Manager - Aggregation for a chat here:
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