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I started my finance broking business in 2009. Within six months we began using the Salesforce platform, after seeing the power it had when using it in my first job out of high school.
We’ve seen 200 per cent growth each year in 2013 and 2014, and we’re on track to do the same for 2015.
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How did I achieve this exceptional growth?
First of all, I’m always open to change.
Efficient time management is essential for a successful brokerage. I’m sure you’ve heard this over and over.
In 2011, our business growth plateaued, and I was looking for ways to improve what we were doing. I read about the Dreamforce Conference in San Francisco, and saw an opportunity to learn about how other businesses in other industries were using the Salesforce platform. I decided I would go, even though it was less than two weeks away. At this stage, there were only 50 to 100 Aussies attending the conference, so flights weren’t too expensive. But, finding accommodation was impossible – we ended up staying in Tenderloin, arguably the most dangerous neighbourhood in San Francisco.
It was at this conference I discovered that, by using external apps in conjunction with Salesforce, I would be able to leverage the potential of the software to drive lead generation and productivity. We have now developed our own custom Salesforce application which has allowed us to drive efficiencies from every department within our group.
These efficiencies don’t come cheaply. We invest around $300 per staff member on technology support per month which enables them to interact more effectively and efficiently with their clients and with lenders. Minimising the need for data entry and using external applications to collect information allows my lending managers to focus on effective customer service.
I’m not afraid of hard work, but I like to work smart. I didn’t hesitate in getting hold of the software. This was a crucial step that allowed me to start to harness the potential of technology to maximise internal efficiency using the Salesforce customer relationship management (CRM) system with additional apps that streamline every aspect of the business.
I initially did a lot of the work myself, which meant a lot of trial and error and self-teaching using YouTube and Google. Software developers usually offer a free trial before you commit to the software. Once you get access, you’ll probably know on first use whether it will add value.
After three years, I realised I wasn’t able to do everything myself. To continue to scale quickly, I started to outsource things like web development and graphic design using freelancing websites such as E-Lance (for pretty much any task you can think of), and 99-designs (graphic design). This enabled us to draw on niche skills to get a website up and running and drive business.
Outsourcing isn’t a completely risk-free exercise. If you take this route to escalate your business, I recommend you take the time to read the reviews and testimonials. Get a wide range of submissions and put value on communication and quality of the initial submission.
When you find the company you want to work with, don’t be afraid to negotiate the price. And don’t be afraid to walk away – the developer or designer has invested a lot of time already, they will come back to you with a lower price. Putting the time into finding a reliable freelancer who does quality work means you can build a relationship with that person and go back to them in the future knowing they’ll produce what you need.
Now that I’m satisfied with our internal efficiency, the next step forward is to harness the lifetime value (LTV) of clients by creating technology to facilitate referrals and relationships with industry partners. Using CRM data collected within the software can increase the potential of each lead to expand our referral network within the industry.
Tom Caesar
Tom Caesar is managing director of Positive Group – a group of Australian financial services companies offering a broad range of finance to clients Australia-wide. Positive Group assists clients with car finance, mortgages, insurance and wealth management. Tom has been in the car and asset finance industry for over 10 years. He regularly contributes articles on car finance, insurance, technology and business growth, drawing on the experience of starting his own brokerage in 2009.
