To be successful in business, you must first understand what success means to you, writes Doug Mathlin
WHAT WILL it take for you to achieve your personal best this year?
It won’t be ‘the market improving’ and it won’t be luck.
It will probably have something to do with ‘desire’ and knowing exactly what is required to achieve a personal best, as well as executing the right strategies at the right time.
Successful mortgage broking businesses need momentum for success.
Working hard and smart for short periods of time (like one or two months) won’t make a big difference in the grand scheme of business.
Consistency and perseverance over the long term are required to build momentum and will lead to success.
Prior to planning and implementing this year, we should first identify what a ‘personal best’ will look like.
For some businesses it will be about revenue; for others, it will be about loan book growth.
Your personal best could include any or many of the following criteria:
In a recent interview with a successful Sydney-based broker, he disclosed that profitability was the most important indicator of business success.
Prior to 2008, the broker spent $50,000 on a personal assistant; $10,000 on a business coach; $15,000 in aggregation; and approximately $10,000 on other business expenses – not including operational ones.
He made the decision in 2008 to outsource loan processing and move aggregators, and his business expenses have reduced by approximately $60,000 while production has improved.
He admitted he has not reached his potential yet; however, his business scorecard shows he has continued to achieve ‘personal bests’ since implementing these significant cost-saving changes.
This is especially pertinent given the higher cost of being in business, the longer time it takes to write and process loans and his desire for a higher personal income.
Commissioned sales people are often fixated on selling more year-on year.
There is certainly nothing wrong with that, but we also need to keep an eye on the big picture in our business. Perhaps the focus for 2013 should include client retention, improving referrer relationships and cost reductions.
It would be wise to implement a combination of these as long as you can manage all of the priorities.
Finally, a sense of urgency is required to ensure your best is achieved.
Goal setting with time frames and implementation plans work best for many.
If you have done this in the past and it has not worked, you might benefit by finding a professional to hold you accountable to your goals and plans.
We often turn to these professionals for health and fitness, but not often enough for our business.
What will you do to achieve your personal best?
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