In the third part of an eight part series, Phil Quin-Conroy, CEO at PLAN Australia, outlines the critical ingredients brokers should incorporate into their business regime to achieve long-term success.
Beating the competition through the heats and various rounds is a great achievement for many athletes but true success lies in achieving first place. Of course, securing a gold medal takes commitment, training and a hunger to succeed over the long haul.
The same can be said about your business. When it comes to long-term success, you need to have a strategic approach to make sure you’re doing everything that you can to grow and succeed.
Just like athletes need the right regime to fuel their success, your business will only grow and flourish with a quality business plan and a commitment to invest in yourself and your business. So what are the critical ingredients that can help you succeed over the long-term?
Invest in training
You wouldn’t go to Rio without a coach, would you? Training and education can play a vital role to help you to stay ahead of the curve. Not only does education help develop your skills as a broker, but training forums such as professional development days provide you an opportunity to network with your BDMs and peers and use them for practical tips and insights. Whether it’s getting updates on the market, regulatory changes, or how you can better leverage technology in your business, training will give you a fresh perspective and help you stay ahead.
Today, more than ever, technology can also be a platform for providing you and your colleagues with education. You could participate in formal training through online seminars or digital professional development days, but there’s also plenty of alternative learning options available to you through the likes of YouTube and free online courses.
Technology can play a pivotal part in your business, driving back-office efficiencies and automating marketing initiatives.
Considering, for example that you might need to make contact five times with a prospective customer before they become a client– it might be difficult to keep track of the number of contacts made and then convert them into a client. An automated CRM can keep you on track by reminding you of good opportunities to touch base with prospective clients, as well as sending personalised, automated messages to customers on significant milestones, such as birthdays and loan anniversaries, or at set intervals to offer re-valuation services.
Keep your eye on the competition
It’s no good going about your business without looking to see what the competition is up to. It’s also important to critically analyse your own performance to identify areas for improvement. Do you have access to benchmarking tools to support your growth? A benchmarking tool can help with the analysis of your business to develop a growth strategy that’s tailored to your individual needs and goals.
There is no one single way to beat the competition, but with critical self-analysis you can determine which strategy might work best for you.
Go the extra mile
Just like sporting success on the field, it takes more than turning on a switch for your business to grow or succeed.
If you’re not ready to grow right now, it may be something you can work towards as a long term goal.
For example, if you’re thinking about growing through expansion or franchising, you will need to go the extra mile when looking at a new location. It might be worthwhile to familiarise yourself with prospective new areas and generate referral opportunities that can be harnessed when you are ready.
If you focus on your training, use the tools at your disposal, keep your eye on the competition and go that extra mile, you will be well on your way to achieve long-term success for your business.
Phil Quin-Conroy will continue to explore how brokers can achieve long-term success with a gold medal mindset in this blog series.
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