How to be a broker that runs on referrals

To achieve this, brokers are required to consider the types of services they provide and always be motivated to serve in the best interests of their clients, she told The Adviser.

“Be the best version of yourself to give the best to your clients so they start recommending you, because that’s the ultimate goal,” Ms Creswell asserted.

“It’s not a popularity contest. It’s about being good at your job.”

Brokers must simultaneously identify the niches they would like to operate in, along with their target demographic.

“Ask yourselves what the best likelihood is of someone being a good client for you,” Ms Creswell said.

“Is there a way you could identify clients working in certain industries or business size? Is it self-employed clients? Once you’ve done that, you could focus on targeting and growing this client base.”

Researching their target demographic and the types of businesses they operate in is also crucial, along with reading a range of business books and acquiring new skills.

A thirst for knowledge

Ms Creswell bought her business in 1992 for $1,000 when she was just 18 years old. While the company began by selling one product – muesli – over the past three decades, she and her team have grown the business to around 150 products, including porridge oats, protein bars, crackers, and a range of slices and nut bars. It now exports to more than 30 countries.

According to Ms Creswell, a key to building a thriving business is by learning new skills and developing knowledge.

For example, she says that by reading business books, undertaking additional study (including a mini MBA in marketing), and having a thirst for knowledge and constant improvement had helped her grow her business.

“The biggest lesson is to always develop yourself as a leader and think about what more you could do to upskill yourself. I always try to develop my knowledge based on the presumption that I don’t know everything,” she said.

“Look at the people you admire and ask what skill sets they have that you could narrow down on and acquire those skills.

“I would also be very purposeful in how I present myself to the industry, whether that is through the name or colours you use, or the way you introduce yourself to potential clients. Then, it’s about identifying clients’ needs, chipping away every day, and working out how to under promise and over deliver.”

How to overcome challenges

Ms Creswell recalled facing numerous challenges during her entrepreneurial journey, including the removal of her products from a supermarket chain, factory fires, and other property destructions, as well as the COVID-19 and the impact of lockdowns.

Being mentally prepared for challenges helped her build resilience and overcome hurdles, she said.

“With each challenge, you’ve got to assess what’s in your circle of control, and how you can respond with the power that you’ve got,” Ms Creswell said.

“What decision could you make to try and ride this storm?”

When asked how brokers could become successful entrepreneurs, Ms Creswell pushed them to constantly improve themselves and adopt a proactive mindset to serve in the best interests of their clients.

“Deliver a service that will make a client recommend you. It’s about how to get that sense of loyalty through your marketing funnel. If another broker approaches your client for business, you want the client to say they’re happy with you and wouldn’t move anywhere else,” she concluded.

Carolyn Creswell will deliver a keynote address at the Better Business Summit 2024 in Adelaide about how she turned her tiny muesli business into a multimillion-dollar company and how brokers could emulate her success.

She will speak on 22 February at the Adelaide Convention Centre.

Better Business Summit 2024

The Better Business Summit and Awards 2024 will also be held in the following locations:

• Thursday, 15 February at The Star Sydney.
• Thursday, 29 February at Hyatt Regency, Perth.
• Thursday, 7 March at Sofitel Brisbane.
• Thursday, 14 March at The Crown Melbourne.

Click here to book your tickets and don’t miss out!

Did you know The Adviser Premium members go for free? Become a Premium member here.

For more information, including agenda and speakers, click here.

[Related: Brokers take on business advisory amid struggles: Moneytech]