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How to set long-term goals for your mortgage broker business

12 Apr 2019, Author: Red Rock Brokers Group
How to set long-term goals for your mortgage broker business

Setting long-term goals for your broker business starts with knowing what you want to achieve. Your goals must be aligned with the hours you can commit to growing your business, and the resources at your disposal.

Determining your long-term broker goals

Remember that you need to be dedicated to your goals over a sustained period of time, so they have to mean something to you. They are personal goals to some extent, as well as related to your business, so that they align with your own ambitions.

For example, if you intend your broker business to be a part-time venture that fits around your growing family, your long-term financial goals need to reflect what you can really achieve in the hours you work. Meanwhile, if increasing revenue is one of your main objectives, you'll have to be ambitious about how many new clients you bring on board each month.

However, there's no point having long-term goals if they're not about maximising your return on investment. So look carefully at the hard facts, such as how much income you're generating and how many new business meetings it takes. Consider also what your clients want that you can't yet provide, and whether diversifying your offer should be a long-term goal. If clients often ask for guidance beyond getting their loan approved, could you start offering wider financial advice? What would you need to do to achieve this?

When you know how your business is functioning now, you can design effective goals for growth and development.

3 ideas for long-term mortgage broker goal-setting

1. Building broker relationships

Having good relationships with those in the same or similar industries means you have a network of people to help build your business. Taking advantage of connections within your broker group allows you to share best practice, and get tips for new working methods as others come across them. Getting to know local estate agents brings relevant and timely referrals, as well as the latest intelligence on local market conditions. As building these relationships takes time and is ongoing, it's a good idea to keep it up there as one of your long-term goals. 

2. Industry upskilling

You're never too experienced to learn something new - whether it's new software that can revolutionise how you analyse your business activities, training on current legislation or trying new sales and marketing tactics, such as social media advertising. Ensuring upskilling is part of your long-term plan means you can chip away at it over time and really solidify your knowledge.

3. Improving processes

Most of us do things the hard way when we start a new role. As time goes on, you find shortcuts, or ways of doing things that work for you. Assessing and developing the ways you manage your business should feature in your long-term goals to ensure you're always improving. Each time you set new process-related goals, focus on a different aspect of business - such as financial management or lead generation.

No matter what objectives you eventually commit to, make time to keep referring back to them and updating your long-term goals as you progress. Incorporate new ideas and brainstorm around how you'll achieve them as you adjust your current aims.

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