Set up your business for success

With change comes opportunity, so take the time to review your business and plan ahead, says Sarah Green, Director of Intermediary Mortgages at Virgin Money.

The speed at which the coronavirus crisis impacted our entire way of life was hard to believe.

For many of us, what was looking like a promising year for business has turned into the most challenging in a decade.

Our lives have changed and so has the mortgage market. We’re using technology in more ways than before and the process of finding and moving home is likely to be very different for customers for some time.

Take the opportunity to stop and reflect on your business and way of working to make sure you’re set for success in the new world.

So, where do you start?

Analyse your business

What is your business mix? Is it all mortgages, or does insurance make up a large part?

Do you specialise in one sector, turn business away if it’s too complex or do you refer it?

What about your clients? Where do they come from? Are you buying leads, getting referrals, advertising, or something else?

Take the time to do a deep dive into your business so you can see where you are strong and where there is potential for growth.

Create a plan

Would you like to break into a new market sector? Or move your business to specialise in one area of the mortgage market?

Is there a sector that you don’t feel confident in, maybe because it’s a niche market you don’t come across often?

Would you like to boost your skills online, or maybe you’re an AR who wants to become directly authorised?

Write down your goals. Think about where you want your broker business to go and consider your long-term strategy.

Think digital

If you want to increase your digital proposition then research your options. Learn about the software that could help you and invest time in learning how to use technology to grow your business. This might be building a social media presence, advising clients via video call, or improving your website.

If the coronavirus crisis has taught us anything it’s that technology can help us strengthen and maintain relationships - in the world of work as well as our personal life.

Ensuring you aren’t left behind by the digital revolution is going to be time well spent this year, as the current crisis has only increased our reliance on technology.

Branch out

Brokers who want to look at new areas of the market have never had a bigger push to do their research and train if needed. Perhaps you are interested in the growing later life lending market, for example, and want to take the opportunity to study for the Certificate in Regulated Equity Release.

If you have been considering trying to grow the new-build side of your business, do your research into the market and plan how you can expand. Talk to local housebuilders and estate agents, ensure you are up to date with all the government and lender schemes and talk to other new-build brokers for advice.

Maybe you want to develop referral relationships for non-standard business that you aren’t comfortable advising on. Spend time contacting specialist distributors, doing your due diligence, and finding the right partner for your needs.

Shape your business for the future

Focus on helping existing clients, protecting your income, and planning for where you want to take your business over the long-term.

When change is forced upon us, use the opportunity to take your business in a new direction, realise an unfulfilled ambition and make changes you’ve been considering for a long time.