As an entrepreneur of multiple businesses, I have had my fair share of business blunders over the years. Making any of these mortgage broker and financial services mistakes could cost your business. Learn from my mistakes to save from making your own!
20% of businesses fail in the first year and 60% go bust within 3-5 years!
I have started businesses from scratch, nurtured their growth and watched them evolve from five to six to seven-figures! I have also started businesses from scratch and watched them flop on their backsides.
Unfortunately, when I’ve made mistakes, I’ve had to learn the hard way. But that doesn’t have to be the same for YOU!
Through my experience, I have been able to find a formula that has worked time and time again.
A lot of people ask me how to move from start-up to a 6-figure business.
But sometimes, working backwards is the best way to crack the code.
So, before I tell you what to do – I’m going to tell you what not to do.
Because, when you understand what you need to avoid, it’s going to help you to make better decisions in the next few years to drive your business forward.
The Biggest Mortgage Broker and Financial Services Mistakes
1. Not having a clear vision
If you don’t know where you want to be in the next 12 months, then how will you know when you get there?
I see too many business owners bumble along with vague ideas, doing what they think they should be doing and not doing what they need to be doing.
This is because they don’t know where they are going.
You need a sense of direction in order to be able to drive your business forward. Unless you have this, you won’t know whether you are making the right decisions.
Set a clear vision for the next 12 months in your business and in your personal life. See more HERE on setting your vision and plan.
2. Having Inconsistent Marketing.
When business owners are starting, they do tons of marketing to generate leads and business is booming as a result.
Then all of a sudden, things start to get a little busy. What do they stop doing? Exactly what made them busy.
In 2006, I spent so much of my time cold calling to acquire thousands of pieces of data to get sales and all I was doing was finding low quality leads with no substance.
Then social media was born and I have watched it evolve into an organic marketing hub.
The thing is, what people often assume when I tell them
“Be consistent with your marketing”
is that I’m really saying
“Do loads of marketing”
And then the fear sets in. They’re overwhelmed, stressed and it all seems like a little too much.
But the keyword here is consistency. Evergreen content can enable you to consistently create content without becoming overwhelmed.
Invest your time into generating inquiries and make it evergreen for the future. Find out how in Why Your Social Media Content Sucks.
3. Not Having a Solid Sales Process
Consistency is impossible to practice if you don’t have a solid process in place.
You have no doubt got some kind of sales process in your business but are you sticking to it 100%?
Business owners make the mistake of having a loose sales process that they don’t always stick to.
As a result, the client is allowed to dictate your sales process; leaving you with little say in your own business and stopping you from giving them the best service.
So, whether you have a five-step process or a twenty-five step process, it needs to be implemented, systemised and automated.
4. Waiting Too Long to Recruit
Your system is in place, you’re pumping out content like a marketing machine and you’re making the sales to show for it.
By now you’ve worked out you don’t have enough hands OR time to get the job done properly.
Business owners see recruiting as a cost…
….but it’s an investment!
Once you delegate out the low-value tasks, you can dedicate your time to the high-value tasks.
As soon as you do this, you’re going to immediately have a huge uplift in your turnover, your profitability and your time.
The longer you leave before recruiting, the longer you leave the stress to fester and the longer you go without the lifestyle you want.
Find out more in Financial Services Recruitment Mistakes to Avoid.
5. Not Maximising Every Sales Opportunity
Many business owners focus on the volume of leads rather than the quality of leads.
The mistake that financial services business owners make is not maximising every opportunity.
As a consumer, would you not rather find a company that meets all your needs rather than just the one?
Listen to your client and understand exactly what they need, rather than what they think they need and create an all-encompassing package for them.
6. The Biggest Financial Services Mistake is Not Mastering All of the Above
Mastering each of the above areas will allow you to measure, monitor, manage, and perfect your growth.
You can start to work for your team and you can start to help your customers and your clients get better outcomes.
I have tried and tested it across all my businesses and it has worked time and time again.
It’s a proven six-step process to building a more profitable business without the stress and has enabled me to make one of my businesses 90% passive.
I live in the mastery phase in two of my businesses, and I’m only able to do that because of each of the previous steps.
