If you don’t know where you’re going, any road will get you there!
No one questions the importance of purpose and direction in achieving business success. And it is accepted that goal setting and business planning are tried and tested methods for helping us to recognise and understand where our professional energies should be focussed.
Yet, it is all too common for businesses to continue to do what they have done before and end up travelling aimlessly toward a state of mediocrity.
Your business plan is the formal written document containing the goals of your Finance & Mortgage Broking business, the methods for attaining those goals, and the timeframe for the achievement of the goals.
It also describes the nature of your business, background information on your operational being, your financial projections, and the strategies you intend to implement to achieve the stated targets. In its entirety, this document serves as a roadmap that provides direction for your business.
And, when your business is established and running well, you may be inclined to let things continue to run as they are. Sound familiar – any road will get you somewhere!
However, it's time to plan again. After the crucial early stages, you should regularly analyse your progress, identify how you can make the most of the market position you've established, and decide where to take your business next.
Business analysis is the process of examining and evaluating business needs and identifying solutions to potential challenges. Essentially, businesses use this process to help them better understand how to meet their short-term and long-term business goals. This may include evaluating business operations via measurable results that demonstrate how the business is meeting its goals effectively and efficiently.
When you implement your business plan, you can periodically evaluate its progress with additional business analysis. This may help you find areas where your business has different needs or challenges.
In conjunction with industry experts, elevateB has developed self-paced, online, interactive, professional development programs designed to assist both new to industry and established finance/mortgage brokers to take their businesses to the next level.
To help with establishing or re-establishing your businesses plans, we offer the short course – “Building a Professional Business”.
To get more information on this and other Finance Broker courses and programs, click here.
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