[PART 2] Growing your business when times are tough!

A guide for Mortgage Brokers

Mortgage brokers are affected by soaring inflation, perhaps more than any other business. While everyone is feeling the brunt of the credit crunch, those who can keep it together when the going gets tough are going to be long-term players. Continuing from our last article, we present our second and last part of advice for mortgage brokerage businesses caught in the midst of a recession. 

Here are five important points that can save your mortgage business during a financial crisis:

Focus On Marketing

Marketing and remarketing are the most important factors for a brokerage business that is having a hard time. As competition increases, the brokerage must look to social media, print ads, emails, and SEO (search engine optimization) to stay on top of things. Your sales and marketing efforts need to be face-to-face and virtual. Try to grab attention from all verticals, whether traditional advertising or digital advertising. Some forms of digital marketing cost practically nothing but the return is long-term and can take a while. The more instantaneous digital marketing strategies like paid ads, give instant returns but there is always a risk.

Don’t regret your marketing spend, because it is money invested in finding customers and then developing a long-term relationship with them. Even if you feel that your market presence is enough to bring customers to your doors daily, know that when the market dips you need to remarket yourself to ensure the investment in customer retention pays back.

Don’t Give Up

When there seems to be no silver lining in sight, and inflation is cutting into profit, giving up seems like the most logical choice. A survey of 1,000 small-business owners by Opinium, found that 38% were on the brink of burnout, more than half said they were considering giving up altogether, and 54% said their mental health was affected. Just remember, the graph will rise back up. The stress that comes with a looming recession tends to make people make decisions that they will regret.

Perseverance is key. Despite the grim outlook, keep trying. Being optimistic is important and so is discovering the root cause of all your troubles. Perhaps your woes have little to do with the times we are in and more to do with your business strategies. Look inwards, do a SWOT analysis, and try to tackle every hurdle. You have what it takes and giving up is never a solution, you owe it to your employees and loyal customers.

Focus On What Is in Your Control

Manage what lies in your area of expertise. The Bank of England’s interest rate shouldn’t determine the amount of effort that goes into making a business work. It is possible that you have been focusing on the outcome more than you should. Detach yourself from the outcome and remove the distractions and obstacles that are in your way.

To set yourself apart from your peers and competition, you need to focus on what you can control. Things that are not in your control, shouldn’t be taking up any space in your mind. Determine what you can control and then find solutions to those concerns.

Build Your Team Morale

Your team is the backbone of your business. It is important to enhance your team’s optimism and overall satisfaction. Building morale can be critical to increasing productivity and profitability at the workplace, especially if employees are mentally drained and the slow business is taking a toll on them. Employees with higher morale will seek to have better relationships with customers and also respond less to environmental stressors at work. Low employee morale can lead to burnout and is often caused by a lack of communication.

The best ways to boost employee morale are:

·        Employee recognition and rewards

·        Clear communication with feedback

·        Employee health and wellness initiatives

·        Build a culture of positive thinking

Create a USP (Unique Selling Point)

A unique selling point is what differentiates your organisation and your business from others in the market. Creating a USP in tough times is difficult but to stand out amongst the competition, it is the best weapon in your marketing arsenal. Your USP will become the identity of your business and will improve your image and reputation in the market.

Your USP sets you apart, it is the one reason you give your customers to choose you from among your competitors. It’s what gets a potential customer to pause and hear what you have to offer.

At Abundance, we offer an all-encompassing complete business solution for mortgage brokers having a hard time keeping profits up. We help them provide exceptional service and successfully deliver value to their clients. Get access to our extensive proposition and apply to join our network today and make the right choice for your business growth! With Abundance Network by your side, you have access to our extensive proposition that includes bespoke lead generation services that will help future-proof your business