As a business owner I’m aware that trying to control the uncontrollable is the route to madness.
A lot is written about management styles, and whether those ‘control freaks’ who attempt to micro-manage all parts of a business are doing both themselves and their firm a disservice. But at least they are trying to manage areas that are within their control.
Given today’s mortgage/housing market, and the raft of data emanating from it, what part of those transaction numbers can you, as an adviser, control? Very few — which is why pontificating about the state of the market and what can be done to improve it is pointless.
Those with the power to cajole and influence it, such as governments, will do what they can. All we can do, mostly, is seek to understand why the market may be moving as it is, what that means for clients and what can help them make the most of the current environment.
Ultimately, those overall numbers can’t be influenced. But you can shape the numbers that come through your business, maximise opportunities with each client, ensure your service leads to more referrals, and do the best job possible to get a bigger share of that overall business and grow your income and profit.
Maximising the value of your clients is vital because it is those tangible ‘assets’ in front of you, or on the phone, that mean the most. It’s not only about retaining them for the long term but about making sure they want for nothing, have no need to go elsewhere and receive quality advice in all areas.
No stone should be left unturned when dealing with these very real clients — the lifeblood of any business.
Whatever the market does, the opportunities for advisers will remain. Indeed, the shift after MMR and the continued pre-eminent position of mortgage intermediaries do not look like changing for some time.
However, it’s not just about making the most of this now but about putting in place a system of advice and provision to cover any market circumstance.
It starts and ends with diversification. Done successfully, it will sustain you in any environment.
Harpal Singh is managing director of Broker Conveyancing