In fact, those of us who have reacted to our brokers’ needs and structured our businesses to ensure we add value can drive forward more strongly than before.
For example, our decision to launch a franchise operation was based on feedback we received from our brokers. It also made good business sense. And looking at the business models offered by the likes of Exclusive Connections, it is clear that this approach is a popular one.
But our offering differs markedly from our competitors as we decided to with only a handful of carefully selected partners to ensure we kept service levels high.
We have also pledged that the number of our partners will only rise by a six and that the decision in principle process will remain inhouse. In any field, it is important to keep an eye on what your competitors are doing. Lenders do this all the time when launching new rates so why shouldn’t packagers?
But although it’s important, it’s not the whole story. When you launch an expansion plan you need to consider your own business model and strategies first.
Although a competitor may have had great success with a particular strategy, it might not suit your firm and efforts to grow your business in the same way will not necessarily work. Each company must do its own thing, regardless of what others are doing.
The way we have structured our franchise expansion should increase distribution and extend our proposition.
I’m not saying that our way is better than others’, merely that it best fits our business model and that of our partners, from lenders to franchise companies. And at the end of the day, that’s the most important thing.