To become a high-performance broker, you need to focus on yourself as an individual, the business as a separate entity, your systems and processes, and the customer experience you ultimately deliver.
Here are 10 tips to help you on your journey:
- Pipeline management
How many new customers are coming into your business? Where are you finding, not just your next customers? Who are your referral sources? Are you planning for more staff to cope with a growing client book? - DPH (dollar per hour)
You need to understand the value of your time and focus on the activities that generate revenue for your business. As a business owner, if you’re doing a task that makes you $25 an hour, do you really need to be doing it? Or could you pay someone $25 an hour so you can work on tasks that generate $1,000 an hour? - Opening night principle
Broadway shows might run for 300 nights, but every show is the first for someone. If you’re delivering the show, you need to make sure everyone gets the same performance on the one night they go. The same applies in business. If you saw 30 customers this month, did they all get your opening night performance? Or did 10 get your best and the other 20 receive poor service because you were too busy, or your staff weren’t following the procedures? - Know your strengths and weaknesses
Understand where you need help. If you aren’t good at marketing, don’t spend all your time trying to design pitches and presentations for your customers. Let someone else do that work. - No substitute for hard work
Growing broker businesses are always hustling. There are no shortcuts. Success is the result of hard work. - Understand the 50-300 customer number targets
The first 50 customers as a broker are the hardest to get. But when you have 300 customers, your business becomes bulletproof, and you can start thinking about the next journey. - Know the numbers
Analytics are important, but you need to make sure you are paying attention to the right numbers. Don’t get stuck in the weeds, breaking things down in extreme detail to the point where you stop seeing the basics. - There are certain skill sets you need to learn
At the end of the day, you are the leader of your business. Own the responsibility and take care of the highest value tasks; no one can solve these for you. - HR
No matter how big or small your business is, HR will always be your biggest headache and your hardest challenge. You need to own it, no excuses. - Stay focused and be proactive
The best brokers don’t get distracted by things they can’t control.
Ready to become a high-performance broker?
Download the Better Broker’s Guide to High Performance Broking to start your journey to increased efficiency and profitability. Learn the strategies and tactics used by some of Australia’s most successful brokers to work towards a prosperous future for your business.
