Every successful business considers consistent growth a priority. You may be doing all the right things, but if you have no concrete evidence of growth, it’s probably time to find some. It can be challenging to forecast what the future holds, but there are some key indicators that will help you determine if your business is heading in the right direction. This week, I wanted to talk about some useful metrics that will help you get clear on your business’ trajectory. Here are a few ways that you will know if your business is growing:
Active Clients
This is an obvious one, but still important. Start by looking at the number of clients currently in your pipeline while making note of where they are in the process. Then you’ll want to do a month-by-month comparison going back a year or two to chart the progress. An effective sales funnel will produce increasing numbers, which is a sign that your business will likely continue that growth. If your client numbers aren’t increasing over time, it’s time to look at your client satisfaction (more on measuring that, here) and marketing to see if you can make any improvements.
Feedback and Referrals
A growing mortgage business will also see an uptick in positive feedback and referrals. Just like with active clients, you should also track this month by month going back for a year or two. Reviews, whether they come to you through social media, customer-service surveys, or in person, will tell you a great deal about your reputation. Since your business reputation is closely connected to your growth and success, having positive feedback is crucial. Referrals are a direct result of the relationships you’ve built, and your reputation and credibility. If these numbers are where you want them to be, then you should look into how you can improve your client experience.
Efficiency
There’s a direct correlation between efficiency and business growth. If your plan is to accommodate more clients in the future, you’ll need to work efficiently to keep the process moving smoothly for everyone. Mortgage professionals who value efficiency have clear systems in place that form the foundation of their daily work. They utilize technology to their advantage to streamline their processes, and they regularly look for ways to save time and improve. If you find that you’re getting bogged down with work, see if there are some ways to bring more efficiency into your days.
Long-Term Partnerships
Finally, you should look at the number of long-term partnerships you have in place. We all understand the importance of referral partnerships, and what they can mean for our business down the road. We’re not looking for Realtors or CPAs who have referred business at some point, but instead, count up the number of partners you have that refer business consistently. Just assembling a list of your current partners may show you that either you need to add more, or you may need to work harder to optimize some of your existing relationships.
To accurately know where we’re headed in the future, we need to know where we’re at right now. By keeping an eye on these factors, you can ensure that your business stays on track for long-term success.
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