A recent article in Mortgage Professional Australia Magazine interviewed Jon Dale, Director of Small Fish Business Coaching on how to pick your business back up after a setback.
“The key to finding the motivation to keep going has been the realisation that, while the market has shrunk, it hasn’t disappeared altogether” says Dale.
Dale talks about six key aspects to focus on:
- PERSISTENCE: “Persistence is one of the most crucial, and difficult, aspects to recovery after a setback” notes Dale. It is easy for people to try things and give up, move on and say it is not working, whereas a lot of these things require persistence and perseverance.
- MANAGEABLE: Breaking goals down into manageable chunks, using a term Dale has coined: ‘reduction to the ridiculous’ also helps with this. “How many loans are written every year? Millions. And how many does a broker need to succeed?” he asks.
- VOLUME: Dale suggests working out approximately how many loans you need to write each year to earn a comfortable income, break that down into a weekly and daily number, followed by approximately how many meetings or phone calls you think you’ll need to have to write that number.
- INFLUENCE: “It’s about breaking it down into things you can influence,” says Dale. “You can’t sit there and say ‘I’ll write 200 loans in a year’ but you can get up every day and make enough phone calls or go to enough meetings to get you on the right track.”
- ACCOUNTABLE: “If you’ve got mortgage brokers working for you hold them accountable for that activity. I’d ask my clients to report back to me and I’d ask them ‘How many times yesterday did your business ask somebody to consider your service or product?’
- PROSPECT: “It’s particularly important for people like mortgage brokers because we’ve got to go and prospect ourselves. You can’t sit and expect your aggregator’s website to send you enquiries. You can buy a shop front if you’re Mortgage Choice or somebody and expect your signage to draw a few people in but you’ve got to go and see people and network and ask them to consider you in a very direct way.”
Picking yourself back up after a fall is never easy, but by focusing on the small things and determining what gets you motivated you can find success again, says Dale.
“It’s about that persistence. Most of the people that have failed have failed because they gave up. If you keep the faith and you do the things that you know work you can succeed.”
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