How to grow your business in two years
“You can’t continue to work 24 hours a day, seven days a week forever - you can’t grow your business without help.”
In two years Perth-based mortgage broker, Sue Vuong, transformed her business from a solo operation to a team of four.
Having been mentored early in her career by an experienced broker, one of the first things Sue did when she became a broker in her own right was develop a business plan. It sounds more complex than it actually is; her main business goal was no different to anyone else's - she wanted to grow, she wanted to do more deals, she wanted to make more money.
How did Sue achieve that goal? She hired a PA.
For Sue, she wasn’t in a position where she was drowning in deals and needed a helping hand. Quite the opposite: Sue was seeking help in order to grow her volume.
“It wasn’t so much about needing a PA to manage the work - it was more, if I wanted to grow, I needed to get help.
“At first, I took on an assistant part-time. I couldn’t afford anything more than that and I wasn’t sure how successful it would be. I trained her up so that she could take over my admin and processing,” Sue explained.
Having admin support gave Sue more time to focus on developing referral partnerships and finding new customers. And sure enough, her business started to grow.
So much so that within six months, Sue’s PA was a full-time employee and a new broker had joined her business.
“I was mentored when I was starting out, so I decided to hire a new-to-industry broker and build them up within my business. That was in 2014 and they’re still with me today. Last year, I hired one more broker - and now we’re a team of four.”
For Sue, it all began with a simple business goal. Here are her top tips for brokers seeking the same growth.
Bring on a PA - even if it’s part time
“When you’re starting out you’ll have bursts of busy-ness, followed by relatively quiet periods. You never know when you’re going to get busy - you can’t plan it but you need to be prepared for it, so that you get through it effectively. You can’t continue to work 24 hours a day, seven days a week forever - you need support.”
When you first start, more often than not, you’re working from home. You have no office and you have no structure. I decided to lease some office space. Even if I wasn’t busy, I would go into my office every day - even if it was just to make calls. Having the discipline to get up, get dressed and go to work every morning put structure around my business.
We all know how organised you have to be as a mortgage broker. I make sure that everyone in my office has access to my calendar. Not only does it give them visibility around what I’m doing, where I am and who I’m talking to, but it also helps keep me organised - sometimes you need a little help managing your diary.