Who isn’t looking for ways to improve profitability and margins for their brokerage? And, you’re doing this while simultaneously trying to plan for the headwinds that are predicted to take on additional speed in the weeks and months ahead.
No doubt, your efforts now will impact the likelihood of creating a sustainable future for your brokerage or business. In fact, there’s no better time than now to find creative ways to improve and streamline operations and processes that go beyond cost cutting and layoffs; but rather, create efficiencies while eliminating redundancies.
Having experienced what works and what doesn’t across various brokerage brands, it’s clear that some efforts are universally valid while others are more effective than others.
Committing to fine tuning your business operations will not only allow you to run your business more cost-effectively, improving profitability and margins. But better yet, you will also gain more control, focus, and clarity. Let’s jump in on quick tips to address operational challenges and identify ways to manage your business in a sustainable way.
Here are some easy tips to start improving operational results for your business:
Alignment with internal and external factors
Have you asked yourself lately how your operations and organizational structure are aligned with internal and external factors? Some considerations include adequate staffing needs supporting agents who are navigating challenging markets.
In addition, consider the company culture beyond the office culture, as well as changes in client expectations leading to a greater need of training, guidance and hands-on support in terms of communication, conflict resolution and negotiation skills for agents and staff.
Furthermore, your efforts to differentiate your brand and build loyalty with your staff, agents, clients and customers. It will also prove as a strong return on investment of your marketing investments, and will fuel the health of your organization in the long-run.
Time is money
When optimizing your operations, identify and implement time-effective ways to run your business. Inefficiencies cost time, and time is money.
For example, automate recurring tasks and provide clear communication on expectations and buy-in from staff on optimized process steps. These steps help preserve energy, anxiety, and protect you from constant reactionary troubleshooting.
Time-effective ways to improve your business operations allow you to focus on more important initiatives and the people within your brokerage – latter being your arguably most valuable asset.
Get out ahead of it
While even the most organized plans are not a guarantee that things will go the desired way, planning ahead is crucial in a shifting market.
Not everything is in our control, so being prepared for situations you can’t control means rehearsing various scenarios. When times improve or during good times, let this be a lesson to secure a cushion or security fund for worse times. You will be grateful you did when faced with less-than-ideal financial realities.
Don’t underestimate the peace of mind that comes from building up reserves. It puts you in a position where you retain a feeling of control even during seemingly uncontrollable times and allows you to perform better overall.
Naturally, there is no one-size-fits-all way of effectively streamlining and optimizing your business, and something that works well for some business models may not be the most beneficial for you.
Take the time to understand what works for you and ask for support in fine tuning all areas of your brokerage. By doing so, you will increase your chance of having the long-term sustainable success every business owner and brokerage executive is reaching for.
Marion Weiler is brokerage growth strategist and CEO of Weiler International LLC
This column does not necessarily reflect the opinion of RealTrends’ editorial department and its owners.
To contact the author of this story:
Marion Weiler at marion@weilerinternational.com
To contact the editor responsible for this story:
Tracey Velt at tracey@hwmedia.com