It’s that time of the year again when everyone looks forward to catching the norovirus in time for Christmas, although this year there is the  prospect of combining that with swine flu to avoid the ‘holiday season’ in a big way.

For those of us who stay healthy, there is the promise of replacement underwear for
the new year, family reunions awash with alcohol and old grudges, and Robert Peston
popping up to review how he may possibly  have caused Christmas in the first place.

So let us ignore the next few weeks and instead raise our sights to next year, which
brings us the Winter Olympics in Canada, the World Cup in South Africa and the
hope of partial economic recovery in the UK.

The signs are promising: Kensington returning to the market after a year away, Paragon talking about re-entering the buy-to-let market in 2010, and there are positive signs of housing market activity during the autumn of 2009.

With prices and activity on the rise, all the market needs is for inflationary pressures to result in an increase in the Bank base rate and the remortgage market might actually see some action next year.

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But is your business ready to take advantage of the opportunities that are beginning to present themselves? Is your business ‘fit for purpose’? As you mull over  2009 and look ahead to 2010, you might like to ask yourself 10 ‘killer questions’ about your business, just to check if you are on the right track.

You probably know the answers already, but if just one question makes you think in a different way about your business then ten minutes’ reading will have been worth it. And remember the quotation from Lao Tzu (the Chinese philosopher and author of The Art of War): “If you do not change direction, you may end up where you are heading.”

1: What are my or my company’s strengths and weaknesses?

How has your company developed so far and are you well-positioned to grow
in 2010 when so many other mortgage brokers will still be in retreat? It is time to
be honest with yourself about what you and your company are good at – and where
you need to improve.

Are you and your team hunters or gatherers? Are you fantastic at servicing the requirements of clients when they ring, but not so comfortable with picking up the phone and generating repeat business from your existing client base – or even calling a new prospect? It may be time to invest in some sales training for your team.

And what about other gaps in your skill set or knowledge? Do you have expertise in
general insurance and protection products  or a connection with financial planning
services?

2: What is my target market, defined by income, profession, life stage, geography or other characteristics?

You may feel that all business is good business and that you really do not need to target any particular part of the market,  but this question is not suggesting that you  turn business away. It is recommending that you concentrate on the type of client your business is best suited to advising, because of your particular strengths. Once you have a clear focus on the type of client you are trying to attract, then you can set about communicating with them.

3: What are my revenue objectives, short- and medium-term?

What is your current business model and how might this change in 2010? What
investment and recruitment plans do you have? How will you attract the right type
of employees to carry out your business plan?

What capacity is in place to cope with a change in the scale and nature of the business? And, given that you are unlikely to make enough income from mortgages alone in the future, what add-on services will you offer your clients as a ‘cross-sell’?

4: Who are my key stakeholders – for example, existing clients, employees,
introducers, lenders and the media – and how will I tailor my communications to each group?

Stakeholders are the different groups of people whose views, contribution and business

influence your success or failure. What do you know about your various stakeholders and what plans have you prepared for communicating with each group in 2010? For instance, what is the monthly communications schedule for existing clients and what is your relationship with the local, industry and national media?

5: What resources (financial, human and technological) are needed for
delivery of this plan? Apart from having sufficient financial resources to execute your plan in 2010, what human resources are available to support it and in what shape is the marketing
database of existing clients and other stakeholders?

Is it up to date, accurate, segmented by stakeholder, with email addresses for all records? Are you proud of your website; does it give visitors a great first impression?

6: What are my key selling propositions (KSPs) and therefore my focus?
What is your strategic objective? Is it to become the mortgage broker of choice
for your target market? If so, what are your key selling propositions, which will
differentiate you in the eyes of your target market/s from competitors? Is your service
more convenient, more specialist, or lower cost than your rivals? And are you truly
independent and whole of market?

7: Does my company’s brand – its name, visual image and the words used to describe what it offers – help to attract new clients and retain existing ones? Is your company name properly reflective of your business strategy? Do you stand out from the crowd with a clear brand that
means that all your stakeholders know what you stand for? For how long has the
visual branding stayed the same? Is it still relevant and client-focused? Does a single
phrase – sometimes known as a ‘strap line’ – encapsulate the focus of the company?

8: Who are my competitors and how do I differ from them? What do you know about your competitors – their key selling points, fees charged,  strengths and weaknesses? Are your competitors the high street banks, with their dual pricing strategies? In which case, can you offer an advisory service if the best product on the market is direct distribution only?

9: How do I reach the target market -directly or via distribution partners?
With the decline in business coming directly into brokers’ offices and websites,
have you added an introducer channel to your business model? How many
introducer agreements do you have in place? What is your business-to-business
proposition and why should a prospective business introducer choose to partner with
you rather than your competitors?

10: What is my marketing communications strategy – so that existing and potential clients know about me and understand my USP? How are you using local, regional and even national PR, direct mail, email and your website to build an integrated marketing plan that is greater than the sum of its parts, complementing the telephone and face to face contact that you and your team are making every day? Is your website Search Engine optimised, dynamic and interactive? As with any ‘top ten’ you will have your own view as to whether these really are the ten definitive killer questions.

But at least that means you are thinking hard about your business and how to lead it through another challenging year. Good luck in 2010!