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Speed marketing for loan officers

Mar 28, 2007

A business plan: A plan for successGary Opper, CPA, CFPbusiness plan, goals, marketing plan A mortgage broker should take some time to plan! A mortgage broker can prepare a plan as a personal business plan or a company wide business plan. With the preparation of your business plan, your company can improve on its good points and delete or modify its shortcomings. Review other mortgage and non mortgage companies for ideas and get started! Lack of writing skills, procrastination or fear should not prevent you from preparing this most important document for you and your company. A business plan may include the following areas: Table of contents Of course, the table of contents is a listing of the topics discussed and the page location. This is us The "this is us" lists the name, address, telephone and fax numbers, e-mail address, owners of the company, and the types of licenses held by the company and the principals. This includes a description of you and your current position, including your market niches, your strengths and your weaknesses. The business plan must be flexible and periodically updated to reflect changes in the company, principals, market and economy. Executive summary The executive summary provides a summary of the history of the company and the principals. Describe the environments of the company, including the economic, legal and demographic environments. Goals Your qualitative and quantitative financial and non financial goals could include: -To increase net income by 25 percent in each of the next three years; -To have the companys mortgage brokers solicit six real estate agents per day; or -To increase and enhance the quality of life of you and your family. To do list The to do list outlines all of the actions necessary to accomplish your goals. Schedule and timetable The schedule and timetable give dates that the items in the to do list should be accomplished by. Marketing plan For each market niche, the potential clients of the niche should be profiled. Develop a strategy to market to these niches. Research and development plan Discuss the following in the research and development section: -The future needs of the mortgage market (products to offer); and -The prices and costs to offer these mortgage products, which should be fair. This section always keeps me looking ahead to the future. Production plan In the production plan section, the current and future needs of the following are discussed: -Equipment; -Software; -Office space; and -Branch offices. Organization and management plan The organizational structure of the company is reviewed in this section. Should another organizational arrangement be considered? Would any of the employees perform better in another position, either promoted, demoted or moved to a different function? A flowchart or narrative of the different cycles should be prepared and dissected to develop improvements and innovations in your systems. Your cycles could include: -Obtaining and qualifying leads; -Processing the leads; -Finding the lenders; or -Closing the loans. If your company is large enough or you have several people performing the same function, a partial or complete operations manual should be prepared. Also, the company may want to have forms for repetitious acts. The training programs for employees should be developed in this section. The quality control plans and the legal compliance plans should be developed. Other items that should be discussed in this section are personnel, insurance and security. Financing plan If an outside source of capital is needed, the plans for obtaining such capital should be discussed in this section. Financial plan The financial plan will quantify the business plan and its potential financial success with realistic pro forma financial statements. A business plan should address the funding of retirement, keyman insurance, disability insurance and life insurance for the owners. Time management plan This section should address time management items and timesaving ideas. In this section, address the maximum time allowed for business so that you may enjoy a good quality of life. Rewards Dont forget to reward yourself and your employees for the achievement of your goals. Future issues Future issues may include items that are beyond the time horizon of your business plan, grandiose or unrelated to the present business plan. Appendix The appendix should include all of your support for your business plan, including: -Magazine articles; -Excerpts from books; and -Flowcharts and forms. Conclusion A business that fails to plan plans to fail. Get started today with your business plan! Gary Opper, CPA, CFP is the president of Approved Financial Corporation and is past president of the Florida Association of Mortgage Brokers Miami Chapter. He may be reached at (954) 384-4557 or e-mail [email protected].
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