February has been and gone, already.

I can't decide whether it's the perspective of growing older or simply a sign of the times, but the passage of time simply seems to move so much more swiftly now.  It's so easy for the days to blend into weeks, then into months and for to look and think, how quickly it all seems to happen.

Enough philosophy for a Monday.

It's the first week of the month and it's time for me to plan ahead.

I'll start by drawing my line in the sand.  This month I'm aiming for a target of $3m in applications.

Working backwards from that means that I need 10 applications at an average of $300k each (my current average).  Based off experience, I'll need to set around 16 appointments to achieve that many applications as some of the appointments will be cancelled and some potential leads will not wish to proceed.

So, my task for this week is to setup 16 appointments for the month.

So far I have 3 appointments in my calendar that have been previously setup, which is a great start.  Additionally I have a list of 6 people who I have promised to call back as they needed time to consider their options.  I'm expecting that 3 of these will turn into appointments.

So now I'm down to 10 new appointments needed.  This month I'm experimenting with a telemarketing firm who will try cold calling people and seeking to set appointments up for me.  I have never tried this before but I'm willing to give it a go.  I'll keep you posted how that works out.

Additionally, this week I'll send out an SMS through one of the many web based companies who offer those services, and contact my existing customer/prospects list reminding them of my continued existence and telling them that I'm here if they need me.

Finally, I'll buy some leads from some of the lead generation companies and start cold-calling.

Friday is my deadline, I need to have my 16 appointments setup for the month in my diary before this Friday.

My other objectives for this week are to finalise teleconferencing arrangements so that I can catchup regularly with the interstate team and I'm also planning on booking a spot at a business networking lunch/breakfast at some point during the month.

Actually, I haven't got until Friday, I've only got until Thursday as my step-son gets married on Friday.

Wish me luck!

I'm constantly amazed at how many brokers there are out there who don't manage their client databases effectively.

In fact, there are many brokers who don't even really use a client database.  I'll pause for a second to let you gasp in horror.

My client database is the heartbeat of my business.  I use my BrokerFirst software and plug in every single name I collect.  I went to a business networking meeting recently and I took a business card from every one of the attendees and entered their information into my database.  Why?

Using mailing lists or any number of other tools, I can regularly contact every person in my database and let them know that I'm still around, that I have exciting new solutions to help them reach their financial goals and that I'm ready to take their call.  This becomes one of the cheapest and most effective means of marketing around.

If you're not updating your database regularly then you are missing a golden opportunity to grow your business.

It's a training day today, I'm attending a CPD day where 5 lenders will be presenting.

I must admit to mixed feelings about these days.  If things were quiet for me, then it wouldn't be such an issue, but when I'm busy working in my business I always drag my heels about attending these sessions.  Then of course, I go and find out about new products and changes from lenders.  I'm then really excited because I've found new solutions for my clients.

The challenge for a broker is knowing all of the potential solutions for your clients.  With so many lenders and loans to choose from, how do you keep up to date with them all?

The reality is that most brokers don't try to keep up with their whole lending panel.  They specialise in a small number of lenders and focus upon those products.  I'm exactly the same, I have my preferred lenders while I'm probably a bit shaky on the other lenders in my portfolio. 

That's why talking regularly with other brokers is important to me.  When I'm speaking with other brokers about their practices I learn what they're doing in the market and I also gain insight into who might have specialties with other lenders who I don't regularly deal with.

That inside knowledge can be invaluable.

So, in the interests of finding the best solution for your clients, wouldn't it be useful to run your scenarios past a couple of other brokers, just to see what they come up with?  Who knows what alternatives you may come up with. 

I speak with brokers on a daily basis and listen to how they're going in the current market.

They are each telling me one of two very different stories.

Either they are very busy and enjoying a bountiful time or, they are telling me that things are very slow and they're worried about the economic conditions.

Why is there such a difference in what people are experiencing within the same industry?

I've spent some time trying to analyse it and while there are other contributing factors, overwhelmingly there is one point of difference between those who enjoying success and those who are experiencing mediocrity.  Planning.

The successful brokers all have their own particular methods and styles.  Some have PAs, some use telemarketers, others operate on their own.  The single point of similarity is that they all have a plan.  Their plans in some cases aren't even written down.  But, when you talk with the successful broker you realise early in the conversation that these people know what they need to be doing at any point in their month.  These brokers don't wake up in the morning and wonder what they'll do today, they've worked that out already. 

Now, on a personal level, I'm not really a planner.  Some people are planners by nature.  They're the people who if you call on Monday and ask what they're doing on Friday night, will be able to tell you.  In my social life, that just isn't me.  My social life is pretty spontaneous and I enjoy being quite changeable.  However, in my business life I am a planner.  If I don't have a plan for my business, then I feel uncomfortable.  Now, I'm not saying that I have scheduled every minute of my working days (if I did, you'd probably see these articles at more regular timeframes).  But, I start with a set of goals which I'd like to achieve for a set period of time, and then I work backwards to see what I need to do to achieve those goals.  Then I have a plan and I'm in business.

So, if you're a broker, and you're finding yourself a bit lost with how to build your business, then maybe it's time to sit down and come up with a plan.  Start with your goals, and then work your way backwards from there.

As most of the regular readers will realise, Thursday is my reflective day, where I look at the results of my week and decide what needs to be completed before Friday. 

I'm happy with my work so far this week, it has been pretty busy, but I feel like I've accomplished what I've set out to do.  I have a fair bit left to do today, but it is more administrative and consists of tidying up a lot of loose ends.  That being the case, I'll be aiming to take an early finish tomorrow (Friday) and head off for the weekend.

Let's face it.  One of the reasons we become self-employed is so that we can enjoy a better lifestyle.  For most of us, a better lifestyle entails having more free time to spend doing the things which we enjoy.  Over the past few months, I haven't done enough of that and so I'm really focused now on making sure that I organise my time well so that I can take time out to do the things which I enjoy.  Don't get me wrong, I enjoy my business, in fact a little bit too much my wife would say.  However, I'm a firm believer in living the Mars Bar life, where every day you must work, rest and play.  Being self-employed we should take advantage of not having set hours and enjoy being able to have a long weekend or a mid-week break.

The only way that we can do that is if we have organised our time.  If we allow ourselves to be proactive then reactive, then we can enjoy the freedom which this career path offers to us.

On another note, a broker and I had a discussion yesterday about the generation of leads.  He was surprised at the amount of referrals which I receive from friends and family.  I don't have a massive network of friends and family, but I do make sure that everyone I know personally, knows what I do.  I've also taken the time to invite friends and family to lunches etc where I ask them for their suggestions as to how I can grow my business.  Not only do they come up with good ideas, they also then seem to become engaged in the search and are quick to direct people they know to me.  Don't underestimate this aspect of your personal network.  Take the time to ask for their thoughts.

You may be surprised at the results.