It’s ROI Time Again
Businesses all over Australia will be busily preparing the data for the number crunches to provide a financial report card for their business for the 2021 financial year. Terms like EBITA, P and L, depreciation, net profit, gross profit and YOY growth keep proprietors awake at night this time of year. Additional the term ROI gets used regularly to determine if you are as they say “Spending Money to Make Money.“
All of these indicators are what the financial wizards use to provide you with a report card for the prior year and a rocket for the year to come. In the current environment, businesses grapple with the decision to reduce spending and bunker down for a long term regression. Smart, practical and adventurous business owners think differently and they have allocated funds to manage leaner periods, they see the opportunity where others don’t.
Over the last 10 years, successful mortgage broking businesses have focussed on the ROI of people and have been handsomely rewarded. ROI works in tandem with another often-used term “WIFM” or “What’s in it for me.“ By selecting the right people based on motivation, drive, commitment, passion and loyalty, ROI on people can lead to significant revenue growth.
Establishing a culture that rewards and incentivises your people will dramatically improve all other business metrics.
Building your business through growth in broker numbers and adding high-quality people that operate as a proprietor in your business is the most effective way to increase ROI.
- Teach , mentor , monitor , reward your new staff and your business will thank you for it.
- Be bold , take a punt on a new entrant
- Be brave , provide your team with tangible incentives
- Be a leader , grow your business through people
- Be focussed on the development and workplace happiness of your people and the ROI will follow