SMART Goals: A Roadmap for Success in Your Mortgage Broking Business
In the competitive landscape of the mortgage broking industry, there is an increased number of mortgage brokers, and thus, an increased choice for consumers. This means that as a mortgage broker, knowing how to establish goals allows you to have a clear focus towards your business’s success. Goal setting provides you with a set of criteria to ensure that you are the expert in your field, and to provide better outcomes for your clients.
So, what are SMART goals?
SMART Goals are a framework or tool used for setting clear and achievable objectives. The framework provides clarity, focus and motivation to achieve goals. SMART stands for:
- Specific: A specific goal is clear and well-defined. It answers the questions of, “what needs to be accomplished”, “why is this goal important,” “who is responsible for the goal”, and “how will this goal be achieved”.
- Measurable: A measurable goal is one that includes specific metrics or indicators that allow you to track progress and determine whether that goal has been achieved. Quantifying goals ensures that you know when they’ve reached the finish line. These are the measurable and trackable benchmarks.
- Achievable: An achievable goal is a goal that is attainable and realistic. When taking into account available resources, such as time, money and personnel, the goal should be challenging, but not impossible. In other words, set a goal that is an opportunity to stretch your abilities, but is still very much possible to achieve.
- Relevant: A relevant goal is a goal that aligns with the overall objectives of your business. A relevant goal contributes to the success of your business and is meaningful to the day-to-day activities that are achieved within the business and those that are responsible for achieving it.
- Time-bound: A time-bound goal is a goal that includes a specific deadline or timeline for completion. To properly measure the success of a goal, a clear timeline of when the goal should be reached should be determined. As a result, a plan can be created and implemented to achieve the task within the timeframe. This also ensures that all members involved in the goal have parameters built in to stay on track within the designated timeframe.
What are examples of SMART goals for my mortgage broking business?
Here are 2 examples of a SMART goals for your mortgage broking business:
Increase leads by 20% in the next quarter, by improving our digital marketing campaigns.
Broken down, this goal is:
- Specific: increase lead generation
- Measurable: 20% more leads
- Achievable: through improving digital marketing campaigns
- Relevant: to grow business success
- Time-bound: by the end of the quarter.
Achieve a customer satisfaction rating of 4.5 out of 5 or above on all post-loan-surveys by clients by the end of the year.
Broken down, this goal is:
- Specific: increase customer satisfaction
- Measurable: 4.5 out of 5 rating or above
- Achievable: by improving communication and customer service
- Relevant: to grow business success and customer loyalty
- Time-bound: by the end of the year
Why are SMART goals important for my business’ success?
SMART goals are important for your business’ success for a number of reasons:
- Clarity: SMART goals provide a clear roadmap and finish line; you know exactly what you want to achieve, when you should expect to achieve it, and how. With this clear understanding of what needs to be accomplished and how success will be measured, your goals are aligned to everyone in your business, and everyone understands the objectives, reducing confusion and promoting efficiency.
- Focus: When incorporating all of the criteria of a SMART goal, you can focus your efforts and increase the chances of achieving the goal. This allows you to focus on what is most important to achieve business success, helping you to prioritise tasks and resources, and reduce wasted time and effort, that will promote your business’ growth.
- Motivation: With a clear target to work towards in mind, a sense of purpose and direction is given, leading to increased motivation and engagement with the business’ goals. This in turn leads to higher levels of productivity and performance. Completing goals gives you a sense of accomplishment and achievement, motivating you to keep going and perform higher; to succeed.
- Accountability: This is the act of committing to a goal or outcome. When it is clear who is responsible for achieving a goal, and the goal is achieved within the set time frame and parameters, this encourages individuals to take ownership of their work. When this is encouraged, individuals of your team feel more motivated to accept goals and work towards them, knowing that they will be noticed for their success.
- Evaluation: SMART goals help evaluate what you have done in terms of goal progress. The more specific, measurable, attainable, relevant and time-bound the goal is, the easier it is to assess what was completed. This allows you to adjust your strategy if necessary, and identify areas that require improvement.
How can I apply SMART goals to my mortgage broking business?
Setting SMART goals is a powerful way to achieve business success, create authority and sustain superiority, especially in such a highly competitive industry. Creating direction and strategy, and moving your business forward to achieve success, can be applied in a number of ways.
- Start with your mission and values. What is your business all about?
- Define your specific goal. What do you want to achieve?
- Make your goal measurable. How will you track your progress towards your goals?
- Ensure your goal is achievable. What does your past performance look like and what resources do you have available?
- Ensure your goal is relevant. Does your goal fit into your overall business strategy?
- Determine the timeframe. When do you want your goal to be achieved by?
- Develop a plan. What strategies, marketing campaigns, improved customer service or additional staff will allow you to achieve your goal?
- Finally, monitor your progress. Without analysing the metrics used to define the progress towards your goal, how will you know whether you’ve achieved it?
If you would like more guidance in ascertaining your goals, download our SMART Goals Assessment Sheet now.
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