To track or not to track? Stop winging it

To track or not to track? Stop winging it

July 23, 2021

It may sound a little “if a tree falls in the woods…” – but if you’re not measuring performance, how can you be sure that you’re succeeding?

Reporting, tracking and measuring performance is the only way to ensure your success.

What to track?

So, let’s talk about metrics. A metric is something quantifiable, used to monitor and assess the success or failure of various processes.

Continuous metric tracking will let you know if your firm is on track to achieve or exceed goals, as well as flagging causes for concern or weaknesses that need to be dealt with.

Having a clear idea of how you’re performing – and regularly evaluating progress – will help to develop forecasts and drive decision-making.

Why to track?

Tracking metrics also helps you develop accountability and consistency. Knowing what your key areas of focus are means that you can align your people and processes to promote optimal performance, and employees can focus themselves on tangible outcomes.

Clear visibility of what is important to the business, creates a culture of success as advisors strive to hit targets.    

When to track?

You can check your metrics whenever suits you; daily, weekly, monthly, quarterly… Just make sure that you check often enough know what your ‘normal’ looks like!

Be careful, monitoring isn’t always enough to ensure success. There are also vanity metrics out there that can be more distracting than worthwhile – make sure you determine which factors play a truly important part in your success.

Top 3 metrics to track for brokers

  1. Retention rate: an increase of just 5% in client retention can increase profits by up to 95%, keep an eye on this and make sure you’re keeping existing clients warm!
  2. Data cleanliness: review your database to see how accurate and complete your data is. Make sure you get into the habit of keeping fully populated records in your CRM so that contact is un-interrupted and precise.
  3. Pull-through: the ratio of closed loans to submitted applications, including to-be-determined (TBD) applications – keep track of how many of your deals are closing.

To see how we’re helping firms do this, read about our reporting tool here.

Get great articles direct to your inbox

We’ll never share your details with third parties.
View our Privacy Policy for more info.

Related Stories

growth advice for mortgage brokers
February 5, 2020

The best growth advice for mortgage brokers

What's the best growth advice for mortgage brokers? The best advice isn't just a single piece of helpful insight, it's about many key aspects that contribute to growing a successful business. You need to figure out what's important to your mortgage firm right now so you know where to focus your efforts for growth. Mortgage brokers spend so much time advising their own customers, it's only fair that they are given access to their own advice, to help them grow and succeed in financial services. So here goes...

Customer feedback
February 26, 2020

Customer feedback, your ultimate secret weapon.

Customer feedback is everything! Here at Eligible, we LOVE customer feedback, even if it hurts to hear unfavourable comments about your business- it's still constructive!

March 6, 2020

Buyer personas how-to.

Building buyer personas will help you win more business. Fact. Buyer personas help you better understand your customers, prospects and partners. They help you know what makes your customers tick, so you can tailor your approach to win them over. Not all customers are the same, so a one size fits all approach won't deliver a good return for your business.