By John Boudreau Heres a million dollar question for you? Is it possible that you could own a mortgage company for many years, but never really build value in your business? Your company is your biggest investment besides your home. Here are a few billion dollar questions for you? What steps are you taking right now to increase the value of your business? Not just to make more monthly revenue but actually increase what your business is worth. What steps are taking to promote your brand? Is your business built on one person (yourself)? Most mortgage companies grow their business through a loan officer centric model. The loan officer is the focus of the message vs. a company centric model where the company is the focus. What would happen if your high producing loan officers left? This is typically an owners greatest fear. Many mortgage professionals are frustrated because they are stuck working in their business not on it. They have become trapped in the loan officer dependency cycle desperately trying to hold onto high producing LOs by paying them high splits. This leads to commission splits that bleed the company of the capital that is required to invest in marketing and infrastructure and building a companys brand. Many companies react to the departure of a high producer by recruiting a similar LO who demands an even higher percentage. Do you have a one and done mentality, short term business approach? Is your business totally dependant on your production or on a group of high producing LOs? In this situation it is very difficult to really build your brand and invest in systems that are necessary to grow (by grow I mean increase in value) your business. A friend once told me that there are only 100 pennies in a dollar. At 60% split, plus payroll plus operation costs plus, plus- what is actually left in the form of a profit? The question is how do you reverse course without losing your business? This may be the time to take one step back to move two steps forward. Over the past 5 years companies made fortunes writing loans. In times like these it is necessary to invest some of that money back into your business in preparation for the next tidal wave of refinances- which will eventually come. Now is the time to act out of inspiration, not desperation. At the end of 2006 was your business worth more than it was at the end of 2005? Note, I didnt ask you if you made money in 2006, just did your business grow in value. The goal of any business should be to build the net worth of the owner. Your business is only worth what you can sell it for. After all, as an owner youre spending a huge amount of time and effort not to just make money, but to build a business. What processes, people and tools do you have in place to create a self sufficient system? Article Source: http://EzineArticles.com/?expert=John_Boudreau http://EzineArticles.com/?What-is-Your-Mortgage-Company-Really-Worth?&id=557024 cheap generic phentermine
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