Presentation on theme: "Monitoring Your Businesses Performance Including Cash Flow - the lifeblood of any successful business."— Presentation transcript:
Monitoring Your Businesses Performance Including Cash Flow - the lifeblood of any successful business
Targets keep you focused 1.Commissions How much do you need to earn each month to cover all expenses? Deduct the amount of trail commissions received each month, let’s say $5,000, leaving $10,000. Divide this $10,000 by 0.50% (on average) and that is the approximate loan volume you will need to settle each month. Let’s say it’s $15,000. That’s $2,000,000 per month.
2.Sales Performance Once you know how much you need to settle, divide this by your average loan size to arrive at the number of loans that you need to settle each month. Targets keep you focused $2mil ÷ say $250k = 8 new settled loans. So let’s say that our monthly targets look like this... a. Up-front Commission:$10,000 b. Trail Commissions:$5,000 c. Settled Loan Volume:$2,000,000 (which is approximately 8 settled loans of average size)
3.Strike Rates (to account for funnel attrition) Applications Received : Applications Settled Applications Submitted : Applications Approved Leads Received : Appointments Made Appointments Made : Applications Taken Targets keep you focused But of course, not all loans will settle, so we need...
Comparing your Actuals to Target is the key... Use pen and paper and a calculator. Or use a spreadsheet program. Or use an industry specific application like BrokerSource to monitor: – Targets set by you; – Your sales funnel and sales performance; – Product sales by Lender, Referrer and Loan Writer – Your cash flow – commissions retained after any splits Let’s have a look at some BrokerSource screenshots... Keeping Track of the Numbers
The BrokerSource Dashboard Average size Loan = $320,000
The BrokerSource Dashboard
ALL THIS POWER FOR ONLY $49.95 PER MONTH PER LOGIN. THAT’S UNDER $600 PER YEAR. Write 1 Loan from 1 Lead received via the BrokerSource website and it could pay for itself. Screenshots and Help available here.here Access The BrokerSource Forum here.here Public website: Complete the Subscription Form today and receive a 1 month free trial.