Mortgage Business Planning

Flowchart 101

The flow chart is a business tool used to clarify vision, structure, systems and accountability.  The purpose of the flowchart to measure what we want against what we are obtaining. 

Here is what the flowchart does:

• Makes all team members aware of what they will do

• Sets goals

• Creates financial results

• Makes business owner realistic in how much they and their team members can accomplish each day

• Creates visual and subconscious goals

Here are some common questions concerning flowcharts:

How often does it change?

Your flowchart will change every six months as you re-evaluate your business.

What do I do with it?

Frame it and place in front of you and all your team members.   

How often do I talk about it?

Go over your flowchart once per week during one of your daily meetings. 

What if something isn’t working or it’s not getting done?

Discover why something isn’t getting done and then work on fixing it.

How do I know how many applications I need to take or contracts I need to write in order to obtain the closings I want?

In general, we find most salespeople will close 60% of all applications or contracts written.  For example, if you want to close ten loans per month, you would need to take 16.6 applications per month. 

Under marketing, how do I pick the three areas I want to obtain my business from?

Pick three areas you like to work in.  Your business must “fit” your personality.

What is the difference between what the team does in operations as opposed to marketing? 

Marketing functions are things you do to obtain business.  Operational functions are things you do to make sure the transactions get completed correctly and on time. 

How do I determine how much money I want to make?

Pick an income amount you wish to pay taxes on, then work backwards to find out how many transactions you need to close.  If you want to make $200,000 and you gross $2,000 to you for every loan you do, you will have to do 100 loans per year.  On top of this, you must do even more loans because you will have expenses to cover.  In general, we find most loan consultants keep 50% of whatever they gross and Realtors keep about 30%of their gross. 

What is the “core purpose” heading all about?

The core purpose of your business is the number one thing you want your business to produce for you.  There is no right or wrong answer.

“The quality of your life is brought about by the quality of your thinking.  If you truly want to change your world my friends, you must change your thinking.  Reason is your greatest tool.  It leads to an atmosphere of understanding, which leads to caring, which is love.” 

Phase One Total Leads to Application

Determine the total deals you want to close each month. Then multiply by 12 for the year. Enter the total for the year in the top square on the right in yellow. Then take the total number of leads that calculates and spread out the leads in the lead tracker catigories.

Using the lead tracker through the year will allow you to have specifics to your business for closing percentages. Use this form and adjust as needed for total units. If you are not using the lead tracker, use the pre-programmed codes of 40%.

Phase Two- Profit Center Allocation

Now we take the information from phase one and add the total leads we need to generate to the top of the marketing form. Then we look at how many leads we expect to come from each pillar or profit center. What are the MUST items that need to happen for the profit center? Start adding in the boxes what you will do consistantly. This is not everything…but is the priorities of each pillar.

Phase Three- Who Does What

Take the information from phase two and allocate who does what on your team. If you are an indiviual loan officer your goal is to build the who does what putting more under you as the stand alone loan officer, but to have the deligation ready for a hire.

Phase Four- The Money & Secrets to Success

Take the information from all phases and calculate the money! Also know the key secrets to success so you stay focused on the client reviews, totals and effective service to create more leads from exisiting clients. Lastly- Review with you r team, modify as needed HANG IT UP in 2 x 3 frame in your office! You have to see it, live it and your team does as well.

End Results- Sample

Fianlizing and continuing to work with your team on the aspects of each function is key. Keep it clean! Each partner should be in the mindset “we are a team” but to “stay in your lane” to be most effective. In addition, select the TOP THREE tasks for each partner that come first every day. These are the goals for each position to keep accountable.