There is never a bad time to indulge one’s expansion aspiration and to explore supplementary sectors; indeed, you may find the reduced competition in leaner times actually helps you to excel.
After all, if you can do well when times are tough, then the odds are you will be set fair for when things turn the corner.
Even if you don’t have the confidence or resources to fully diversify into another sector, the means are there for you to establish referral or introducer arrangements with a number of third-party organisations.
For too long, brokers have shrugged their shoulders and let leads slip through their hands by not being able to cater for clients wanting products and services beyond a home loan, but it doesn’t have to be the case.
There are a number of other types of companies you can look to affiliate yourselves with.
Insurance firms are the most obvious and complementary fit, but there are also other cogs in the property wheel with which you can establish mutually beneficial partnerships with, such as estate agents, legal firms and conveyancers.
When you operate a small company it can feel lonely at times, so hooking up with other local organisations can also give you strength in numbers.
Directly authorised brokers can sometimes feel isolated compared to their appointed representative counterparts and are not privy to the same level of support or product offering.
This was one of the reasons behind us joining forces with Active Lending Solutions; making our protection panel available to intermediaries who aren’t part of a network.
Just because brokers have decided that operating independently is the most suitable option for their business model, doesn’t have to mean they should be put at a disadvantage when it comes to exclusive deals and competitive pricing.
Expanding your operation is never easy, but don’t use economic uncertainty as an excuse for inertia.
There are plenty of like-minded individuals and organisations out there waiting to help you grow your business, so why not start exploring your options today.
Richard Adams is managing director of Stonebridge Group
