Monica Bradley is a multiple-award winning mortgage broker and the founder of Cheam-based firm, MB Associates. Monica took the brave step to go self-employed at the age of 21 and has never looked back. She shares her top tips for setting a business strategy and taking risks that pay off.
I’m often asked how I first decided on a strategy for my business. I used a simple method. I had a clear idea of where I wanted to be and worked my way back from there, mapping out the steps I’d need to take to achieve my goal.
I’ve been self-employed for a long time. I took a leap of faith at the age of 21 and decided to go for it as I didn’t want to work for anyone else. Over the years, I’ve grown my company by recruiting more talent into the business and hiring people who share the same values. It’s a case of identifying what works, doing it yourself, and then bringing in other like-minded people with the same work ethic to replicate what you do.
That said, it’s important to venture into new areas. MB Associates is best known as a mortgage broker, but we also offer financial protection and borrowing solutions for later life borrowers as well as wills and trusts.
Broadening our range of services has been a good way to grow the business, while providing additional products to clients that will benefit them. Most of us need a mortgage, but it also makes sense to have financial protection in case the unexpected happens, as well as an up to date will.
A valuable service
A key motivator for me in growing the business is knowing that we provide valuable advice to many people. Yes, it’s a business, but I genuinely feel that we’re serving the local community and helping people and that motivates me.
I was recently asked about any courageous decisions I have made in business. I think going self-employed is a courageous decision. Setting up a business and employing people is a courageous decision. When you run your own company, the buck stops with you. Whatever’s going on, you have to be strong and inspire your team, even when times are tough. When I make decisions like opening a new office I know I will make it work. I’m focused and believe strongly in what I do. I don’t have any regrets as even situations that don’t work out the way you expect to provide an opportunity for learning.
Role models
I’m often asked if I have role models. In my industry, I have huge respect for Peter Brodnicki, the CEO of Mortgage Advice Bureau, who has overseen the company to help it become one of the UK’s largest and most respected mortgage networks. Peter has always had a strong vision and his positive attitude is infectious. Nothing beats him. He is a great motivator and will overcome any challenge.
I’m also a fan of the TV show Dragons’ Den and admire Deborah Meaden and former Dragon Kelly Hoppen. Deborah knew she wanted to run her own business from an early age and launched her own firm at the age of 19. Kelly is a well-known interior designer who had her first client at the age of 16. They knew what they wanted and took a risk. They both followed their passions.
If you have a vision and passion for a new venture, here are some top tips on how to decide on a successful strategy to grow your business.
1. Start with Your Vision and Goals
Before you start planning anything, it’s important to understand what you want your business to accomplish. What is your ultimate goal? Where do you want your business to be in five years? Once you have a clear vision of where you want your business to go, you can start developing a plan on how to get there.
2. Develop an Action Plan and Set Deadlines
A well-thought-out action plan will help keep your team focused on the tasks that need to be completed in order for your strategy to succeed. Make sure that everyone has clearly defined roles and responsibilities and set deadlines for each task as this will help ensure that everything gets done in a timely manner.
3. Use Technology
Technology plays an important role in helping businesses reach their goals faster. Take advantage of modern-day tools such as CRM software, analytics platforms, and email marketing services, as they can provide valuable insights into customer behaviour and allow for better decision making when it comes time to strategic planning sessions.
4. Track Your Progress & Adjust As Needed
The key to success is being able to track progress and adjust accordingly if needed. Keep an eye on metrics such as website traffic, sales numbers, and customer feedback surveys so that you can quickly spot any areas where improvement may be needed. This will also help ensure that your team remains motivated by seeing tangible results from their efforts!
5. Don’t Be Afraid To Ask For Help
Growing a business isn’t easy – but don’t forget there are plenty of resources available if you need help along the way. Consider talking with other entrepreneurs or hiring outside consultants who specialise in business growth strategies if needed; these people may have valuable insights into what works (and what doesn’t).
Deciding on the right strategy for growing your business can seem daunting at first but by following these tips, you should feel more confident in creating a successful action plan that leads towards achieving all of your goals.
More Information
For mortgage or financial protection advice, call Monica on 020 8652 5240 or email info@mbassociates.net. You can visit the website at mbassociates.net