Note professionals and their businesses are constantly pushing to maintain success and sustainability. Improving things such as marketing or retaining strong relationships can help business owners focus on achieving the most profit.
Yet, sometimes they find it difficult to take their note business to new heights because of financial challenges and tight resources. Here are a few ways note business owners can take action while still sticking to their budget.
First, yes, I’m going to mention marketing, track and measure your marketing. Note businesses don’t have to track and measure all their marketing efforts. But it’s a good idea to know what’s helping sales and what isn’t when investing time and money. Otherwise, it can be easy to waste valuable resources on ineffective strategies.
Consider seeking low-budget, high-impact marketing strategies to make improvements. For example, many note professionals will track how people are finding their websites. It could be through a referral program, paid advertising, direct mail, or content written on their blog or social media. When note business owners learn which tactics are working, they can try to redouble their efforts in those areas.
Another tactic is to utilize social media tools, such as Hootsuite, to evaluate their social media presence. According to one report, 62% of consumers believe businesses need a strong social presence to achieve sustainability. It’s helpful to learn which posts are getting the most engagement and which are not.
Third would be to keep track of your financials. One of the best ways to grow a note business is to commit to and understand its finances. Many note professionals seem to have an allergy to bookkeeping and statistics. However, they must get a grip on their numbers. That way, their new business ideas can boost closings and increase efficiency.
According to statistics, 66% of small-business owners face financial difficulties and cash flow is their greatest challenge. Consider gaining a sense of the economic trends happening in the note business. When note professionals understand their monthly, weekly, and daily numbers, they get a clearer perspective on how it’s performing.
Lastly, for this article, no matter what’s happening, changes can impact the note industry and local markets across the nations. Even when they don’t seem relevant at the time, note professionals must be aware of the outcomes. Once they stay up to date on current events, they can figure out how to capitalize on them.
Essentially, note business owners need to consider all the possibilities. For instance, note holders selling habits could be changing. So, how can they provide significant value to them? If note businesses embrace trends that haven’t been applied to the note industry yet, they might gain a competitive edge.
Considering the ways note businesses can make improvements, how can they take action? The next step is to review the business’s processes to ensure the right systems are in place. Be sure to establish goals and objectives and define what it will take to achieve success in the Note Industry. Be kind, keep safe and stay healthy. Remember success demands action, keep on marketing, it’s going to work! TWITA! (That’s What I’m Talkin’ About!)
Jeff Armstrong of Armstrong Capital has been a note investor specializing in the performing seller financed note industry since 1991 as well as a professional appraiser of promissory notes since 1999. For more updated and current information on how he can help you with your note business, note investments, note appraisals or to request pricing options on a note visit www.armstrongcapital.com to email him and subscribe to Jeff’s Weekly Training & Tips Newsletter. You can follow him on Instagram and Facebook @ TwitaJeff