In episode 11 of the Growth Series podcast, John Brenan, Senior External Communications Manager at Accord Mortgages, is joined by Sam Murphy, Managing Director at Mortgage Medics.
Together, they explore the process of knowing when the time is right to expand your business. You may have been trading for several years and be wondering how you can take your brokerage to the next level.
Sam explains how he and Jon Bloomfield set up Mortgage Medics in 2007, working from home. After a few years, they opened up their first office in Brighton and later, a second in Hove.
Opening a second branch is often the next milestone for any ambitious broker. A key step and indicator of business growth, it can be an exciting, yet challenging, process. But for many new and smaller brokers, it may just seem like a pipe dream.
How do you know when it’s the right time to open up another office?
How do you manage the need for a new office with maintaining a ‘steady ship'?
What should you do about new hires and how that plays in to your existing team?
Should you focus on prime shopping location, closeness to other brokers and estate agents, or something else entirely?
Sam describes what the process was like for Mortgage Medics and what the key considerations should be.
The podcast will help you discover how to make sure you don’t lose the brand identity and culture that enabled you to grow in the first place.
So if you’re thinking of growing your business by opening a new branch, don’t miss this opportunity to hear some valuable tips from someone who’s already done it...
The Growth Series is a dedicated resource that aims to help mortgage brokers grow their business using digital and communications marketing techniques. For more hints and tips on how to grow your business, you can sign up to the Growth Series for free, here.allinformation correct at time of writing”
Allinformation correct at time of writing
0.00 - 0.50 Welcome and introduction
0.50 - In conversation with John Brenan, Senior External Communications Manager at Accord Mortgages, and Sam Murphy, Managing Director at Mortgage Medics, to discuss the challenges brokers can face when they reach the point of opening a second branch. Including:
How Mortgage Medics went from Sam and Jon working at home to having branch offices in both Brighton and Hove.
The ‘calculated risk’ of expanding your business (and your cost base) to two offices.
How to make sure you’ve stress-tested your plans and have a comfortable ‘plan B’.
How to manage new hires and a new branch with your existing offices and team.
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Accord Mortgages Limited is authorised and regulated by the Financial Conduct Authority. Accord Mortgages Limited is entered in the Financial Services Register under registration number 305936. Buy to Let mortgages for business purposes are not regulated by the Financial Conduct Authority. Accord Mortgages Limited is registered in England No: 2139881. Registered Office: Yorkshire House, Yorkshire Drive, Bradford BD5 8LJ. Accord Mortgages is a registered Trade Mark of Accord Mortgages Limited.
References to 'YBS Group' or 'Yorkshire Group' refer to Yorkshire Building Society, the trading names under which it operates (Chelsea Building Society, the Chelsea, Norwich & Peterborough Building Society, N&P and Egg) and its subsidiary companies.
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