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Mortgage featured stories

The Power of a Business Network

Small Business, Tips
Share
Many small businesses (mine included!) rely heavily on referral’s to gain new business opportunities and ultimately grow their business profitability.  But are we maximising the power of our referral networks?
Most people are happy to speak positively about, and refer to individuals we know, trust and are confident that will look after the opportunities we refer to them. Individuals that are reliant on referrals often have “informal” networks, and find these quite successful, where others commit a little more energy and are part of formal networking groups. There is no right or wrong approach as to whether you have formal or informal networks but the one clear goal is to have a “network” of people looking out for business opportunities that you can assist with, and connecting you with those opportunities. Regardless of why we receive referrals for business opportunities we should treat each referral as a privilege and ensure we continue nurturing our referral network by considering the following:

Do you treat the customer referred through to you as well as your best existing customer? – There is no more embarrassing moment in business than referring through a colleague, friend or family member to a business, only to find out they were poorly treated. If the referral you receive is not your ideal customer it is still not a reason for poor service or response times.  Certainly educate the referral source at an appropriate time of a better referral opportunity but don’t shoot the golden goose!

Do you first try to help your referral network by sending business their way? BNI (Business Network International) have the catch cry of “Givers gain”.  Basically the philosophy is if I refer business through to by referral network, they will want to refer business to me.  A sound assumption in my view as we all like to support those people who support us.

Do you look to add value to clients referred through to you, or purely focus on the dollars? We are all in business to make money and support our families, but a referral opportunity is a chance to not only gain business but gain another advocate.  I have people referred through to me that quite often are in need of advice, and the best advice I can provide at times is to direct them to someone else that will help them more efficiently.  At times when I do this I wonder whether I am cut out to be running a business, but what I have found is that these people become bigger advocates and in turn refer more business to me because I helped them and have built their trust.

I am lucky to be involved in a great local networking group (a BNI Chapter) and through developing good relationships and trust with local businesses have seen that a business network can be much more than just a referral group.  Three key aspects to consider are:
  1. Many businesses have better results if they can be involved early in the planning phase of their client’s new ventures. By letting your clients and broader network know that you have a broad group of businesses you network with and trust you may find that you are the first person contacted when they have a need for a particular trade or business.  What better way to stay up to date with what your clients are doing?
  2. Do you understand what members of your business network actually do? By taking the time to understand their business and what they do – you may just find you can send more business their way.  You can then test the philosophy of “Givers Gain”!
  3. Some members of your business network may find it difficult to find referral opportunities for you, and often that is quite understandable. But have you ever sat down with them to understand their broader networks and acquaintances?  Chances are they may be able to introduce you through to someone that you would like to meet and build a business relationship with.  Your next key referral source might just be a neighbour, friend, family member etc of one of your business network members!
There is a saying that “you can never have enough friends” and I think the same goes in business.  The power of a business network can be very valuable if you are prepared to invest the time.   PS – By the way, if you are looking for a particular tradesman or business professional, chances are I know a guy / girl!

More Stories

Is a tree or sea change on your horizon?

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Is a tree or sea change on your horizon? Fresh air, no bumper-to-bumper traffic and more affordable home prices. There’s plenty of appeal in regional living, including a chance to potentially reduce your home loan.

Is a tree or sea change on your horizon?

News
Is a tree or sea change on your horizon? Fresh air, no bumper-to-bumper traffic and more affordable home prices. There’s plenty of appeal in regional living, including a chance to potentially reduce your home loan.

Is a tree or sea change on your horizon?

News
Is a tree or sea change on your horizon? Fresh air, no bumper-to-bumper traffic and more affordable home prices. There’s plenty of appeal in regional living, including a chance to potentially reduce your home loan.

Why three-in-four Aussies turn to a broker for home loan help

News
Why three-in-four Aussies turn to a broker for home loan help You might have seen a headline or two about a particular big bank being at war with brokers. Nothing could be further from the truth. Our mission is – and always will be – putting you first. That’s why three in every four borrowers now come to us for help.

Why three-in-four Aussies turn to a broker for home loan help

News
Why three-in-four Aussies turn to a broker for home loan help You might have seen a headline or two about a particular big bank being at war with brokers. Nothing could be further from the truth. Our mission is – and always will be – putting you first. That’s why three in every four borrowers now come to us for help.

Why three-in-four Aussies turn to a broker for home loan help

News
Why three-in-four Aussies turn to a broker for home loan help You might have seen a headline or two about a particular big bank being at war with brokers. Nothing could be further from the truth. Our mission is – and always will be – putting you first. That’s why three in every four borrowers now come to us for help.

Mortgage featured stories

The Power of a Business Network

Small Business, Tips
Share
Many small businesses (mine included!) rely heavily on referral’s to gain new business opportunities and ultimately grow their business profitability.  But are we maximising the power of our referral networks? Most people are happy to speak positively about, and refer to individuals we know, trust and are confident that will look after the opportunities we refer to them. Individuals that are reliant on referrals often have “informal” networks, and find these quite successful, where others commit a little more energy and are part of formal networking groups. There is no right or wrong approach as to whether you have formal or informal networks but the one clear goal is to have a “network” of people looking out for business opportunities that you can assist with, and connecting you with those opportunities. Regardless of why we receive referrals for business opportunities we should treat each referral as a privilege and ensure we continue nurturing our referral network by considering the following:

Do you treat the customer referred through to you as well as your best existing customer? – There is no more embarrassing moment in business than referring through a colleague, friend or family member to a business, only to find out they were poorly treated. If the referral you receive is not your ideal customer it is still not a reason for poor service or response times.  Certainly educate the referral source at an appropriate time of a better referral opportunity but don’t shoot the golden goose!

Do you first try to help your referral network by sending business their way? BNI (Business Network International) have the catch cry of “Givers gain”.  Basically the philosophy is if I refer business through to by referral network, they will want to refer business to me.  A sound assumption in my view as we all like to support those people who support us.

Do you look to add value to clients referred through to you, or purely focus on the dollars? We are all in business to make money and support our families, but a referral opportunity is a chance to not only gain business but gain another advocate.  I have people referred through to me that quite often are in need of advice, and the best advice I can provide at times is to direct them to someone else that will help them more efficiently.  At times when I do this I wonder whether I am cut out to be running a business, but what I have found is that these people become bigger advocates and in turn refer more business to me because I helped them and have built their trust.

I am lucky to be involved in a great local networking group (a BNI Chapter) and through developing good relationships and trust with local businesses have seen that a business network can be much more than just a referral group.  Three key aspects to consider are:
  1. Many businesses have better results if they can be involved early in the planning phase of their client’s new ventures. By letting your clients and broader network know that you have a broad group of businesses you network with and trust you may find that you are the first person contacted when they have a need for a particular trade or business.  What better way to stay up to date with what your clients are doing?
  2. Do you understand what members of your business network actually do? By taking the time to understand their business and what they do – you may just find you can send more business their way.  You can then test the philosophy of “Givers Gain”!
  3. Some members of your business network may find it difficult to find referral opportunities for you, and often that is quite understandable. But have you ever sat down with them to understand their broader networks and acquaintances?  Chances are they may be able to introduce you through to someone that you would like to meet and build a business relationship with.  Your next key referral source might just be a neighbour, friend, family member etc of one of your business network members!
There is a saying that “you can never have enough friends” and I think the same goes in business.  The power of a business network can be very valuable if you are prepared to invest the time.   PS – By the way, if you are looking for a particular tradesman or business professional, chances are I know a guy / girl!

More Stories

Is a tree or sea change on your horizon?

News
Is a tree or sea change on your horizon? Fresh air, no bumper-to-bumper traffic and more affordable home prices. There’s plenty of appeal in regional living, including a chance to potentially reduce your home loan.

Is a tree or sea change on your horizon?

News
Is a tree or sea change on your horizon? Fresh air, no bumper-to-bumper traffic and more affordable home prices. There’s plenty of appeal in regional living, including a chance to potentially reduce your home loan.

Is a tree or sea change on your horizon?

News
Is a tree or sea change on your horizon? Fresh air, no bumper-to-bumper traffic and more affordable home prices. There’s plenty of appeal in regional living, including a chance to potentially reduce your home loan.

Why three-in-four Aussies turn to a broker for home loan help

News
Why three-in-four Aussies turn to a broker for home loan help You might have seen a headline or two about a particular big bank being at war with brokers. Nothing could be further from the truth. Our mission is – and always will be – putting you first. That’s why three in every four borrowers now come to us for help.

Why three-in-four Aussies turn to a broker for home loan help

News
Why three-in-four Aussies turn to a broker for home loan help You might have seen a headline or two about a particular big bank being at war with brokers. Nothing could be further from the truth. Our mission is – and always will be – putting you first. That’s why three in every four borrowers now come to us for help.

Why three-in-four Aussies turn to a broker for home loan help

News
Why three-in-four Aussies turn to a broker for home loan help You might have seen a headline or two about a particular big bank being at war with brokers. Nothing could be further from the truth. Our mission is – and always will be – putting you first. That’s why three in every four borrowers now come to us for help.

Mortgage featured stories

The Power of a Business Network

Small Business, Tips
Share
Many small businesses (mine included!) rely heavily on referral’s to gain new business opportunities and ultimately grow their business profitability.  But are we maximising the power of our referral networks? Most people are happy to speak positively about, and refer to individuals we know, trust and are confident that will look after the opportunities we refer to them. Individuals that are reliant on referrals often have “informal” networks, and find these quite successful, where others commit a little more energy and are part of formal networking groups. There is no right or wrong approach as to whether you have formal or informal networks but the one clear goal is to have a “network” of people looking out for business opportunities that you can assist with, and connecting you with those opportunities. Regardless of why we receive referrals for business opportunities we should treat each referral as a privilege and ensure we continue nurturing our referral network by considering the following:

Do you treat the customer referred through to you as well as your best existing customer? – There is no more embarrassing moment in business than referring through a colleague, friend or family member to a business, only to find out they were poorly treated. If the referral you receive is not your ideal customer it is still not a reason for poor service or response times.  Certainly educate the referral source at an appropriate time of a better referral opportunity but don’t shoot the golden goose!

Do you first try to help your referral network by sending business their way? BNI (Business Network International) have the catch cry of “Givers gain”.  Basically the philosophy is if I refer business through to by referral network, they will want to refer business to me.  A sound assumption in my view as we all like to support those people who support us.

Do you look to add value to clients referred through to you, or purely focus on the dollars? We are all in business to make money and support our families, but a referral opportunity is a chance to not only gain business but gain another advocate.  I have people referred through to me that quite often are in need of advice, and the best advice I can provide at times is to direct them to someone else that will help them more efficiently.  At times when I do this I wonder whether I am cut out to be running a business, but what I have found is that these people become bigger advocates and in turn refer more business to me because I helped them and have built their trust.

I am lucky to be involved in a great local networking group (a BNI Chapter) and through developing good relationships and trust with local businesses have seen that a business network can be much more than just a referral group.  Three key aspects to consider are:
  1. Many businesses have better results if they can be involved early in the planning phase of their client’s new ventures. By letting your clients and broader network know that you have a broad group of businesses you network with and trust you may find that you are the first person contacted when they have a need for a particular trade or business.  What better way to stay up to date with what your clients are doing?
  2. Do you understand what members of your business network actually do? By taking the time to understand their business and what they do – you may just find you can send more business their way.  You can then test the philosophy of “Givers Gain”!
  3. Some members of your business network may find it difficult to find referral opportunities for you, and often that is quite understandable. But have you ever sat down with them to understand their broader networks and acquaintances?  Chances are they may be able to introduce you through to someone that you would like to meet and build a business relationship with.  Your next key referral source might just be a neighbour, friend, family member etc of one of your business network members!
There is a saying that “you can never have enough friends” and I think the same goes in business.  The power of a business network can be very valuable if you are prepared to invest the time.   PS – By the way, if you are looking for a particular tradesman or business professional, chances are I know a guy / girl!

More Stories

Is a tree or sea change on your horizon?

News
Is a tree or sea change on your horizon? Fresh air, no bumper-to-bumper traffic and more affordable home prices. There’s plenty of appeal in regional living, including a chance to potentially reduce your home loan.

Is a tree or sea change on your horizon?

News
Is a tree or sea change on your horizon? Fresh air, no bumper-to-bumper traffic and more affordable home prices. There’s plenty of appeal in regional living, including a chance to potentially reduce your home loan.

Is a tree or sea change on your horizon?

News
Is a tree or sea change on your horizon? Fresh air, no bumper-to-bumper traffic and more affordable home prices. There’s plenty of appeal in regional living, including a chance to potentially reduce your home loan.

Why three-in-four Aussies turn to a broker for home loan help

News
Why three-in-four Aussies turn to a broker for home loan help You might have seen a headline or two about a particular big bank being at war with brokers. Nothing could be further from the truth. Our mission is – and always will be – putting you first. That’s why three in every four borrowers now come to us for help.

Why three-in-four Aussies turn to a broker for home loan help

News
Why three-in-four Aussies turn to a broker for home loan help You might have seen a headline or two about a particular big bank being at war with brokers. Nothing could be further from the truth. Our mission is – and always will be – putting you first. That’s why three in every four borrowers now come to us for help.

Why three-in-four Aussies turn to a broker for home loan help

News
Why three-in-four Aussies turn to a broker for home loan help You might have seen a headline or two about a particular big bank being at war with brokers. Nothing could be further from the truth. Our mission is – and always will be – putting you first. That’s why three in every four borrowers now come to us for help.

First home buyers turn to Bank of Nan and Pop

News
First home buyers turn to Bank of Nan and Pop Nan and Pop have always been good for birthday money, but one-in-10 grandparents are taking their generosity to the next level: helping their grandkids buy a first home.

First home buyers turn to Bank of Nan and Pop

News
First home buyers turn to Bank of Nan and Pop Nan and Pop have always been good for birthday money, but one-in-10 grandparents are taking their generosity to the next level: helping their grandkids buy a first home.

First home buyers turn to Bank of Nan and Pop

News
First home buyers turn to Bank of Nan and Pop Nan and Pop have always been good for birthday money, but one-in-10 grandparents are taking their generosity to the next level: helping their grandkids buy a first home.

What you should know before buying ‘subject to finance’

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What you should know before buying ‘subject to finance’ Not sure if you’ll get the thumbs up for a home loan? But you really, really like that house that just popped up? Making an offer ‘subject to finance’ could be the right move. Here’s how it works.

What you should know before buying ‘subject to finance’

News
What you should know before buying ‘subject to finance’ Not sure if you’ll get the thumbs up for a home loan? But you really, really like that house that just popped up? Making an offer ‘subject to finance’ could be the right move. Here’s how it works.

What you should know before buying ‘subject to finance’

News
What you should know before buying ‘subject to finance’ Not sure if you’ll get the thumbs up for a home loan? But you really, really like that house that just popped up? Making an offer ‘subject to finance’ could be the right move. Here’s how it works.

Not feeling the budget love? 4 ways you could still get ahead

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Not feeling the budget love? 4 ways you could still get ahead If the latest federal government budget is leaving you hungry for perks and savings, you’re not alone. We’ve had a brainstorm and here are four ways you could start working towards your property goals now.

Not feeling the budget love? 4 ways you could still get ahead

News
Not feeling the budget love? 4 ways you could still get ahead If the latest federal government budget is leaving you hungry for perks and savings, you’re not alone. We’ve had a brainstorm and here are four ways you could start working towards your property goals now.

Not feeling the budget love? 4 ways you could still get ahead

News
Not feeling the budget love? 4 ways you could still get ahead If the latest federal government budget is leaving you hungry for perks and savings, you’re not alone. We’ve had a brainstorm and here are four ways you could start working towards your property goals now.

Low deposit scheme helps over 150,000 families buy sooner

News
Low deposit scheme helps over 150,000 families buy sooner Whether you’re rat running your local streets, or have a knack for always picking the fast-moving supermarket queue – everyone loves a good time-saving hack. Well, today we’ll let you in on a scheme that could get you into your first home years – yep years – sooner!

Low deposit scheme helps over 150,000 families buy sooner

News
Low deposit scheme helps over 150,000 families buy sooner Whether you’re rat running your local streets, or have a knack for always picking the fast-moving supermarket queue – everyone loves a good time-saving hack. Well, today we’ll let you in on a scheme that could get you into your first home years – yep years – sooner!

Low deposit scheme helps over 150,000 families buy sooner

News
Low deposit scheme helps over 150,000 families buy sooner Whether you’re rat running your local streets, or have a knack for always picking the fast-moving supermarket queue – everyone loves a good time-saving hack. Well, today we’ll let you in on a scheme that could get you into your first home years – yep years – sooner!

Here’s why your borrowing power might soon get a lift

News
Here’s why your borrowing power might soon get a lift Who doesn’t love a tax cut? Most of us are now only weeks away from saving on our tax bills, with Stage 3 tax cuts to kick in from 1 July. But another key advantage is that the tax cuts could give your borrowing power a nice boost.

Here’s why your borrowing power might soon get a lift

News
Here’s why your borrowing power might soon get a lift Who doesn’t love a tax cut? Most of us are now only weeks away from saving on our tax bills, with Stage 3 tax cuts to kick in from 1 July. But another key advantage is that the tax cuts could give your borrowing power a nice boost.

Here’s why your borrowing power might soon get a lift

News
Here’s why your borrowing power might soon get a lift Who doesn’t love a tax cut? Most of us are now only weeks away from saving on our tax bills, with Stage 3 tax cuts to kick in from 1 July. But another key advantage is that the tax cuts could give your borrowing power a nice boost.

What you should know before buying ‘subject to finance’

News
What you should know before buying ‘subject to finance’ Not sure if you’ll get the thumbs up for a home loan? But you really, really like that house that just popped up? Making an offer ‘subject to finance’ could be the right move. Here’s how it works.

What you should know before buying ‘subject to finance’

News
What you should know before buying ‘subject to finance’ Not sure if you’ll get the thumbs up for a home loan? But you really, really like that house that just popped up? Making an offer ‘subject to finance’ could be the right move. Here’s how it works.

What you should know before buying ‘subject to finance’

News
What you should know before buying ‘subject to finance’ Not sure if you’ll get the thumbs up for a home loan? But you really, really like that house that just popped up? Making an offer ‘subject to finance’ could be the right move. Here’s how it works.

Not feeling the budget love? 4 ways you could still get ahead

News
Not feeling the budget love? 4 ways you could still get ahead If the latest federal government budget is leaving you hungry for perks and savings, you’re not alone. We’ve had a brainstorm and here are four ways you could start working towards your property goals now.

Not feeling the budget love? 4 ways you could still get ahead

News
Not feeling the budget love? 4 ways you could still get ahead If the latest federal government budget is leaving you hungry for perks and savings, you’re not alone. We’ve had a brainstorm and here are four ways you could start working towards your property goals now.

Not feeling the budget love? 4 ways you could still get ahead

News
Not feeling the budget love? 4 ways you could still get ahead If the latest federal government budget is leaving you hungry for perks and savings, you’re not alone. We’ve had a brainstorm and here are four ways you could start working towards your property goals now.

Low deposit scheme helps over 150,000 families buy sooner

News
Low deposit scheme helps over 150,000 families buy sooner Whether you’re rat running your local streets, or have a knack for always picking the fast-moving supermarket queue – everyone loves a good time-saving hack. Well, today we’ll let you in on a scheme that could get you into your first home years – yep years – sooner!

Low deposit scheme helps over 150,000 families buy sooner

News
Low deposit scheme helps over 150,000 families buy sooner Whether you’re rat running your local streets, or have a knack for always picking the fast-moving supermarket queue – everyone loves a good time-saving hack. Well, today we’ll let you in on a scheme that could get you into your first home years – yep years – sooner!

Low deposit scheme helps over 150,000 families buy sooner

News
Low deposit scheme helps over 150,000 families buy sooner Whether you’re rat running your local streets, or have a knack for always picking the fast-moving supermarket queue – everyone loves a good time-saving hack. Well, today we’ll let you in on a scheme that could get you into your first home years – yep years – sooner!

Here’s why your borrowing power might soon get a lift

News
Here’s why your borrowing power might soon get a lift Who doesn’t love a tax cut? Most of us are now only weeks away from saving on our tax bills, with Stage 3 tax cuts to kick in from 1 July. But another key advantage is that the tax cuts could give your borrowing power a nice boost.

Here’s why your borrowing power might soon get a lift

News
Here’s why your borrowing power might soon get a lift Who doesn’t love a tax cut? Most of us are now only weeks away from saving on our tax bills, with Stage 3 tax cuts to kick in from 1 July. But another key advantage is that the tax cuts could give your borrowing power a nice boost.

Here’s why your borrowing power might soon get a lift

News
Here’s why your borrowing power might soon get a lift Who doesn’t love a tax cut? Most of us are now only weeks away from saving on our tax bills, with Stage 3 tax cuts to kick in from 1 July. But another key advantage is that the tax cuts could give your borrowing power a nice boost.

How to know if you’re paying a fair price

News
How to know if you’re paying a fair price We all love the idea of nabbing a bargain property, but for most home buyers the real issue is whether they’re overvaluing a place – and paying too much in the process.

How to know if you’re paying a fair price

News
How to know if you’re paying a fair price We all love the idea of nabbing a bargain property, but for most home buyers the real issue is whether they’re overvaluing a place – and paying too much in the process.

How to know if you’re paying a fair price

News
How to know if you’re paying a fair price We all love the idea of nabbing a bargain property, but for most home buyers the real issue is whether they’re overvaluing a place – and paying too much in the process.

Can you remember your home loan interest rate?

News
Can you remember your home loan interest rate? Where you put your car keys, who won the footy premiership three years back, the new prime minister of New Zealand’s name – all very much socially acceptable things to forget. Your home loan rate shouldn’t be on that list.

Can you remember your home loan interest rate?

News
Can you remember your home loan interest rate? Where you put your car keys, who won the footy premiership three years back, the new prime minister of New Zealand’s name – all very much socially acceptable things to forget. Your home loan rate shouldn’t be on that list.

Can you remember your home loan interest rate?

News
Can you remember your home loan interest rate? Where you put your car keys, who won the footy premiership three years back, the new prime minister of New Zealand’s name – all very much socially acceptable things to forget. Your home loan rate shouldn’t be on that list.