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Advice for Growing Your Lending Business in 2023

2022 has been a bit of a horrible year for lending. Inflation has been rampant – which triggers the central banks to raise interest rates. Lifting officially from rock bottom has scared some people from entering the market. However, 2023 is a new year; and early indicators show that prices are stabilising and rate rises will be modest at best. So how can you grow your lending business in 2023?

Invest in Digital Marketing

If you aren’t spending money on marketing, you may as well shut up shop. Today’s lenders hardly ever fail to gain something from digital marketing. You need to choose the best option for you if you intend to use digital marketing – if you’re new to the market, paid search advertising is usually best for generating leads. If you’re looking for a long-term solution, focusing on content and SEO (search engine optimisation) is a clear winner. Are you on social media? You should be: it’s free to use. You should familiarise yourself with all of the many forms of digital marketing before you dive in – there are a lot of spurious claims out there. Hiring a seasoned marketing firm to handle your company’s digital marketing is a quick way to get started with it.

Automation and Outsourcing Software

Did you know that some accounting software can pull together receipts from your email, capture them, and create an expense record without any manual intervention? You should think about outsourcing or automating repetitive tasks such as sending thank you emails or sending invoices. That will give you more time to network and press the flesh with clients and prospective customers. Many business owners discover that thinking about menial work takes up a significant amount of their time. You can focus on what you do best by either automating them or outsourcing them – and some lending prep work can also be automated by using machine learning, too!

Asset Finance Broker Partnerships

If your lending panel isn’t quite as expansive as you’d like, you may want to partner with an asset finance broker. You may easily access a lending panel through an asset finance broker or aggregator if it has already been assembled on your behalf. Major banks, smaller banks, non-conforming lenders, and even insurance firms can all be accessed through these panels. With all of this, you can offer your clients the same degree of selection as the big end of town. To further simplify your life, asset finance brokers may also provide professional development and compliance help.

Network, Network, Network

If you aren’t working, you should be networking. Spend some time developing your professional networks since ultimately, it’s not about what you know but rather who you know. One of the main advantages of networking is developing relationships with others and getting them to spread the word about you to possible clients. Can’t find good networking events? Host or sponsor your own. You never know who you might meet.

Set Clear Goals

What does growth mean to you? More staff? More locations? Bigger turnover? Set realistic and clear goals that you can quantify and track, so you know you’re making progress. Having vague “we want more customers” or “we should be making more money” don’t work – have figures, facts, and everything else at your disposal to make your goals achievable. That way you’ll have a stellar 2023!

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