Especially for title agents, the world can be a frenetic place. It can be very challenging, but very healthy, to pause and reflect on the big picture for your agency. Are you spending money in ways that are out of date, just because you’ve always done things that way? Is cutting costs a priority?
What you spend on paper, copiers, toner, storage and more can be drastically reduced by going paperless. A good title production software properly optimized (ask us how!) will make this easy.
Revisit your Underwriter appointments and splits.
While some states have splits that are promulgated, most do not. A little known fact is that splits can also be market driven. Consider reducing the number of underwriters you have and increasing volumes to the ones you like. Remember, selection of the ‘best’ underwriter involves many factors, not just splits.
Are you in the cloud?
Switching to the cloud can save you a ton of money on your IT and hardware expense. There are many options here.
Buy supplies in bulk.
Pay attention to what you actually use and look into buying basics in bulk to save money. Just be sure you are going to use the supply inevitably anyway!
Office needs have changed due to technology. Production systems are now cloud based, meaning your staff can log in from anywhere. Many contain production reporting tools enabling you to measure what the work output is per employee regardless of where they sit. It is ALWAYS a good idea to look into whether your production system is optimized correctly so that you can take advantage of the new efficiencies and potentially save money by having employees work remotely.
Travel less and use free meeting technology more.
Nothing beats a face to face, except maybe a drastically improved bottom line. Much of the benefit of a face to face can be achieved via video conference calls, especially for internal meetings.
Kaizen is a philosophy of incremental improvement. In a title environment, it works best when you simply ask your employees for their suggestions for ways to enhance process or save money. An ‘in the trench’ perspective can be invaluable! Involving employees in this way makes them feel more involved- and that is always a good thing!
Increase Profits with ProsperitasForward
ProsperitasForward provides strategic plans, step-by-step implementation, and ongoing support to help our Customers increase profits. If you are interested in learning how we can make your company better, reply ‘YES’ and I will call you.
Best wishes for a prosperous future.