Growing a business from scratch is hard. All you really want to do is focus on your clients, not the myriad of other challenges. Here’s how our IT consulting services helped this small business rocket to the top!
When we met this DC-based financial services firm, they had just kicked off with 4 loan officers and 2 back-office administrative staff.
Their goal was to come up with a way to scale their business fast, and they knew that technology could play a big part in this.
They turned to Ntiva for help to strategize on the best technology to make this happen.
While of course this is a necessary component, taking the time to put the right technology strategy in place is crucial to business growth, and should be part of any good MSP’s on boarding process.
Doing It Right the First Time with IT Consulting
After the initial IT consultation, the first thing we did was an IT audit of their existing technology, including software applications.
They were on the verge of spending what likely would have been millions of dollars to have custom software built, with all the bells and whistles they thought they might need.
This would have been a huge upfront capital investment, not to mention the ongoing maintenance costs that comes with custom software, and would have hand cuffed them right from the get-go.
We knew that there were plenty of commercial, off-the-shelf products on the market out there that would meet 90% of their needs, and so put out an RFP on their behalf.
After securing the right software we scoped out the best way to implement it, as we needed to ensure their entire system would be secure, scalable and could be accessed from anywhere, as most of the staff would be remote.
We also wanted to be able to supplement it with other tools, including integration with their existing cloud telephony solution and their file sharing system, which would ensure everyone could work in the most efficient way possible.
Understanding the Business Model
Once the basic technology infrastructure was in place, we were able to tell them exactly what it would cost them to grow, literally bringing it down to cost per loan officer. Each commission-based loan officer would be remote, they just needed access to a phone, a computer and the software.
In this particular model, it was about $500 per person per month, or $6k a year. This was inclusive of all expenses for that commissioned employee before they closed any deals. If they hired 100 employees over the coming year, it would be a half a million direct to the bottom line of the company.
For starters, this made them quickly realize that their prior model of keeping commission-only employees that didn’t perform well - was simply not scale-able.
Knowing what minimum production was needed to sustain their business model resulted in them tightening up their hiring process, another boost to the business.
Expanding the Business Based on the Right Technology
Providing this key information also freed them up to brainstorm on how they could expand their business model to adjunct opportunities. At the time, this included other real estate related initiatives including title insurance.
With the right technology in place, it became much easier to quickly scale up to meet both their short and long term business goals.
Ntiva still manages all of their core technology services, an ongoing challenge for most businesses but especially for financial services firms.
There is so much complexity today with SCC compliance, security risks, remote workers, mobile devices – the list goes on – it’s a must to bring in the right expertise.
Finding a Good Managed IT Services Company in Washington DC
Finding a good MSP who can take the worry of day-to-day technology maintenance off your plate is absolutely essential to letting you focus on your business.
But don’t forget about taking the time to ensure you have the right technology strategy in place from the beginning, as this is the linchpin to growing and succeeding in today’s hyper-competitive markets.