webinar thursday, november 21, 2013 2:00 3:15 pm et property manager contact sign lease county...
TRANSCRIPT
Webinar
Thursday, November 21, 2013
2:00 – 3:15 pm ET
For Audio Dial: 800-891-6979
Webinar
Thursday, November 21, 2013
2:00 – 3:15 pm ET
For Audio Dial: 800-891-6979
Submit questions and comments
through the instant chat box feature.
Questions can be submitted at any
time throughout the Webinar.
Handouts
The following materials can be downloaded at www.OctoberResearch.com/Handouts
• Today’s PowerPoint presentation
• Articles from The Title Report • “A.M. Best rates title industry as positive, citing increased premiums, strengthened
balance sheets” • “FannieMae report says economy picking up steam” • “Title industry operating efficiency at 10 year high” • “Expansion start: Questions to ask of the market and your business”
Cynthia McGovern CEO and Founder
Orange Leaf Consulting [email protected]
Michael Tafoya CEO and Co-Founder
Title365 Company [email protected]
Dave Ross Principal
Bazooka Communications [email protected]
Today’s Presenters
TODAY’S TOPICS
Identifying Reasons for
Expansion
Evaluating New Markets
Market Entry Strategies
Market Entry Logistics
Moving Forward and Beyond
REASONS FOR EXPANSION
Ability to hire key personnel
Expansion with current
personnel
JV with client
Fill a need for a key
client/clients
Increase market share
EVALUATING NEW MARKETS Are there barriers to entry?
Understand the competitive environment
Research: Market size, activity and vitality
Economic trends and conditions
Demographic and business trends
Additional considerations…
MARKET SIZE & ACTIVITY
Market reports (CoreLogic,
DataQuick, MTA)
Free market reports:
LPS Mortgage Monitor
CoreLogic Market Pulse
DataQuick: “Analyzing Local Markets”
MARKET SIZE & ACTIVITY (CON’T)
Price trends
Federal Housing Finance
Agency
Case Shiller / S&P Index
Price-to-rent ratios
Lincoln Institute of Land Policy
ECONOMIC TRENDS
State and local universities (UCLA)
Financial viability of local and state government
Tax Foundation
CNBC
Local news media
DEMOGRAPHICS, ETC.
U.S. Census Bureau
Pew Research Center (migration)
Small Business Administration
Business
Income
Demographics
Industry
MARKET ENTRY STRATEGIES
Brick-and-mortar
Merger/acquisition
New or hybrid models
MARKET ENTRY LOGISTICS How much time does it take, and how long does it take to pay off?
Pro forma
Planning and preparation
Identifying start-up costs
Hiring/recruiting
Plant/equipment
Technology configurations for new markets
Training & configuration
ROI and growth expectations
SAMPLE TIMELINE
Plan & Budget
Recruit/Hire
Plant & Equipment
Month 3 Month 6 Month 9 Month 12
Config
Train
Launch Spending Revenue Assess
MORE LOGISTICS…
Timing
Facilities management
Licensing
Hiring & management (centralized functions?)
Systems expansion
Technology systems
Exporting/merging company culture
Assessing brand…SWOT analysis
BUILIDING
Property Manager Contact Sign Lease County Manager Occupancy Date County Manager Floor Plan Hours of Operation Early entry/Keys IT Closet Paint
Carpeting Title365 Signage Local Vendor TI itemized list
PHYSICAL
Furniture Reception Desk Desks & Chairs Conference Room Table & Chairs File Cabinets Storage Receptions Area Chairs/Couch Cubicles
Local vendor preferably used Computers Desktop – Laptop IT Department Lync Telephone Scanner Printer Copier (need dedicated circuit)
Cell Phone (syncing email) Check Scanner Television Apple TV Kitchen Fridge Cosco Coffee Maker (Keurig) Microwave
Water service (Local Vendor) kitchen table and chairs Artwork Prints Frames Office Supplies Complete desk setup (stapler, scissors, pens, etc.) Return
Envelopes and stationary general supplies
SERVICE SET UP
Fed Ex/UPS GSO (CA, NV and AZ only) Postage Machine (Pitney Bowes) File Storage Iron Mountain Stationary supplies Internet
COUNTY MANAGER Bills and Contracts P & L Notary Service Recording Company Production of Prelims Escrow Documents (new states) ET support • check signers • contacts • banking • reconciliation Emergency Contact List
CORPORATE
HR
Benefits
401k
Expense Reporting
Payroll
Insurance
E&O
General Liability
Officer and Director
Training
SoftPro Title & Escrow
Title365.com
Marketing and Intranet
Finance
New Branch Codes
Two Year pro forma
Balance sheet items
Legal
All Contracts Reviewed
NDA Review and Creation
Assist with Comp Plans and Offers
Marketing
Business Cards
Stationary
Register new Office location
search engine
MOVING FORWARD & BEYOND Set Goals
Sales pipeline
Revenue and margin
Cost per order
FTE-level productivity
Measure new markets against existing
Use solid metrics to identify need for additional personnel
MOVING FORWARD & BEYOND Market Entry
Announcing your arrival
Leveraging available channels for communication
Consistency of brand message and voice
Be on the lookout for opportunities to reach out
MOVING FORWARD & BEYOND
Managing for performance
Key indicators/metrics
Ops review meetings/state of the union
Maintain realism about time to profitability/measure progress not perfection
Motivating for performance
CLOSING REMARKS
Expansion requires detailed analysis
and planning
Look for ways to solve a market
weakness
Be realistic about time to profitability
QUESTIONS
Submit questions through the
instant chat feature.
Thank You
• We welcome your feedback. Please take our survey.
• A CD of today’s webinar can be purchased on October
Research’s product site at www.OctoberStore.com.
• Today’s PPT presentation and other handouts can be found
at: www.OctoberResearch.com/Handouts.