This article is a helpful guide that will let you know if your organization is headed in the right direction. So what are these five building blocks?
- Right Tools
- Experienced Team
- Smooth Process
- Data analysis
- Future Plan
1) Have the Right Tools
Like any other job, your MCA organization needs the right tools to build a coherent – and increasingly complex- picture to guide your decisions. From the proper CRM for deals and their transactions, corresponding bookkeeping, and reporting.
Choosing the right software and tools is the First step; Second, and even more important than the tools themselves: You will need to customize and personalize them, so they work for your particular Company, with its objectives and characteristics. This way, you ensure your machine is a custom fit for you and your business.
2) Get the appropriate Financial Team
You can have the correct tools in finances, but you also need the right squad to develop and maintain the proper picture. These include your bookkeeper, accountant, and CFO, among others. In the MCA Industry, this team of experts needs to be deeply knowledgeable about how your deals are performing and constantly look at how past decisions influence the pacing of those deals.
3) Make sure you have the proper Processes in place
Once you have the proper people and tools, it’s essential to have your set of rules and processes to follow, describing what to do and when, why, and how. Are you diving into your daily operations without knowing where you are headed and how to get there? If so, that’s a risk you are running for yourself, your organization, your participants, and your customers, too.
4) Use your HISTORY
Knowing your transaction history is key to adjusting or maintaining your entity’s levers; whether to improve deal performance or obtain the most benefits as an Originator, it is essential that you understand your portfolio in detail and how different factors affect it.
5) Plan for the FUTURE
Taking all this valuable information into account, you can now start executing for the future. You have the right tools, your business is well-supported by a team of experts, you have a smooth process in place, and you are aware of historical information. Now it’s time to plan scenarios for the future. Here is where business intelligence and data analysis play a vital role. As you grow, you’re inevitably facing different challenges: competitors are already moving fast. If you don’t take your time to predict future scenarios, you will probably make costly mistakes, and you end up devoting a lot of energy and effort in solving them
Do these building blocks make sense to you?
Do you have strengths in some areas, but the learning curve in others is costly and with an unknown outcome?
Book your free Consultation with NISO and learn more!