Streamlined Processes with Peter Savage
Sam Panetta chats with the incredible Peter Savage from Savage Money about the power of streamlined processes.
Peter’s first deal took about 10 hours. Every deal since, he’s asked one question: “There’s got to be a better way.”
1) The lazy mindset
Asked how Savage Money built processes to handle its volume, Peter puts it down to what he calls the lazy mindset. He wants to fix everything so it takes less effort.
- Laziness drives efficiency.
- Fix everything that slows you down.
2) The first deal took 10 hours
On his first deal Peter did everything himself, from getting everything to green through to compliance and lodgement. It took about 10 hours.
- He did it all himself.
- About 10 hours for one deal.
3) Keep shrinking the process
After every deal he asked whether there was a better way, then kept shrinking the process. He also picked up ideas from the top brokers he caught up with, building a model that keeps improving, even when volume puts it under stress.
- Ask “is there a better way?” every time.
- Learn from top brokers.
- Improve it slowly and constantly.
4) Separate the roles, then fill them fast
As soon as you separate the roles in your process, put someone in each one as fast as possible.
- Split the process into roles.
- Hire into them quickly.
The biggest lesson from Peter Savage
Treat every deal as a chance to shrink the process, borrow ideas from the best, and get people into each role as soon as it’s defined.
