How Does Your Business Measure Up?

 

By Craig Haskins and Brent Scheer

Both of us admittedly love spreadsheets. In fact, one of us has a personal goal to be named to the Accounting Hall of Fame. We work in an industry that sells title insurance as the main meal—but really—it’s a data industry with a side of title insurance.

During the Notable session titled "How Does Your Business Measure Up?” we will discuss business metrics for the title industry. Since it seems to be all about speed to accurate financial data, measuring that data can be the hardest part and finding the right data to measure may be right in front of you. 

• What is your labor cost each period?
• Do you track turn-time and measure your company against itself for different time periods?
• How many title orders or closings do you complete per full-time examiner or closer?
• What is your facilities cost per year?

These things, plus many more, are metrics tracked by title agents. How does your company stack up?  And by the way, what does the underwriter look at?

While it’s impossible to give you an apple-to-apple analysis due to market differentiation, we will discuss how tracking these metrics helps agents and why some numbers-wonk owners simply cannot live without them. And just go ahead and try buying or selling a title agency without knowing these metrics off the top of your head. It’s tough.

In addition to these measurements, find out why and how to review your company’s monthly, quarterly and/or annual financial statements. Don’t worry this session isn’t only about cash flow and balance sheets. While it’s not necessarily interactive, audience participation and feedback will keep this numbers-nerd session informative and entertaining. Our goal is to find the inner number nerd in you, wrap your mind around the data and then leave you with the questions to take home.

Craig Haskins is chief operating officer of Knight Barry Title. He can be reached at [email protected]. Brent Scheer is chief financial officer of Agents National Title Insurance Company. He can be reached at [email protected]. Haskins and Scheer will speak more in depth about this topic during a session titled "How Does Your Business Measure Up?" during ALTA's Annual Convention. Click here to register.