Problem-solving is an important skill for all professionals, especially for loan officers. Encountering problems doesn’t necessarily mean you’re doing anything wrong. Often, they’re just a part of the job. On other occasions, they’re a sign that you’re challenging yourself. Whatever the source, loan officers need strong problem-solving skills to thrive and succeed. If we want to navigate the ups and downs of the industry and drive our professional growth, knowing how to address problems to arrive at the best solutions is essential. In these times of problem, we should channel our inner entrepreneurial spirit to tackle our issues. Let’s look at some of the ways top entrepreneurs problem-solve effectively:
Creativity
Entrepreneurs channel and harness creativity—they’re trailblazers. They’re not dependent on tried-and-true methods to get things done, they’re looking to create new methods or improve upon the existing methods. This mindset is never more apparent than when it comes to their problem-solving efforts. Entrepreneurs stay open to new ideas and solutions, and wholeheartedly embrace strategies like brainstorming where they can generate a flurry of creative thoughts. Give yourself the space to be creative. Don’t reject an idea right away just because it’s a new way of doing something or because it strays too far from the status quo. The next time you’re having a guideline issue, get creative; if the front door is closed, try the side window.
Collaboration
Though entrepreneurs are often very independent, this doesn’t mean they resist or reject collaboration. In fact, the best entrepreneurs place a very high value on the ideas of others. When they’re confronted with a challenging problem, they rely on the input and skill of their team. It might be something as simple as a brainstorming session or an email exchange. It doesn’t matter how you include others in your mission but include them. The old adage about two heads being better than one is completely true. Working together to solve problems is a great way to learn new things, strengthen connections, and arrive at original solutions. As loan officers we often find ourselves competing against other LO’s for every deal, but we often fail to realize how much business is out there. Understanding how abundant the mortgage industry can be allows us to open our minds to collaboration with other professionals.
Experimentation
Entrepreneurs don’t just think of creative solutions to problems, they test them out. Entrepreneurs are willing to experiment when it comes to problem solving. They understand that effective problem solving can sometimes involve risk. Not every solution you attempt will work perfectly, and that’s perfectly fine. Rather than playing it safe and staying in their comfort zones, entrepreneurs are willing to try, fail, learn, and try again. A common mistake I see loan officers make is not committing to testing. They often chalk up the first sign of rejection as complete failure. Entrepreneurs and successful loan officers have a plan going in to any experiment and follow through with it regardless of rejection along the way.
Stepping Back
Entrepreneurs are dedicated and driven, and the leading ones also know when it’s time to take a step back. This doesn’t mean abandoning a problem when it takes time to find the solution. It means that if you’ve been working to find a solution for a while and haven’t arrived at something useful, giving your mind a break or changing things up might help. Maybe you switch to a different task for a bit or go for a walk. Giving yourself the space to approach problems in new ways can help you uncover the most effective solution.
No matter your degree of success, problems are inevitable. This is why strong problem-solving skills are indispensable. When you approach problems like an entrepreneur, you vastly improve your chances of finding a successful solution. Instead of letting problems obstruct your way and hold you back, you transform them into opportunities for growth and innovation.
If you’d like to talk more about any of these ideas, or you need help with a particular problem, please reach out. I’m always happy to help.
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