One of the best ways to glean new strategies to improve your business is to look to successful professionals in a similar position to yours. Every loan officer is, essentially, running their own business, and paying attention to the shared traits of accomplished entrepreneurs can be a wellspring of valuable knowledge.
Loan officers can be equated to entrepreneurs in a number of ways. They’re hard-working, often in charge of managing themselves, and have to be passionate about — and invested in — the success of their business if they want it to grow. Here are some entrepreneurial business practices that loan officers should consider adopting:
Dedicated Networking
Improving your networking skills will lead to stronger connections. Successful entrepreneurs are often voracious networkers — taking every opportunity to form relationships with people from diverse backgrounds with whom they can collaborate with in the future. They also value synergy, which, in this case, amounts to multiple parties combining their efforts to create something bigger than the sum of their separate parts. Loan officers can use a similar strategy when collaborating with other mortgage professionals, as well as with professionals from other industries. Dedicated networking leads to an enhanced professional reputation and more word-of-mouth referrals; both of which are necessary when growing a thriving business. Here’s another piece I wrote about how loan officers can be better networkers.
Effective Time-Management
Ambitious entrepreneurs generally have a handle on their daily tasks, as well as their longer-term goals and projects. Sometimes, self-managing can put some strain on productivity, but successful entrepreneurs know how valuable their time is and they learn strategies to maximize it. Because loan officers are rarely micro-managed, they need to be just as accountable as entrepreneurs if they expect to find success. Improving your goal-setting ability and assigning yourself daily tasks are great ways to stay on target.
Taking (Calculated) Risks
For some of us, taking risks can be very uncomfortable; but it’s also an essential part of a fulfilling career. The very act of starting a business is a risk, so entrepreneurs learn a great deal, very quickly, when it comes to taking (and learning from) professional risks. Loan officers should also be taking calculated risks if they want to expand their business. You’re not going to get everything right the first time, but there’s no better way to learn and grow than by experimenting with new ideas and strategies. There’s much to be learned from entrepreneurs’ ability to step outside of their comfort zones to reach new heights.
Loan officers and entrepreneurs have more things in common than some may think; and this is precisely why adopting entrepreneurial business practices will send your career in new directions at a faster pace.
If you like what you’re reading, you can get my weekly articles for loan officers right to your email inbox. Subscribe today at MD-LoanOfficer.com.
Comentarios