Most business owners would like to grow and expand their business but converting goals into reality can prove incredibly challenging. After all, leaders are already busy navigating new obstacles, making seemingly impossible executive decisions, and, all the while, contending with the fact that failure is a potential outcome. Luckily, by taking a strategic approach to growth and implementing three key policies, you can work toward building your career in the mortgage industry and beyond. Here’s how to take your mortgage business to the next level.
Adopt a Growth Mindset
While not necessarily a novel idea, the growth mindset has recently gained traction in personal and professional cultures across the country. Essentially, a growth mindset is a belief that our knowledge and abilities are not fixed, but can instead grow, change, and improve over time. In this school of thought, roadblocks and missteps are also reframed as important growth opportunities.
So, in business, a growth mindset allows entrepreneurs to navigate their work without being paralyzed by the potential of failure. Leaders and team members alike can instead challenge norms, processes, and even revenue outcomes with an exciting look to the future. This way of thinking promotes flexibility, fearlessness, and out-of-the-box thinking in a way that no standard brainstorming session ever could.
Build a Culture Around Revenue
Many mortgage professionals know that sales is a big business driver, but an entire company culture aligned on this fact will fare well. In other words, if you haven’t done so already, consider bringing everyone into the sales process. Whether it’s your receptionist or social media manager, ensure MLOs aren’t the only team members that clearly see their efforts reflected in your company’s revenue.
Potential engagement activities might include implementing an exciting celebratory practice whenever a goal is achieved, like ringing a bell, or even holding a contest to generate new revenue-producing ideas. Providing recognition for each member’s participation in the revenue-based culture will always work, as well.
Plan for Expansion
If you’re serious about growth, set your business up for it now. Look to the future in every business decision, whether adopting new technology or hiring new staff. After all, once the change is actually unfolding, you’re sure to have a lot more on your plate.
As a leader, you may also want to use this time as an opportunity for team trust and delegation. Few entrepreneurs can do it alone, especially when substantial growth is on the horizon. Make a point to share the decision-making power, as it relates to expansion opportunities and beyond.
While business growth can be intimidating, it is well within your reach. After all, you could take your mortgage business to the next level with just a few thoughtful, strategic adjustments to your approach. Your future self will thank you!
