The reality is that “shift happens.” You can fight it, but you cannot win. You can deny it, but it will encompass you. There is but one logical option: Embrace the shifts in
life, including those in the mortgage industry. A
forward-thinking commercial mortgage broker will
work to embrace the change and make it a strength.
Change does not come easy for most of us. It is disruptive and requires acceptance of new concepts and ideas.
It can be time-consuming and, at times, expensive to
stay ahead of the curve. In many cases, we are removed
from our comfort zone. As a result, we generally delay,
remain indecisive and put off as long as possible the
reality and need for accepting and reorganizing our lives
Although probably oversimplified, there appear to
Pursuing strategic flexibility
be three somewhat common negative reactions to
change. The first is denial: “Change is impacting others,
but we are different, right?” The second is postpone-
ment: “Things will settle down. Don’t panic. There’s
plenty of time to figure it out.” The third reaction is
rejection: “We simply need to do what we have been
doing and just try harder.”
These seem to be common attitudes that emerge
when it comes to dealing with change. They are all
wrong, however. They are not productive strategies
that can help turn change into an opportunity.
In a time of exponential change, both risk and opportunity multiply. To thrive in this type of environment, a
mortgage broker must recognize the opportunities that
develop and take thoughtful action today, not tomorrow.
Continued success is predicated on staying relevant.
This process should start by asking one simple question: What is the business objective? If the answer is a
“promising future,” “grow financially stronger,” “become
more efficient,” or “to drive forward,” then the strategy
employed should be focused on developing action plans
that build your capabilities, improve customer satisfaction, and expand your products and services relative
to your competition. Stated differently: Become better,
faster and offer more competitive products in order to
In developing a new market strategy, mortgage brokers and their companies should incorporate the concept
of “strategic flexibility” into their planning. This process
helps to more effectively prepare for future changes that
cannot be predicted with any degree of accuracy. The
guideposts for developing such a flexible market strategy
include anticipating the various possibilities and framing
tactics for each strategy; getting the right resources lined
up to implement the tactics; pursuing the tactics that are
most likely to work; and quickly moving to alternative
tactics if the desired results are not achieved.
One way to ensure you stay relevant in the market as a
commercial mortgage broker or company is to undertake an effort to reinvent your business. This process
of reinvention should be designed to help build name
recognition, attract new customers and distinguish
yourself in the marketplace.
The first step in such a process of reinvention is to
determine the overall objective, the desired benefits
and the participants, and to then set up an organizational meeting and adopt some strategies. The objective
should define the purpose and desired outcome of the
effort, such as the following: To establish an aggressive
long-term vision and a plan to execute it — a marketing
strategy that is measurable and quantifiable.
Garry Barnes is a director of PW Partners Consultancy.
He’s a former bank CEO and president who currently
serves on the board of directors of Holladay Bank & Trust
in Salt Lake City. He taught at the university level, is a writer
and lecturer on banking and real estate matters, served on
the U. S. Small Business Administration’s National Advisory
Council and was an in-country consultant to the Central
Bank of Russia. Reach Barnes at (619) 791-9403
or firstname.lastname@example.org. Continued on Page 88 >>
Remain Relevant in a World in Flux
Developing a strategy to adapt to change represents an opportunity, not a burden
By Garry Barnes