What's it gonna take?

I was introduced to this idea in the book "Marketing Outrageously" by Jon Spoelstra.  Jon believes that in tough times you either cut back or gear up.  The book deals with the issue of gearing up in a way that can help you jump start your revenue and work yourself out of a tough spot.  His ideas boosted the New Jersey nets revenue by 500% in three years.  Talk about marketing challenges.

As mortgage professionals we are confronted with this dillemma now more than ever.  Business owners across the country are asking themselves "should I pare back all marketing efforts to preserve cash or should I invest now and try to win market share?" There are no easy answers to this question.

I think a great place to start is to ask what is it exactly that you are trying to accomplish.  For example, would three loans per month per loan officer provide your business with adequate cash flow to fuel the growth of the business.  The next question is the most important, what's it gonna take to get each of our loan officers to produce three deals per month.  Notice you're not asking if it's possible, you're only asking what they would need to accomplish this goal.  Starting with the assumption that you can do it, will dramatically improve your chances for success.  This is what I like to refer to as "beginning with the end in mind."  This will jump start the planning and implementation process.

Your planning should include specific strategies for your people, process and tools.  You must clearly define the roles and responsibilities of everyone involved.  You must cast a clear vision of the direction that you plan to take.  Your vision must set expectations for the entire organization.  Most importantly, you must get buy in from your team.   This will be challenging given the condition of the mortgage market right now.  Most loan officers have become skeptical of the mortgage business.  This skepticism can lead to inactivity which further feeds the idea that this is no longer a viable business.

You must constantly remind them that this is a CYCLE, a normal part of the ebb and flow associated with the industry.  The last seven years we saw unprecedented growth fueled by rising home prices and decreasing interest rates.  That too was a cycle and just like that cycle ended, this market will shift too.

This is an incredible opportunity to analyze the way you do business and prepare your team for the next market boom.  Now is not the time to "wait" for more favorable market conditions.  Now is the time to build your infrastructure, to recruit displaced professionals and to set your organization on a path to crush your competition.  Now is the time to ask yourself, "what's it gonna take to successfully compete over the next 5 years?"  What's it gonna take to build my business in this difficult market?  What's it gonna take to grow my sales staff by 10 top loan officers?  What's it gonna take to increase my personal production by 25%?

After you have asked yourself all these questions, add one more phrase- This year.  By setting a time line you will create a sense of urgency and purpose.  Get everyone in your organization asking themselves this one question- Is what I'm doing right now getting me closer to my goals?  If not, what's it gonna take?