Is Your Business Model-Matched?
In the sports world, teams that identify players who are capable of executing specific roles will consistently and more predictably produce wins. The same is true in our business. Just because the loan originator down the street is successful working with divorce attorneys does not mean that your style or value proposition is best suited for that segment of referral partners.
A model match exists when the needs and wants of you and your business partners are in line with your skills, tools, culture and philosophy. This match lets you execute effectively. But to get there, you need find a unique match.
To help you do so, ask yourself these questions:
- Why did you get into this business to begin with? That answer might remind you of what you like the most about the industry and what helps keep you motivated. Sometimes we stray from what initially drew us to our roles. When this happens, get back to the basics.
- Is your current strategy viable in the current marketplace? Example: If your focus is on Construction to Perm lending because you know another lender who was having success there may not mean you have the same opportunity today. You want to be model matched to the current environment.
- Where are your most productive relationships coming from? If you are consistently successful and meeting expectations with CPA referral sources then why not focus more of your energy there. Don’t dilute what may be your niche by chasing down another group of referral partners that may not be tailored to your way of doing business.
- Do you have the resources and support required? Consider what your company offers you today in the form of tools and resources to support your customers and referral partners. Understanding these resources — and how to leverage them — can help you better define where to focus more of your time and with whom to focus your time on for a greater return on your efforts.
If you can’t support your business with these tools and resources you have two choices:
1) Change who you are
2) Obtain those tools. Hint: No. 2 is easier!
Once you answer the questions above, you can begin to more clearly define your own unique value proposition and business model match. Next, figure out what segment of consumer and referral partners meet that specific model match, and focus more of your time and energy on those groups specifically. The result? A stronger business with increased opportunity with new and existing referral partners and a better work/life balance for yourself.