A friend of ours here at LodeStar has a saying: “There are business leaders with 25 years of experience. And then there are business leaders who’ve lived the same year 25 times.” During times of transition like now, this is such an important concept. We all enjoyed the rising tide of revenue that came with the recent refinance smorgasbord. But now, in the thick of a competitive purchase market and facing the potential for a renewed hypervigilance on the enforcement/compliance front, leadership and strategy matter more than ever. The most successful businesses will be leaning on great leaders.
We’ve been really fortunate to have an opportunity to talk to some of those thought leaders recently on our podcast, “LodeStar Lending Leaders.” Regina Lowrie of Dytrix. Candace Russell of Carrington Holding Company. Matthew Patterson of Draper and Kramer Mortgage Corp. And the beat goes on. All great leaders and business minds. And they all have something else in common: They’re always learning, growing and evolving.
Any time I’m at a conference or virtually attending a webinar, I’m always struck by the fact that the mortgage industry’s top minds—heck, any industry’s top minds—are always into something new. They’re always involved in multiple undertakings, be it multiple businesses, philanthropies or even politics. They’re also always bringing new skills, concepts and approaches across industry lines. Notice that the most successful and respected businesspeople in our industry almost never fully “retire.” They’ll tell you, in one way or another, that there’s always something more to learn or a different way of looking at an age-old conundrum.
As all of us build our plans and make our adjustments in a competitive cycle, it’s certainly a good idea to lean on our experiences and things we’ve learned. But being “experienced” doesn’t just mean surviving. It means learning from our mistakes. It means being open to new concepts or things that have worked for others. Above all, it means being willing and even excited to see what’s out there and try it on. The old saying about business performance—“If you’re not growing, you’re dying.”—also applies to management and leadership. If you’re not evolving, you’re simply living the same year over and over again.
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