Lending Leaders is back for its fourth season. We’re kicking things off with Alayna, Jim, and Dave discussing how to build your business with an eye to the future. Jim and Dave shared their insights and experiences on how Lodestar has adapted to the changing landscape of the mortgage industry.
One of the key lessons Jim and Dave have learned is the danger of overreaching when things are going well. When you get too far ahead of yourself, you need to remember the importance of staying grounded and focusing on the long-term sustainability of your business.
One of the hallmarks of Lodestar’s success is its commitment to its employees. Jim and Dave take pride in the fact that they did not lay off anyone for budgetary reasons over the last two years, despite the challenges faced by the industry. They credit their employees for the company’s growth and emphasize the importance of providing them with the support and opportunities they need to thrive.
Without a capable team, the business would be unsustainable in the long run. He emphasizes the importance of giving employees more information and involving them in problem-solving, as well as providing opportunities for growth and learning.
When it comes to future-proofing their business, David and Jim highlight the importance of automation. If Lodestar’s selling point is automating processes for clients, then they should also be able to automate processes internally. By automating tasks such as generating invoices, they have been able to free up time and resources for more valuable activities.
However, business owners should be cautious about jumping on the AI bandwagon too soon. While AI has its place in certain areas, Jim and Dave have found that it’s not a “one-size-fits-all” solution.
Jim and Dave credit their success over the past ten years to a combination of hard work, luck, and the adaptability. They also attribute their growth to creating an environment where people can thrive and supporting them in their professional development.
As the mortgage industry continues to evolve, it is essential for businesses to stay ahead of the curve and embrace change. By learning from the experiences shared by industry leaders like David and Jim, businesses can position themselves for long-term success and navigate the challenges that lie ahead.
Remember, future-proofing is not a one-time task but an ongoing effort. By staying adaptable, investing in technology, and putting people first, businesses can thrive in a rapidly changing landscape.
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