A Future Focus for a Stronger Business

In challenging times, business leaders often find themselves caught in a cycle of crisis management, fixating on immediate problems at the expense of long-term planning.

However, this short-term focus can inadvertently hinder the development of a more robust and resilient business.

The mortgage industry, currently navigating turbulent waters, provides a perfect case study for the importance of balancing immediate needs with future-focused strategies.

Adopting a Forward-Thinking Approach

One popular analogy for business is the sailing ship. You need a strong vessel, well rigged and crewed, but you must count on the market to provide cargo to move and preferred weather to get underway. Internal and external forces drive business, just like old sailing ships.

George Morales, National Sales Director for Mortgage Cadence and a seasoned industry expert, offers a twist on this analogy to illustrate the current state of many lenders: "Most people think about their business like a sailing ship. In difficult markets, they spend time trying not to take on water by patching small holes. What they should be doing is converting and upgrading their shop to a motor yacht.”

This shift in perspective is crucial. While some leaders are solely focused on "plugging holes" to stay afloat, visionary executives recognize the need for a "new engine" – a metaphor for transformative technologies and processes that can propel their business forward.

This speaks to the need for a future-focused, forward-thinking approach to strategic planning. This is especially important in the mortgage business, where a sudden influx in new loan volume will render lenders incapable of making changes because they’ll be responding to borrower needs.

How to Focus on the Future

The key to this forward-thinking approach starts with what Morales calls "discovery conversations."

These discussions go beyond addressing immediate concerns, delving into the company's long-term vision and aspirations. "That's what leads to a deeper relationship," Morales explains, emphasizing the importance of building lasting partnerships in an industry where technology implementations are not mere transactions but long-term commitments.

They also open lenders up to opportunities and possibilities that they may not have thought about yet.

In today's high-pressure environment, many executives are hesitant to allocate time and resources to discussions that don't address immediate pain points. Morales notes a significant decline in engagement across various communication channels in the current market, making even a response declining an invitation "a welcomed and refreshing experience."

To overcome this hurdle, technology providers and consultants must frame these conversations in terms that resonate with immediate concerns while illuminating future possibilities. Morales uses another analogy to drive this point home: "It's like you're installing a new engine for your vehicle. You're going to use that vehicle for a long time... What do you want to feel? How do you want the ride to be?" This approach encourages leaders to consider not just the immediate functionality of new systems but also how they align with long-term business goals and customer experiences.

Preparing for the Future Today

The decision to implement new technologies or undergo significant operational changes is not taken lightly. Morales acknowledges the magnitude of such undertakings, likening it to having to "pull the car over... implement a whole new system, train all your people, and then get everybody back on board."

The change management process can be daunting, requiring employees to abandon familiar practices and adapt to new ways of working.

The path forward for business leaders in the mortgage industry – and indeed, across sectors facing similar challenges – is clear but not easy. It requires the courage to lift one's gaze from immediate crises and engage in meaningful discussions about the future.

It demands a willingness to invest in transformative technologies and processes, even when the immediate instinct might be to cut costs and hunker down.

Ultimately, focusing on the future to build a stronger business is not about ignoring current challenges. Instead, it's about addressing those challenges within the context of a broader, forward-looking strategy.

By engaging in discovery conversations, considering long-term impacts alongside immediate needs, and leveraging advancements that promise quicker returns on investment, leaders can navigate their businesses through current turbulence while setting a course for future success. To find out more about how Mortgage Cadence can help you transform your vision from a near-term, sailing ship into a motor yacht capable of reaching your goals, reach out to us today.

By George Morales, National Sales Director at Mortgage Cadence 

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Media Contacts

Mortgage Cadence: 
Alison Flaig 
Head of Marketing 
(919) 906-9738