Dictionary.com defines being strategic as "having a plan, method, or series of maneuvers or stratagems for obtaining a specific goal or result."
Being strategic about your hiring means that you know what type of person you want, and that you have a plan to hire well. Be as purposeful with this task as you would with preparing to borrower money, or prepare for an audit, or another important task you have.
I heard someone say years ago "just hire them in masses, train them in classes and send them out on roller skates. Those that fall down, fire them!" While that might be a bit extreme, it yields heavily to the side of the truth. If, there’s any training. I’ve seen a lot of “just fill the spot.”
But, what are the real options? Can you increase your hiring results? Can you really, in an analytical manner, choose employees in such a way to insure a good job match?
And what about the individual; can he/she really determine his/her true calling? Is there really a such thing as having joy at work? Can I really enjoy my job?
Without belaboring these particular points at-this-time, yes.
Here are some highlights of strategic hiring:
1. have a process by which you hire people. This is one of your top five most important things your company does. This hits on every level; process, strategy, operations and “selling.” Don’t just make it a thing you do, nor something relegated to the HR department, some reference and background checks and a couple of interviews
a. put the process in writing
b. make it a detailed procedure, not summary
2. have a written job description that has the required qualities
a. know the JOB’s core competency factors that are needed to get the right results
b. know the core competency factors of your existing personnel
c. know the core competency factors for the position you are attempting to fill.
Note: core competency factors are -
Talents
Attitude/behavior
Specific skill sets
Knowledge
d. Insure you are closing the gaps in what is needed for the job and not filled by other team members.
3. look for someone that compliments the team of people he/she will be working with, not just “fit” in. You need to know what strengths and weakness are on the team now and insure this person adds value. If you want someone to “get along” then state that in the job description. But if you want someone that can have good productive conflict, state that also. The best qualified person has to be a good fit, and that includes being a good follower as well as leader.
4. use a good assessment tool to help determine proper job-fit. I’m not talking about just personalities, though that is important. This tool should be used not only in the pre-hiring process, but also in post hiring. All team members should have a copy of each other’s assessment. You want everyone to know each other. This should be a period-the-end, not an option.
Hiring the wrong person, or the right person but for the wrong job, is painful. It hurts a lot of people and is extremely costly; in many ways.
To that end…hire well, lead well, and follow well.
Study to Determine Predictable Behavioral Patterns in Successful Mortgage Loan Officers
If you would like to participate in the Mortgage Loan Officer Control Group, please click here to complete the Qualification Questionnaire. The Control Group Qualification Questionnaire can also be accessed at http://www.dannylsmith.com/ or the In-the-Box blog.
This qualification process will only take a few minutes. Once you have completed the questionnaire you will be notified within a few hours if you qualify.
For more information on this study, please contact Danny Smith at 512-773-6528 or danny@dannylsmith.com.
This qualification process will only take a few minutes. Once you have completed the questionnaire you will be notified within a few hours if you qualify.
For more information on this study, please contact Danny Smith at 512-773-6528 or danny@dannylsmith.com.
How do You define "top" producing Loan Officer?
This would seem like a simple answer, and it very well might be. How about you? How do you define "top" producing loan officer? Click here to complete a short 5 question survey.
Points to Ponder on "Who is Your Customer?"
More on Peter Drucker's book The Five Most Important Questions You Will Ever Ask About Your Organization. See earlier post this week.
Drucker's Question Number 2 is WHO IS MY CUSTOMER (my all caps).
Right now, real quick....WHO IS YOUR CUSTOMER?
Chances are you stumbled and answered it at least partially wrong. Who is typically treated as the customer is never the only customer and an attempt to satisfy that customer only leads to poor performance. Drucker writes in the book at length about the second type of customers, or supporting customers. They are all people that have the ability to cause you rejection.
Side note from the book; this goes along with another point I've made about the key salesperson being the one delivering the service.
Back to the book, and remember this revision has been edited by Jim Collings and others: "if Peter Drucker wer alive today, he would amend his ovservation from 40 years ago, when he said, "the purpose of a companyis to create a customer." Today he would say, "the best companies don't create customers. They create fans." He would say that it is less important to report better profits this year than to check on whether you improved your shar of the customer's mind and heart this year.
Everyone, every team, every company, every manager, every executive every board must do a better job of understanding who the customer is and how to create fans of those customers.
Note we aren't talking about "know your customer." That's different that "know who your customer is."
While the org chart can be top-down, or inverted, or sideways, it doesn't matter unless everyone understands and accepts who the customer is FIRST. Take the time, it matters.
Keep this out in front, right along with your mission statement. Know your mission, know who your customer is.
To that end.....
Drucker's Question Number 2 is WHO IS MY CUSTOMER (my all caps).
Right now, real quick....WHO IS YOUR CUSTOMER?
Chances are you stumbled and answered it at least partially wrong. Who is typically treated as the customer is never the only customer and an attempt to satisfy that customer only leads to poor performance. Drucker writes in the book at length about the second type of customers, or supporting customers. They are all people that have the ability to cause you rejection.
Side note from the book; this goes along with another point I've made about the key salesperson being the one delivering the service.
Back to the book, and remember this revision has been edited by Jim Collings and others: "if Peter Drucker wer alive today, he would amend his ovservation from 40 years ago, when he said, "the purpose of a companyis to create a customer." Today he would say, "the best companies don't create customers. They create fans." He would say that it is less important to report better profits this year than to check on whether you improved your shar of the customer's mind and heart this year.
Everyone, every team, every company, every manager, every executive every board must do a better job of understanding who the customer is and how to create fans of those customers.
Note we aren't talking about "know your customer." That's different that "know who your customer is."
While the org chart can be top-down, or inverted, or sideways, it doesn't matter unless everyone understands and accepts who the customer is FIRST. Take the time, it matters.
Keep this out in front, right along with your mission statement. Know your mission, know who your customer is.
To that end.....
Points to Ponder on Personal or Company Mission Statements
Jim Collins and a few other notables penned an update recently on Peter Drucker's book The Five Most Important Questions You Will Ever Ask About Your Organization.
I've talked and written about this book in the past but will repeat myself over the next few days. This is just plain good stuff and good stuff needs to be repeated. I believe it was C.S. Lewis that said a book isn't really read unless it is re-read.
1st, today....Mission Statements. Drucker said it well; a mission cannot be impersonal. It has to have deep meaning, be something you believe in – something you know is right. A fundamental responsibility of leadership is to make sure that everybody knows the mission, understands it, and lives it.
Drucker went on to say that it needed to be short, sharp, focused and should fit on a T-shirt. My personal mission statement is much bigger than that (I guess it depends upon the size of the shirt), but it also flows into my vision, or plan.
Mission statements should rarely, if ever, change. Visions, like our eyesight, does change. I've had two mission statements presented to me in the past week that, while well thought out and well written, were much more than a mission, but a plan, values, and other things all rolled in. It is hard to fulfill such.
The mission says why you do what you do, not the means by which you do it. The mission is broad, yet directs you to do the right things now and into the future regardless of the path and circumstances. The mission statement must be clear and precise.
From the book - Every truly great organization strives to preserve the core mission, yet stimulate progress. The core mission remains fixed while operating practices, cultural norms, strategies, tactics, process, structures, and methods continually change in response to changing realities. It is the glue that holds an organization together as it expands, decentralizes, globalizes, and attains diversity......In fact, the great paradox of change is that the organizations that best adapts to a changing world first and foremost know what should not change. They have a fixed anchor of guiding principles around which they can more easily change everything else. They know the difference between what is truly sacred and what is not, between what should never change and what should always be open for change, and between “what we stand for” and “how we do things.....Never subordinate the mission in order to make money. If there are opportunities that threaten the integrity of the organization, you must say no. Your mission provides guidance, not just about what to do, but equally about what not to do.
Whether I'm coaching an individual or a team, one of my key Path Points is - keep "What is our mission?" in front of you throughout the self-assessment process. Whether developing the plan, or identifying customers, or considering correction of a major blunder....
.......keep the mission statement out in front at all times.
To that end.....
I've talked and written about this book in the past but will repeat myself over the next few days. This is just plain good stuff and good stuff needs to be repeated. I believe it was C.S. Lewis that said a book isn't really read unless it is re-read.
1st, today....Mission Statements. Drucker said it well; a mission cannot be impersonal. It has to have deep meaning, be something you believe in – something you know is right. A fundamental responsibility of leadership is to make sure that everybody knows the mission, understands it, and lives it.
Drucker went on to say that it needed to be short, sharp, focused and should fit on a T-shirt. My personal mission statement is much bigger than that (I guess it depends upon the size of the shirt), but it also flows into my vision, or plan.
Mission statements should rarely, if ever, change. Visions, like our eyesight, does change. I've had two mission statements presented to me in the past week that, while well thought out and well written, were much more than a mission, but a plan, values, and other things all rolled in. It is hard to fulfill such.
The mission says why you do what you do, not the means by which you do it. The mission is broad, yet directs you to do the right things now and into the future regardless of the path and circumstances. The mission statement must be clear and precise.
From the book - Every truly great organization strives to preserve the core mission, yet stimulate progress. The core mission remains fixed while operating practices, cultural norms, strategies, tactics, process, structures, and methods continually change in response to changing realities. It is the glue that holds an organization together as it expands, decentralizes, globalizes, and attains diversity......In fact, the great paradox of change is that the organizations that best adapts to a changing world first and foremost know what should not change. They have a fixed anchor of guiding principles around which they can more easily change everything else. They know the difference between what is truly sacred and what is not, between what should never change and what should always be open for change, and between “what we stand for” and “how we do things.....Never subordinate the mission in order to make money. If there are opportunities that threaten the integrity of the organization, you must say no. Your mission provides guidance, not just about what to do, but equally about what not to do.
Whether I'm coaching an individual or a team, one of my key Path Points is - keep "What is our mission?" in front of you throughout the self-assessment process. Whether developing the plan, or identifying customers, or considering correction of a major blunder....
.......keep the mission statement out in front at all times.
To that end.....
Press Release – Nationwide study on common traits of Top Producing Loan Officers
AUSTIN, Texas (September 20, 2010) – MuRF Systems, Inc. has selected In-the-Box Development and Danny Smith to manage their nationwide Mortgage Loan Officer SMARTS project. In-the-Box Development/Danny Smith will be working with leders nationwide in the selection of 125 career loan officers to participate in the control group. From this control group, MuRF will develop the Mortgage Loan Officer Sales Marketing and Representative Traits Survey (MLO SMARTS).
“I have been using assessments for 15 years to help build profitable and well-functioning teams that enjoy working together,” said Danny Smith. “In 1992 I started looking at commonalities in loan officers and using assessments in 1995 to help pinpoint what made a good loan officer and what made an average loan officer better. This is going to be an incredible experience and I look forward to the end result and how we’ll use the MLO SMARTS to improve funding levels, teamwork, and have some fun along the way.”
MuRF Systems, Inc is an industry leader in organizational and people development with more than 30 years of research backing up its tools. In-the-Box Development is owned and operated by Danny L. Smith. Danny has 26 years experience in mortgage lending with 15 years of specific experience building high producing retail and wholesale loan production teams.
With the use of the MLO SMARTS, mortgage companies will have a pre- and post- hiring tool to assist in obtaining their best loan funding volumes. The MLO SMARTS tool will benchmark existing and candidate mortgage loan officers against the commonalities of top producers and places the individual into one of three categories. The employer will then have additional information to assist in the hiring of the individual and/or giving developmental suggestions for improving the skill level of individuals in loan origination roles.
Inquiries into this limited participation project are welcome. Loan officers and managers that have loan officers they would like to be part of the control group should contact Danny Smith at danny@DannyLSmith.com or 512-773-6528.
Why Will the TAMP State Convention Double Twice?
I predicted last week that the 2012 TAMP state convention will be 4 times the size of 2010 and would like to be clear; 2012 will be 4 times the size of 2010 in the number of exhibitors and overall attendance. It will be much larger than that in the number of mortgage brokers in attendance.
This prediction got my phone ringing and I'll explain why I made that prediction;
1. FHA has eliminated the requirement to be approved by FHA to originate FHA loans; huge savings in time and money (no financial audits)
2. While the jury is still out on much of this, LO compensation changes will very likely be easier to handle in some ways with smaller firms.
3. Loan quality has increased significantly by most standards; trust but verify is being done in a rapid and robust manner.
4. Reports are being published that wholesale lending is showing a better profit.
5. Larger firms are trying to increase market share and wholesale channels are less expensive.
6. Smaller profit margins
7. The good old free-enterprising-entrepreneur-spirit is alive and kicking
History has always shown that business types are cyclical and we, Americans, always move back towards small, low overhead shops.
There are some differences this time around including the fact that many of the medium sized retail lenders started out as small companies and know the spirit I'm referring to. Also, the make-up of the wholesale business will be different with more mini-correspondent types and such, but wholesale will grow substantially. The playing fields will be leveled and the winners will be those that offer TRUE competitive advantages to the loan officers.
To that end.....
PS...and this will bring more people to the 2012 convention
This prediction got my phone ringing and I'll explain why I made that prediction;
1. FHA has eliminated the requirement to be approved by FHA to originate FHA loans; huge savings in time and money (no financial audits)
2. While the jury is still out on much of this, LO compensation changes will very likely be easier to handle in some ways with smaller firms.
3. Loan quality has increased significantly by most standards; trust but verify is being done in a rapid and robust manner.
4. Reports are being published that wholesale lending is showing a better profit.
5. Larger firms are trying to increase market share and wholesale channels are less expensive.
6. Smaller profit margins
7. The good old free-enterprising-entrepreneur-spirit is alive and kicking
History has always shown that business types are cyclical and we, Americans, always move back towards small, low overhead shops.
There are some differences this time around including the fact that many of the medium sized retail lenders started out as small companies and know the spirit I'm referring to. Also, the make-up of the wholesale business will be different with more mini-correspondent types and such, but wholesale will grow substantially. The playing fields will be leveled and the winners will be those that offer TRUE competitive advantages to the loan officers.
To that end.....
PS...and this will bring more people to the 2012 convention
Counterfeit Credibility
A former employee of mine used to talk about people's passive-agressive behavior and I had the hardest time getting a grip on what he meant. I'd ask him what he meant and typically get a clinical answer until it hit me that it was saying one thing and then doing something else. Ha. I thought that was lying! Or just plain bad behavior and a lack of credibility. I'm a plain English type guy and either someone has credibility, or they don't. They're either lying, or telling the truth. Right? Covey, in his book Speed of Trust, introduces the Four Cores of Credibility; Character, Competence, Intent and Results and I pound these out in my training and coaching. We'll cover these four cores in the coming weeks, but first, what does Counterfeit Credibility look like?
Credibility, or lack of, shows up most in behaviors.Googling counterfeit brought up over 7 million hits and credibility 948,000. Counterfeit means; made in imitation so as to be passed off fraudulently or deceptively as genuine; not genuine; forged: counterfeit dollar bills. Pretended; unreal.
Credibility means; capable of being believed; believable: a credible statement. Worthy of belief or confidence; trustworthy: a credible witness.
So, Counterfeit Credibility is when one's credibility, or credible statement, or credible witness is an imitation, deceptive, not genuine, and deceptive.
See if you recognize any of these counterfeit behaviors in yourself or those around you:
To that end....
Credibility, or lack of, shows up most in behaviors.Googling counterfeit brought up over 7 million hits and credibility 948,000. Counterfeit means; made in imitation so as to be passed off fraudulently or deceptively as genuine; not genuine; forged: counterfeit dollar bills. Pretended; unreal.
Credibility means; capable of being believed; believable: a credible statement. Worthy of belief or confidence; trustworthy: a credible witness.
So, Counterfeit Credibility is when one's credibility, or credible statement, or credible witness is an imitation, deceptive, not genuine, and deceptive.
See if you recognize any of these counterfeit behaviors in yourself or those around you:
- Technically telling the truth
- Legally splitting hairs
- Spinning the real issues
- Withholding information (well, they didn't ask the right question)
- Hidden motives and agendas (arg, I know you aren't supposed to hate, but I seriously can't stand this one)
- Passive-aggressive behavior
- Being driven by circumstance and not conscience
- Being two-faced; pretending to care
- Pretending to pay attention
- Being busy to look busy and not getting results
- Not accepting the blame when it is your fault
To that end....
Book of The Month:Week 3 Highlights of "If You Want to Walk on Water, You've Got to Get Out of the Boat" by John Ortberg
Chapter 4: Walking on Water
Chapter 5: Seeing the Wind
- Is it worth the risk?
- God really will honor truth-telling
- If I am going to experience a greater measure of God's power in my life, it will usually involve the first-step principle. It will usually begin by my acting in faith-trusting God enough to take a step of obedience.
- Faith is not the sort of thing that can be acquired by trying harder
- A great story told by Martin Luther on page 81
- We might be comfortable in our current job, but anxious about the possiblility that God wants to do some vocational realignment
- The indicator of fear
- The Indicator of frustration
- The Indicator of Compassion
- The Indicator of Prayer
Chapter 5: Seeing the Wind
- Resilient People Exercise Control Rather Than Passively Resign
- Resilient People Remain Committed to Their Values When Tempted to Compromise
- Resilient People Find Meaning and Purpose in the Storm
- Study questions that sticks out for me -
- What role have problems played in your growth in the past?
- How, with regard to a particular problem, could you move from passivity to exercising control and initiative?
Experience or Opinions
I got a phone call this morning asking my opinion about the something.
Instead, I shared some experiences on the subject and then went on give thoughts, errrrr...opinions.
When considering someone's advice, be sure you understand the difference between experience and opinions and whether you are getting what you believe you are getting. We all have opinions but are they really worth much? Not really. Most are just thoughts birthed from someone's idea of "if I were in control...." or "if they asked me..."
Sam Elliot's character in an old Louis L'Amour movie told this hot-shot young gunman, who was trying to draw out an older gunman, "son, do you see those wrinkles on his face? Those are miles and miles of hard work and more killings than he cares to remember. Do you really want to take on that experience when all you really have is some far-fetched opinion of how good you really are? Are you willing to bet your life on that opinion?"
Well, Tyrell Sacket (Sam's character) said it much more elequently!, but it was something like that.
Give me someone that has been down the path and stumbled, or fallen, gotten back up and ran the good race and won, or lost. Those experiences are worth something.
Opions are ok I guess, but be sure you know what you are getting.
Evaluate and correct your information.
To that end.....
Danny L. Smith
Instead, I shared some experiences on the subject and then went on give thoughts, errrrr...opinions.
When considering someone's advice, be sure you understand the difference between experience and opinions and whether you are getting what you believe you are getting. We all have opinions but are they really worth much? Not really. Most are just thoughts birthed from someone's idea of "if I were in control...." or "if they asked me..."
Sam Elliot's character in an old Louis L'Amour movie told this hot-shot young gunman, who was trying to draw out an older gunman, "son, do you see those wrinkles on his face? Those are miles and miles of hard work and more killings than he cares to remember. Do you really want to take on that experience when all you really have is some far-fetched opinion of how good you really are? Are you willing to bet your life on that opinion?"
Well, Tyrell Sacket (Sam's character) said it much more elequently!, but it was something like that.
Give me someone that has been down the path and stumbled, or fallen, gotten back up and ran the good race and won, or lost. Those experiences are worth something.
Opions are ok I guess, but be sure you know what you are getting.
Evaluate and correct your information.
To that end.....
Danny L. Smith
Sr. Mortgage Loan Officer
Certified
Guerrilla Marketing CoachTM
Impact Leadership Coach
NMLS #138873
Impact Leadership Coach
NMLS #138873
Phone:
512-773-6528
Fax:
512-551-0006
Email Reply to Top 10 Business Start-Up Mistakes
Posted with permission
Danny:
This is a great list, and coming off these past 90 days I see way too many violations of this list to be comfortable talking about them! Honestly, for most entrepreneurs I think that number one thing that you should do before launching any new business is try to talk yourself out of it!
That may sound very negative at first blush, but for those who have been self-employed or started their own company, they may readily agree with me. I think there are a great number of people who have wonderful business ideas—but that does not necessarily mean that they should start their own business. Many times (and I think more often than not) they should follow the strategies of Seth Godin and become a Linchpin in either their own organization or one that will support and promote Linchpin type personalities. This was the same practice that Napolean Hill encouraged in the venerable classic, Think And Grow Rich.
If one were to look at their great business idea and first try to vehemently talk themselves out of launching it as a new business, they will find themselves in one of four camps:
1. They Flirt: They toy with the idea of bringing a great idea to market and they exaggerate their success in their mind, never giving due diligence to the planning, developing and laboring—and they eventually fold.
2. They Fall Back: The risk of failure becomes too great and the individual retreats to more secure employment. These individuals are not likely to ever step out into a business venture and may even curse the brilliant ideas running through their head, seeing them as a distraction or a temptation.
3. They Flourish: They realize the merit and value of their idea, while simultaneously acknowledging their character is not designed to “carry the load” of a new business. These will seek to fortify and enrich the company they work for; They look for good soil in which to plant their ideas where it can be cultivated, nurtured and harvested.
4. They Follow Through: They realize that the pain of not turning their idea into their own business is far greater than staying where they are. After much searching, these individuals discover that they “must” give birth to their idea or “they die.” These are the ones who bring us FedEx, Microsoft, Apple, UNIX, McDonalds and the like.
While not every businessman who finds themselves in camp #4 will become a household name, it is certainly true that until you realize you’re at #4, there will be some obstacle lying in wait that will eventually succeed in taking you out. Those that find themselves at #4, find that owning a business for them is like water to a fish or like wind for a bird.
It has taken me many years and many failures to realize what I have known for a very long time: I am not in camp #4! However, I don’t think that list is necessarily progressive in nature—when you put numbers on a list, people suddenly decide they have to be the best or the biggest! I don’t think people go from #1 through #2 and #3 until they reach #4. I think these are just the places that we find ourselves in as we examine our career plans and work interests. Some people quite simply will never start their own business. I know way too many people like this and they literally get sick to their stomach at the thought of not having a “job.” While the exact opposite is true for those who find themselves in camp #4.
I think the key thing to realize is that great business ideas come to us all the time, but it doesn’t necessarily mean that we should strike out on our own. I think society puts way too much stock in “the next big thing.” From American Idol, to the Powerball Lottery, to Hollywood, we’re all hoping for our time to shine; our 15 minutes. If we realize that some of our great ideas are perfectly fit and designed for the place where we already work, then we may find that our rewards are even greater than striking it rich, putting up an IPO, or bigger bonuses. Doing what we’re called to do may prove to be the best reward yet!
Mike Grigsby
mwgrigs@gmail.com
Danny:
This is a great list, and coming off these past 90 days I see way too many violations of this list to be comfortable talking about them! Honestly, for most entrepreneurs I think that number one thing that you should do before launching any new business is try to talk yourself out of it!
That may sound very negative at first blush, but for those who have been self-employed or started their own company, they may readily agree with me. I think there are a great number of people who have wonderful business ideas—but that does not necessarily mean that they should start their own business. Many times (and I think more often than not) they should follow the strategies of Seth Godin and become a Linchpin in either their own organization or one that will support and promote Linchpin type personalities. This was the same practice that Napolean Hill encouraged in the venerable classic, Think And Grow Rich.
If one were to look at their great business idea and first try to vehemently talk themselves out of launching it as a new business, they will find themselves in one of four camps:
1. They Flirt: They toy with the idea of bringing a great idea to market and they exaggerate their success in their mind, never giving due diligence to the planning, developing and laboring—and they eventually fold.
2. They Fall Back: The risk of failure becomes too great and the individual retreats to more secure employment. These individuals are not likely to ever step out into a business venture and may even curse the brilliant ideas running through their head, seeing them as a distraction or a temptation.
3. They Flourish: They realize the merit and value of their idea, while simultaneously acknowledging their character is not designed to “carry the load” of a new business. These will seek to fortify and enrich the company they work for; They look for good soil in which to plant their ideas where it can be cultivated, nurtured and harvested.
4. They Follow Through: They realize that the pain of not turning their idea into their own business is far greater than staying where they are. After much searching, these individuals discover that they “must” give birth to their idea or “they die.” These are the ones who bring us FedEx, Microsoft, Apple, UNIX, McDonalds and the like.
While not every businessman who finds themselves in camp #4 will become a household name, it is certainly true that until you realize you’re at #4, there will be some obstacle lying in wait that will eventually succeed in taking you out. Those that find themselves at #4, find that owning a business for them is like water to a fish or like wind for a bird.
It has taken me many years and many failures to realize what I have known for a very long time: I am not in camp #4! However, I don’t think that list is necessarily progressive in nature—when you put numbers on a list, people suddenly decide they have to be the best or the biggest! I don’t think people go from #1 through #2 and #3 until they reach #4. I think these are just the places that we find ourselves in as we examine our career plans and work interests. Some people quite simply will never start their own business. I know way too many people like this and they literally get sick to their stomach at the thought of not having a “job.” While the exact opposite is true for those who find themselves in camp #4.
I think the key thing to realize is that great business ideas come to us all the time, but it doesn’t necessarily mean that we should strike out on our own. I think society puts way too much stock in “the next big thing.” From American Idol, to the Powerball Lottery, to Hollywood, we’re all hoping for our time to shine; our 15 minutes. If we realize that some of our great ideas are perfectly fit and designed for the place where we already work, then we may find that our rewards are even greater than striking it rich, putting up an IPO, or bigger bonuses. Doing what we’re called to do may prove to be the best reward yet!
Mike Grigsby
mwgrigs@gmail.com
Email Reply to Top 10 Business Start-Up Mistakes
Posted with permission
Danny:
This is a great list, and coming off these past 90 days I see way too many violations of this list to be comfortable talking about them! Honestly, for most entrepreneurs I think that number one thing that you should do before launching any new business is try to talk yourself out of it!
That may sound very negative at first blush, but for those who have been self-employed or started their own company, they may readily agree with me. I think there are a great number of people who have wonderful business ideas—but that does not necessarily mean that they should start their own business. Many times (and I think more often than not) they should follow the strategies of Seth Godin and become a Linchpin in either their own organization or one that will support and promote Linchpin type personalities. This was the same practice that Napolean Hill encouraged in the venerable classic, Think And Grow Rich.
If one were to look at their great business idea and first try to vehemently talk themselves out of launching it as a new business, they will find themselves in one of four camps:
1. They Flirt: They toy with the idea of bringing a great idea to market and they exaggerate their success in their mind, never giving due diligence to the planning, developing and laboring—and they eventually fold.
2. They Fall Back: The risk of failure becomes too great and the individual retreats to more secure employment. These individuals are not likely to ever step out into a business venture and may even curse the brilliant ideas running through their head, seeing them as a distraction or a temptation.
3. They Flourish: They realize the merit and value of their idea, while simultaneously acknowledging their character is not designed to “carry the load” of a new business. These will seek to fortify and enrich the company they work for; They look for good soil in which to plant their ideas where it can be cultivated, nurtured and harvested.
4. They Follow Through: They realize that the pain of not turning their idea into their own business is far greater than staying where they are. After much searching, these individuals discover that they “must” give birth to their idea or “they die.” These are the ones who bring us FedEx, Microsoft, Apple, UNIX, McDonalds and the like.
While not every businessman who finds themselves in camp #4 will become a household name, it is certainly true that until you realize you’re at #4, there will be some obstacle lying in wait that will eventually succeed in taking you out. Those that find themselves at #4, find that owning a business for them is like water to a fish or like wind for a bird.
It has taken me many years and many failures to realize what I have known for a very long time: I am not in camp #4! However, I don’t think that list is necessarily progressive in nature—when you put numbers on a list, people suddenly decide they have to be the best or the biggest! I don’t think people go from #1 through #2 and #3 until they reach #4. I think these are just the places that we find ourselves in as we examine our career plans and work interests. Some people quite simply will never start their own business. I know way too many people like this and they literally get sick to their stomach at the thought of not having a “job.” While the exact opposite is true for those who find themselves in camp #4.
I think the key thing to realize is that great business ideas come to us all the time, but it doesn’t necessarily mean that we should strike out on our own. I think society puts way too much stock in “the next big thing.” From American Idol, to the Powerball Lottery, to Hollywood, we’re all hoping for our time to shine; our 15 minutes. If we realize that some of our great ideas are perfectly fit and designed for the place where we already work, then we may find that our rewards are even greater than striking it rich, putting up an IPO, or bigger bonuses. Doing what we’re called to do may prove to be the best reward yet!
Mike Grigsby
mwgrigs@gmail.com
Danny:
This is a great list, and coming off these past 90 days I see way too many violations of this list to be comfortable talking about them! Honestly, for most entrepreneurs I think that number one thing that you should do before launching any new business is try to talk yourself out of it!
That may sound very negative at first blush, but for those who have been self-employed or started their own company, they may readily agree with me. I think there are a great number of people who have wonderful business ideas—but that does not necessarily mean that they should start their own business. Many times (and I think more often than not) they should follow the strategies of Seth Godin and become a Linchpin in either their own organization or one that will support and promote Linchpin type personalities. This was the same practice that Napolean Hill encouraged in the venerable classic, Think And Grow Rich.
If one were to look at their great business idea and first try to vehemently talk themselves out of launching it as a new business, they will find themselves in one of four camps:
1. They Flirt: They toy with the idea of bringing a great idea to market and they exaggerate their success in their mind, never giving due diligence to the planning, developing and laboring—and they eventually fold.
2. They Fall Back: The risk of failure becomes too great and the individual retreats to more secure employment. These individuals are not likely to ever step out into a business venture and may even curse the brilliant ideas running through their head, seeing them as a distraction or a temptation.
3. They Flourish: They realize the merit and value of their idea, while simultaneously acknowledging their character is not designed to “carry the load” of a new business. These will seek to fortify and enrich the company they work for; They look for good soil in which to plant their ideas where it can be cultivated, nurtured and harvested.
4. They Follow Through: They realize that the pain of not turning their idea into their own business is far greater than staying where they are. After much searching, these individuals discover that they “must” give birth to their idea or “they die.” These are the ones who bring us FedEx, Microsoft, Apple, UNIX, McDonalds and the like.
While not every businessman who finds themselves in camp #4 will become a household name, it is certainly true that until you realize you’re at #4, there will be some obstacle lying in wait that will eventually succeed in taking you out. Those that find themselves at #4, find that owning a business for them is like water to a fish or like wind for a bird.
It has taken me many years and many failures to realize what I have known for a very long time: I am not in camp #4! However, I don’t think that list is necessarily progressive in nature—when you put numbers on a list, people suddenly decide they have to be the best or the biggest! I don’t think people go from #1 through #2 and #3 until they reach #4. I think these are just the places that we find ourselves in as we examine our career plans and work interests. Some people quite simply will never start their own business. I know way too many people like this and they literally get sick to their stomach at the thought of not having a “job.” While the exact opposite is true for those who find themselves in camp #4.
I think the key thing to realize is that great business ideas come to us all the time, but it doesn’t necessarily mean that we should strike out on our own. I think society puts way too much stock in “the next big thing.” From American Idol, to the Powerball Lottery, to Hollywood, we’re all hoping for our time to shine; our 15 minutes. If we realize that some of our great ideas are perfectly fit and designed for the place where we already work, then we may find that our rewards are even greater than striking it rich, putting up an IPO, or bigger bonuses. Doing what we’re called to do may prove to be the best reward yet!
Mike Grigsby
mwgrigs@gmail.com
Social Networking in Plain English
I read recently that Social Networking isn't about selling your wares but about helping each other out. This is a simple, but good, explanation of what it's all about -
Business Start-Up Mistakes;
I've been blogging a little about people starting their own businesses lately, but thinking much more about it and the pitfalls that comes with the exhilaration. Also, beware....the fall and winter months brings about the largest percentage of start-ups. Following @GuyKawasaki on Twitter alerted me to this version of Top 10 Mistakes.
Top 10 mistakes that entrepreneurs make when starting a company:
1. Going it alone. 2. Asking too many people for advice. 3. Spending too much time on product development, not enough on sales. 4. Targeting too small a market. 5. Entering a market with no distribution partner. 6. Overpaying for customers. 7. Raising too little capital. 8. Raising too much capital. 9. Not having a business plan. 10. Over-thinking your business plan.
Numbers 1, 3, 4, and 9 are very common and #3 and 9 screams so loud they should be tied #1. Businesses are started every day by good sales types without good business plans and then the new owner doesn't have time to sell.
Good article at Yahoo Finance.
Comments welcome via danny@dannylsmith.com or by clicking on comments below.
Top 10 mistakes that entrepreneurs make when starting a company:
1. Going it alone. 2. Asking too many people for advice. 3. Spending too much time on product development, not enough on sales. 4. Targeting too small a market. 5. Entering a market with no distribution partner. 6. Overpaying for customers. 7. Raising too little capital. 8. Raising too much capital. 9. Not having a business plan. 10. Over-thinking your business plan.
Numbers 1, 3, 4, and 9 are very common and #3 and 9 screams so loud they should be tied #1. Businesses are started every day by good sales types without good business plans and then the new owner doesn't have time to sell.
Good article at Yahoo Finance.
Comments welcome via danny@dannylsmith.com or by clicking on comments below.
Blunder: File Denied Because of Maternity Leave!!
How's this for a major blunder?
A borrower is on maternity leave and while there were possibly real problems with the file, the underwriter sent the LO an email stating she was turning the file down because "the borrower is on maternity leave and too many moms don't go back to work after having a baby."
The LO sent the email to the Realtor and borrower and added "the underwriter likes everything else about the file."
Bad to worse!
The borrower has filed a discrimination complaint based on family status with HUD. HUD has "suggested" to the lender they should pay the borrower back for the lost Earnest Money, appraisal fees, survey, inspection, and repair fees that have already been paid. In addition, they are also "suggesting" that the lender pay for 6 months of the borrowers new apartment lease and the Realtor's commissions because the borrower had already given notice at her current apartment.
I'm sure the owner and officers of this company know the correct way this should have been handled. This is a great example of not knowing what you don't know that you don't know that goes on in your company. My experience tells me it is doubtful this is not the first time this has happened and might be happening on regular basis.
So, what is the biggest problem you see that happened in this situation? What policy could have been put in place to have kept this from happening? What checks and balances should the company have to know about these type problems before they become repetitive?
You can leave your comments by click the "comments" link below.
A borrower is on maternity leave and while there were possibly real problems with the file, the underwriter sent the LO an email stating she was turning the file down because "the borrower is on maternity leave and too many moms don't go back to work after having a baby."
The LO sent the email to the Realtor and borrower and added "the underwriter likes everything else about the file."
Bad to worse!
The borrower has filed a discrimination complaint based on family status with HUD. HUD has "suggested" to the lender they should pay the borrower back for the lost Earnest Money, appraisal fees, survey, inspection, and repair fees that have already been paid. In addition, they are also "suggesting" that the lender pay for 6 months of the borrowers new apartment lease and the Realtor's commissions because the borrower had already given notice at her current apartment.
I'm sure the owner and officers of this company know the correct way this should have been handled. This is a great example of not knowing what you don't know that you don't know that goes on in your company. My experience tells me it is doubtful this is not the first time this has happened and might be happening on regular basis.
So, what is the biggest problem you see that happened in this situation? What policy could have been put in place to have kept this from happening? What checks and balances should the company have to know about these type problems before they become repetitive?
You can leave your comments by click the "comments" link below.
Mortgage Matters: TAMP 2010 State Convention in Review
It's good to come here once a year and catch up with people I don't get to see otherwise" - John McCully, Flagstar AE.
I've been to most state mortgage broker (ahhh..professional) conventions since the 1st in 1987, and this was one of the smaller in exhibitors and overall attendance. This convention, which is always on my granddaughter Cydney's birthday "weekend," has its share of memories including a few cancellations due to hurricanes and the cowardly act that brought this country together for a while at least.
I agree with John McCully, I enjoy visiting with people I haven't seen in a long time and meeting a few new ones. Much of the talk this year was about loan officer recruiting, compensation changes, DOL, and a lot of speculation about compensation and who was or wasn't going to pay their loan officers minimum wages.
Dialog at the convention always includes a quick look at the name badge to see where the other guy works now, industry changes, who's not around this year and why, and discussions about the exhibitors types. For years the exhibitors were always wholesalers, wholesalers, and more wholesalers with a few credit bureaus, doc prep companies and appraisers thrown in. Then the tech companies began showing up and at times compliance types (you knew what was going on when they started buying booth space). But we could always depend upon the wholesaler. 2010 though was year of the retail mortgage banker. A couple of pure wholesalers exhibited this year, maybe just one, but the retail mortgage bankers exhibiting and in attendance outnumbered everyone else combined.
Prediction; two years from now the convention will be four times this year's size in attendance and exhibitors. Changes. We need to keep our heads out of the sand. Just because we don't want something to happen doesn't mean it's not.
It was a good 1 1/2 days for me personally. Hopefully it was for all attending.
Head down, chin up!
Danny
I've been to most state mortgage broker (ahhh..professional) conventions since the 1st in 1987, and this was one of the smaller in exhibitors and overall attendance. This convention, which is always on my granddaughter Cydney's birthday "weekend," has its share of memories including a few cancellations due to hurricanes and the cowardly act that brought this country together for a while at least.
I agree with John McCully, I enjoy visiting with people I haven't seen in a long time and meeting a few new ones. Much of the talk this year was about loan officer recruiting, compensation changes, DOL, and a lot of speculation about compensation and who was or wasn't going to pay their loan officers minimum wages.
Dialog at the convention always includes a quick look at the name badge to see where the other guy works now, industry changes, who's not around this year and why, and discussions about the exhibitors types. For years the exhibitors were always wholesalers, wholesalers, and more wholesalers with a few credit bureaus, doc prep companies and appraisers thrown in. Then the tech companies began showing up and at times compliance types (you knew what was going on when they started buying booth space). But we could always depend upon the wholesaler. 2010 though was year of the retail mortgage banker. A couple of pure wholesalers exhibited this year, maybe just one, but the retail mortgage bankers exhibiting and in attendance outnumbered everyone else combined.
Prediction; two years from now the convention will be four times this year's size in attendance and exhibitors. Changes. We need to keep our heads out of the sand. Just because we don't want something to happen doesn't mean it's not.
It was a good 1 1/2 days for me personally. Hopefully it was for all attending.
Head down, chin up!
Danny
Bono - "....take Your American Capitalism..."
For almost an hour, much of what Bono had to say was good, really good actually, until he started talking about his country of Ireland and the similarities and differences to the US. He then made a dramatic statement, "my country of Ireland is a great country, and I love it, but here in the United States you have a certain spirit that we don't have. And you have a certain type of capitalism, American capitalism, that is not really found anywhere else. If you want to change some things across the world, including 3rd world countries, take your American capitalism spirit there. That will make the real difference." That's when his speech went from good-to-great.
Bono had never been on my radar up to that time. I knew who he was, and had listened to his music but nothing about his politics, his beliefs, or his passions. Since then I've learned more about him and have thought and talked about that statement more than a few times, but not like I have recently.
I can only surmise what is driving these thoughts on a Sunday afternoon; maybe it has to do with me expanding my consulting/coaching practice. Or maybe the fact I've been working with a few people who are talking about starting their own company. Or a combination of both. Writing a business plan, considering strategies, filing a name, a few legal papers, and a bank account......
And POOF, you have a business. The beginning of another segment of American capitalism and you don't even "have" to do that much! Entrepreneurial seizures working well.
We take this for granted. I mean, we take for granted how easy it is to just up and start a business. Thousands of people start U.S. businesses every day. Many others want to and either fear or common sense holds them back. BUT....we can. That's my point. We can.
It's not like that in most countries. We need to be aware of that and not take such things for granted.
Freedom. It's a great thing on a lot of levels.
To that end.....
Book of The Month:Week Two Highlights of "If You Want to Walk on Water, You've Got to Get Out of the Boat" by John Ortberg
My highlights
Chapter 2: Boat Potatoes
I'm assuming you get the chapter title. Ortberg has a great sense of humor and does a good job bringing real life stories into his writings. I particularly like what I call chapter sub-titles.
Here's a question Ortberg asks at the end of the chapter: In what area of life (vocational, relational, or intellectual, etc) are you experiencing the most growth these days?
Chapter 3: Discerning the Call
Read Week One
Chapter 2: Boat Potatoes
I'm assuming you get the chapter title. Ortberg has a great sense of humor and does a good job bringing real life stories into his writings. I particularly like what I call chapter sub-titles.
- the price you pay for being a boat potato...."growth"
- the tragedy of the unopened gift; It's as if I've lived half my life waiting for life to begin, thinking it's somewhere off in the future.
- the chance of a lifetime is not something to take lightly
- all human beings, including you and me, give their lives to something...the only question is, what will you give your life to? Will it be worthy?
- so many people blame their refusal to get out of the boat on some external circumstance
- I must ruthlessly refuse to compar my talents with anyone else
- I must come to identify, cultivate, invest, prize, and enjoy the gifts that have been given to me
- Fear....the author wrote a lot about what fear does to be one becoming, and staying a boat potatoe
Here's a question Ortberg asks at the end of the chapter: In what area of life (vocational, relational, or intellectual, etc) are you experiencing the most growth these days?
Chapter 3: Discerning the Call
- water-walking requires not only the courage to take a risk, but also the wisdom to discern a call.
- interesting to note that in most self-help book, risk-taking is highly praised. But in literature on psychological research, it is mostly a danger sign. Type Ts (thrill, risk seeking personalities), although they can do great things, are also more prone toward potentially destructive behaviors.
- author has good stuff on how to discern the difference between an aughentic call to get out of the boat from your own rash impulses
- calling is not so much choosing as it is listening
- calling often involves pain
Read Week One
Commonalities in Top Performing Loan Officers
I became seriously interested in commonalities in top performing people in 1992 after reading an article about the nation's Top 20 Loan Officers. The article profiled each of these men and women and it was remarkable of some of the apparent common traits, yet they were of various ages and backgrounds and while some worked with builders, others worked with Realtors and two worked solely on referrals.
What do you think makes up a Top 20 Loan Officer? What makes them tick? Do they need to be extroverted, or does in take an out-going introvert?
What skill level? How about depth of knowledge?
Click "comments" below and leave a comment!
What do you think makes up a Top 20 Loan Officer? What makes them tick? Do they need to be extroverted, or does in take an out-going introvert?
What skill level? How about depth of knowledge?
Click "comments" below and leave a comment!
"Remembering"
By Guest Blogger, Steve Heston, VP at Acxiom Corporation
“Have you forgotten how it felt that day?
To see your homeland under fire, and her people blown away
Have you forgotten when those towers fell?
We had neighbors still inside…
Have you forgotten?”
Nine years ago, we had only the oldest of The Three. Nine years ago, both my parents were still alive. Nine years ago, I had just picked up the car I finally got rid of last week. Nine years ago, we lived in a smaller house, with smaller challenges and a smaller world view.
Then came nine years ago tomorrow.
It wasn’t just an attack on buildings, airplanes and people. It was an attack on our way of life. It was an attack on the very principles and beliefs upon which America was founded.
In fact, it was an attack on freedom.
Fear is an ugly thing. Nine years ago tomorrow, they tried to make fear a primary part of the fabric of our lives and they tried to make fear an overriding aspect in our lifestyle.
Don’t be afraid, but don’t forget, either. That way, nine years from today, and nine years after that, we’ll still be the greatest country on earth, and freedom really will ring from every mountainside.
Iowa vs. Iowa State tomorrow – and when they do that pregame flyover at Kinnick Stadium – and at lots of other stadiums around the country, for that matter – some folks will remember, briefly.
Let’s remember permanently.
Oh, and make something incredible happen today.
Steve
“Have you forgotten how it felt that day?
To see your homeland under fire, and her people blown away
Have you forgotten when those towers fell?
We had neighbors still inside…
Have you forgotten?”
- Lyric from “Have You Forgotten” by Darryl Worley
Nine years ago, we had only the oldest of The Three. Nine years ago, both my parents were still alive. Nine years ago, I had just picked up the car I finally got rid of last week. Nine years ago, we lived in a smaller house, with smaller challenges and a smaller world view.
Then came nine years ago tomorrow.
It wasn’t just an attack on buildings, airplanes and people. It was an attack on our way of life. It was an attack on the very principles and beliefs upon which America was founded.
In fact, it was an attack on freedom.
Fear is an ugly thing. Nine years ago tomorrow, they tried to make fear a primary part of the fabric of our lives and they tried to make fear an overriding aspect in our lifestyle.
Don’t be afraid, but don’t forget, either. That way, nine years from today, and nine years after that, we’ll still be the greatest country on earth, and freedom really will ring from every mountainside.
Iowa vs. Iowa State tomorrow – and when they do that pregame flyover at Kinnick Stadium – and at lots of other stadiums around the country, for that matter – some folks will remember, briefly.
Let’s remember permanently.
Oh, and make something incredible happen today.
Steve
Entrepreneurial Seizures
I believe it was Michael Gerber who said "most business owners are typically just type A individuals with periodic-entrepreneurial-seizures."
Meaning, people do a pretty god job, believe (think) they can do it better than their existing company (boss) and start they're own company.
The mortgage industry's legislative changes that will change the way loan officers' are paid (and how much) plus the ability to do FHA loans without having an FHA approval is going to drive a lot of loan officers to start their own company. Those that have owned their own company before will be a bit cautious but there will be plenty of entrepreneurial seizures in the coming months and the wholesalers are starting to circle their wagons in excitement and preparedness for the influx of new business.
I know of 4 wholesalers expanding in Texas alone and there's no doubt many more. It's going to get lively.
Loan Officers, please beware of many factors in starting and running a company in today's market.
More about that in coming weeks, but what Gerber would say specifically to loan officers is something like this - "if you aren't prepared, if you don't have experience in a lot of areas, or hire that experience, you won't be originating loans and making more money. You'll be spending your time keeping books, paying taxes, dealing with authorities, and a host of other things that go into running a business. Be prepared, be purposeful, have a plan."
To that end....
Meaning, people do a pretty god job, believe (think) they can do it better than their existing company (boss) and start they're own company.
The mortgage industry's legislative changes that will change the way loan officers' are paid (and how much) plus the ability to do FHA loans without having an FHA approval is going to drive a lot of loan officers to start their own company. Those that have owned their own company before will be a bit cautious but there will be plenty of entrepreneurial seizures in the coming months and the wholesalers are starting to circle their wagons in excitement and preparedness for the influx of new business.
I know of 4 wholesalers expanding in Texas alone and there's no doubt many more. It's going to get lively.
Loan Officers, please beware of many factors in starting and running a company in today's market.
More about that in coming weeks, but what Gerber would say specifically to loan officers is something like this - "if you aren't prepared, if you don't have experience in a lot of areas, or hire that experience, you won't be originating loans and making more money. You'll be spending your time keeping books, paying taxes, dealing with authorities, and a host of other things that go into running a business. Be prepared, be purposeful, have a plan."
To that end....
AEs Wanted
National wholesale mortgage lender looking for experienced account exectutives in the following areas -
Dallas | Phoenix | Salt Lake | Denver
Please email me at danny@DannyLSmith.com for contact info.
Dallas | Phoenix | Salt Lake | Denver
Please email me at danny@DannyLSmith.com for contact info.
Mortgage: Flagstar and John McCully is Sponsoring FHA and VA Seminar
Wednesday, September 22
Hyatt Place Austin North Central
7522 I-35 North, Austin, TX 78752
Registration/Continental Breakfast: 8:30am-9am
9am-1pm
Please R.S.V.P. by Wednesday, September 15 to Dallas Support
at 800-364-1777 option 1 or dallassupport@flagstar.com
Seating is limited.
FEATURED PRESENTER -Angelo Rea, First Vice President, Flagstar Government Underwriting
Contact for more info: John McCully john.p.mccully@flagstar.com
Hyatt Place Austin North Central
7522 I-35 North, Austin, TX 78752
Registration/Continental Breakfast: 8:30am-9am
9am-1pm
Please R.S.V.P. by Wednesday, September 15 to Dallas Support
at 800-364-1777 option 1 or dallassupport@flagstar.com
Seating is limited.
FEATURED PRESENTER -Angelo Rea, First Vice President, Flagstar Government Underwriting
Contact for more info: John McCully john.p.mccully@flagstar.com
Unlocking Your Core Competency Factors
Short post about Core Competency Factors.
Your Core Competency Factors are your Talents, Attitudes, Skills and Knowledge. Much of this is seen by others in your behavior, or what some call your style.
Properly identifying these factors will help identify your strengths, weaknesses, opportunities and threats.
Proper use of good assessments can help you get better results from your Core Competency Factors.
Your Core Competency Factors are your Talents, Attitudes, Skills and Knowledge. Much of this is seen by others in your behavior, or what some call your style.
Properly identifying these factors will help identify your strengths, weaknesses, opportunities and threats.
Proper use of good assessments can help you get better results from your Core Competency Factors.
You'll be the same five years from today,
as you are today, except for what you listen
to and watch, who you hang out with,
and what you read. Be purposeful.
Book of The Month: "If You Want to Walk on Water, You've Got to Get Out of the Boat" by John Ortberg
In this blog, I'll hit highlights my highlights. Meaning, a more expanded version of my notes and highlights can be found by going to my reading blog (click).
From the Preface - There is a consistent pattern in Scripture of what happens in a life that God wants to use and improve; There is always a call / There is always fear / There is always reassurance / There is always a decision / There is always a changed life
Chapter 1; On Water Walking - Chapter's highlight (for me). Fear and being wishy-washy. Why do we not get out of the boat? For me it is fear. Fear and being unsure of God's path for me. The part about "faith or foolishness" hit home. Sometimes I don't do something I want to do because I'm afraid I'm being reckless or foolish; is this really God telling me to do something or is it just my emotions. Or, I do it but keep second guessing myself, and leaving myself a back door, or a window slightly cracked; in other words, lack of commitment.
Toilet...She Dropped Her Phone IN-THE-TOILET
It helps if people are really listening when you tell a story. I was telling my wife a story this morning about one of her loan officers dropping her phone in the toilet. As I was giving her details of how it was told to me, Cathy (my wife) look at me and said "Pardon me? Where did she drop her phone?"
I said, "Toilet."
She said, "OHHHH, I thought you said POOL and what you were saying about how she dropped it made no sense at all. No wonder you're laughing so hard."
Actually, it was the overall description of how it managed to fall in toilet, but that's another story. The point being, I'm telling a story and she assumes what I'm about to say, not really listening. How did she get POOL out of TOILET?
This happens so much, and not just with our spouses. We talk, send emails and messages, we assume our messages are being heard or read and we go on about our business; under assumptions. A client was having a hard time understanding why one of his clients wasn't making a decision to buy, called me to discuss and I reminded him about his (my client's) sales assessment (SMARTS survey) which said he needed to be more aware of his client's point-of-view. But again, another story. Point being....pay attention to what someone is saying if you want good dialog and results.
In the case of telling my wife the story, I just wanted to share a laugh with her!
Another reason that even when we're not in conflict, we need to follow the conflict rules -
1. respond, don't react
2. go to the person
3. treat the event, not the person
4. expect the best
5. see clarity, ask questions
6. talk straight and leave the right impression
7. evaluate and correct rapidly
Does pool sound anything at all like toilet? And I did say t-o-i-l-e-t. She didn't even argue with me.
I know I'm right.
To that end......
P.S. if you want to know if someone is listening, stop telling the story and see if they ask you to continue.
I said, "Toilet."
She said, "OHHHH, I thought you said POOL and what you were saying about how she dropped it made no sense at all. No wonder you're laughing so hard."
Actually, it was the overall description of how it managed to fall in toilet, but that's another story. The point being, I'm telling a story and she assumes what I'm about to say, not really listening. How did she get POOL out of TOILET?
This happens so much, and not just with our spouses. We talk, send emails and messages, we assume our messages are being heard or read and we go on about our business; under assumptions. A client was having a hard time understanding why one of his clients wasn't making a decision to buy, called me to discuss and I reminded him about his (my client's) sales assessment (SMARTS survey) which said he needed to be more aware of his client's point-of-view. But again, another story. Point being....pay attention to what someone is saying if you want good dialog and results.
In the case of telling my wife the story, I just wanted to share a laugh with her!
Another reason that even when we're not in conflict, we need to follow the conflict rules -
1. respond, don't react
2. go to the person
3. treat the event, not the person
4. expect the best
5. see clarity, ask questions
6. talk straight and leave the right impression
7. evaluate and correct rapidly
Does pool sound anything at all like toilet? And I did say t-o-i-l-e-t. She didn't even argue with me.
I know I'm right.
To that end......
P.S. if you want to know if someone is listening, stop telling the story and see if they ask you to continue.
9/03/2010: Week in the Mirror
Contract negotiations with a vendor did not start out so well; my wife says I'm too "nice," but then she changed it to wishy-washy. The thought came to mind of what a couple of coaches (Richard Balius and Joe Zente) I had 3 years ago that told me. They commented one day, in reply to my frustration, "it wasn't that I didn't have people working, heck, I had the hardest workingest group he'd ever seen." They said the problem was "clarity; those working directly with me weren't clear on what they I wanted them to be doing." They then drew a picture of a big cloud with lightening bolts and rain drops. I guess I was the big cloud and the bolts and drops were.....never mind. The contract got worked out and I continue to try hard to be clear.
The "virtual manager" I launched a few weeks ago came from my friend Brandon Dady. Brandon worked with me for a few months and saw how many people came to me with quick questions and how a service like would be extremely beneficial; find a need and fill it. Without getting too personal, one new person that came to me this week was having frustrations with her manager. There are usually faults on both sides of the problem and it was great to see her dig through the questions and considerations I gave her and ponder her own weaknesses that have led to the conflicts. She is determined to do the right thing and doesn't want to just change employers to just have the same problems all over again. That's great in-the-box work.
My new Trust-in-Sales (still working on name) seminar is about wrapped up and ready for the streets. This is culmination of previous seminars I've done; subjects include are behaviors in selling, knowing yourself to know your clients, sales processes, business plans, CRM, knowing what your attracting, social media and building a key sales team. Sales is much different today than 25 years ago. Clients are much more educated, focused and willing to change quickly. Its not just the internet, but what the internet brings to a clients' fingertips. Yet, many sales people are still trying to do the same old thing; and I argue that isn't necessarily bad, but know what your competition is doing and consider how to adjust. The initial summary clinic will be 2 1/2 hours and the entire program will be merged into a focus group type setting.
This blog was accessed over 100 times on Tuesday for the second time in a single day. As I've written and commented, social media has a definite place on any company's sales and marketing agenda and I've enjoyed testing different strategies to see what best sticks for me.
Have a great weekend.
Danny
The "virtual manager" I launched a few weeks ago came from my friend Brandon Dady. Brandon worked with me for a few months and saw how many people came to me with quick questions and how a service like would be extremely beneficial; find a need and fill it. Without getting too personal, one new person that came to me this week was having frustrations with her manager. There are usually faults on both sides of the problem and it was great to see her dig through the questions and considerations I gave her and ponder her own weaknesses that have led to the conflicts. She is determined to do the right thing and doesn't want to just change employers to just have the same problems all over again. That's great in-the-box work.
My new Trust-in-Sales (still working on name) seminar is about wrapped up and ready for the streets. This is culmination of previous seminars I've done; subjects include are behaviors in selling, knowing yourself to know your clients, sales processes, business plans, CRM, knowing what your attracting, social media and building a key sales team. Sales is much different today than 25 years ago. Clients are much more educated, focused and willing to change quickly. Its not just the internet, but what the internet brings to a clients' fingertips. Yet, many sales people are still trying to do the same old thing; and I argue that isn't necessarily bad, but know what your competition is doing and consider how to adjust. The initial summary clinic will be 2 1/2 hours and the entire program will be merged into a focus group type setting.
This blog was accessed over 100 times on Tuesday for the second time in a single day. As I've written and commented, social media has a definite place on any company's sales and marketing agenda and I've enjoyed testing different strategies to see what best sticks for me.
Have a great weekend.
Danny
Loan Officers - Pay attention to the 4 Ps and Get Better Results
Results. Good results. The thing we all want is good results. Philosophers back to at least Aristotle (350 BC) have been pondering the number 1 thing a human craves and they've always decided "fun." People just want to have fun. Most of us can equate fun to results; Good Results = FUN.
I was recently asked if I felt the current market (down, money's tight) was causing problems in my coaching/consulting practice, and were people really spending money on assessments in times like these? My answer...
"No, when times are tough, people are trying harder right now to get results. Times like these causes us to dig deeper, to look harder at our strengths and abilities, and to get more out of what we already have instead of spending money on new speculations."
In my coaching and training I use what I call the 4P Path Initiate to improve results -
1. Define your Purpose: what mission are you trying to fulfill?
2. Be Prepared for the path: determine and strengthen you Talents, Attitudes, Skills and Knowledge
3. Lay out a Plan: set goals, have variances in your strategies, know your sales attraction
4. Practice your purpose, preparedness, and plan; be purposeful about what you are doing and know that everything except your Purpose needs to mature. Learn, re-cast, and change.
Preparing yourself for the path will strengthen whatever path you find yourself on and you'll be better prepared to achieve good results.
I was recently asked if I felt the current market (down, money's tight) was causing problems in my coaching/consulting practice, and were people really spending money on assessments in times like these? My answer...
"No, when times are tough, people are trying harder right now to get results. Times like these causes us to dig deeper, to look harder at our strengths and abilities, and to get more out of what we already have instead of spending money on new speculations."
In my coaching and training I use what I call the 4P Path Initiate to improve results -
1. Define your Purpose: what mission are you trying to fulfill?
2. Be Prepared for the path: determine and strengthen you Talents, Attitudes, Skills and Knowledge
3. Lay out a Plan: set goals, have variances in your strategies, know your sales attraction
4. Practice your purpose, preparedness, and plan; be purposeful about what you are doing and know that everything except your Purpose needs to mature. Learn, re-cast, and change.
Preparing yourself for the path will strengthen whatever path you find yourself on and you'll be better prepared to achieve good results.
Prepare the student for the path, not the path for the student.
Brad McCoy - Colt's Dad
To that end.....
Blind Spots: They're Called That For A Reason
To see something in your blind spot, you have to either move around, or, have someone point it out to you. Otherwise it's not a blind spot. Correct? Normally, I need someone to point it out to me, or to utilize some sort of device.
A device to eliminate blind spots are good assessments. I've been using assessments for over 19 years. This began when I read an article about the top 20 loan officers in the U.S. and was struck by all the commonalities. Not necessarily in their marketing and customer base, but other aspects of the people themselves. The search for those commonalities led me to the utilization of over 3,000 assessments as I've worked to help individuals and teams increase their performance and results.
A good assessment will help.....
To that end......
A device to eliminate blind spots are good assessments. I've been using assessments for over 19 years. This began when I read an article about the top 20 loan officers in the U.S. and was struck by all the commonalities. Not necessarily in their marketing and customer base, but other aspects of the people themselves. The search for those commonalities led me to the utilization of over 3,000 assessments as I've worked to help individuals and teams increase their performance and results.
A good assessment will help.....
- give a clear and accurate depiction of where the individual is today
- prepare the individuals for the path and create a map to insure the individual's success
- identify key areas in which the individual needs development
- an individual choose or change careers
- equip teams to function at a highly colaborative level
- manage employee development
- leadership development
- with job fit (whether you're looking for a job, or interviewing others)
- succession planning and talent management
To that end......
Loan Officers - Warning - Be Purposeful About Using Your NMLS #
Loan officers need to really pay attention to the guidance they receive and authority they give over to others in the use of their NMLS number. Loan applications you are taking today can have much farther reaching affect on your career than you can imagine.
For example: if you are given wrong advice about how to structure that loan and years from now it is determined there were inappropriate actions involved in that file, it is your number associated with that file. One file might not be that big of a problem, but what if it happens on 5, or 10?
I'm just saying that loan officers can't just sloth accountability off to the processor or underwriter any longer. You shouldn't have anyway, but that's what has happened too much of the time.
Be aware of who you are giving access to your NMLS number. It can make a difference to your career.
Comments and dialog welcome!! See comment section below or email me at danny@dannylsmith.com.
To that end....
For example: if you are given wrong advice about how to structure that loan and years from now it is determined there were inappropriate actions involved in that file, it is your number associated with that file. One file might not be that big of a problem, but what if it happens on 5, or 10?
I'm just saying that loan officers can't just sloth accountability off to the processor or underwriter any longer. You shouldn't have anyway, but that's what has happened too much of the time.
Be aware of who you are giving access to your NMLS number. It can make a difference to your career.
Comments and dialog welcome!! See comment section below or email me at danny@dannylsmith.com.
To that end....
Case Study: Predictable Behavioral Patterns - Jack
Jack is a salesperson; He called recently asking for advice on how to handle a difficult customer. Jack was very upset at the customer for not “pulling the trigger” and was considering dumping him. I reminded Jack that his SMARTS assessment pointed out that 1. top producing sales people have a certain level of empathy for the customer’s point-of-view 2. he, Jack, scored low in that area and 3. we had discussed some ways in which he might develop a habit, or discipline to not be so reactive, but instead, be responsive. One discipline is to call me before making any brash or hurried decisions that was not in his written sales strategy.
This is a good example of a seemingly small factor in predictable behavioral patterns. Hopefully, having taken the SMARTS assessment, and continuing to learn from its output will give Jack better sales results in the near and distant future.
In this case, the research into SMARTS assessments points to a certain predictability pattern in a top producing sales person and Jack’s results of taking the assessment showed he was low in this area and needed attention and training.
This is a good example of a seemingly small factor in predictable behavioral patterns. Hopefully, having taken the SMARTS assessment, and continuing to learn from its output will give Jack better sales results in the near and distant future.
In this case, the research into SMARTS assessments points to a certain predictability pattern in a top producing sales person and Jack’s results of taking the assessment showed he was low in this area and needed attention and training.
Great Performance Comes From.......
Great Performance Comes From.......
Used with permission.
Thanks to Skip Carruth, VP, McLane Advanced Technologies - from the email of his notes from a presentation by Geoff Colvin, Editor-at-Large for Fortune Magazine at the Central Texas Economic Conference.
Geoff told this story to highlight what he thinks will be critical for businesses during this recessionary period:
In the 2004 Tour de France, Lance Armstrong was attempting the impossible – a 6th win of this most prestigious event. Through the first 4 stages, the winners of each stage changed hands but for the next 10 stages, Frenchman Thomas Voeckler never lost first place and led the field by 22 seconds. The next 3 stages were the most brutal and demanding of the tour - the Alps stages. Battling through a series of three seeming impossible ascents, Lance sprinted ahead on the first mountain stage and already led the field by 1:25. On the last day of the mountain stage, Lance was caught off guard by the sprint of a German rider, Kloden with only a half mile to go. Lance knew his teammate did not have the stamina to threaten the leader. The German rider led by 110 yards with only 600 yards to go. In what is arguably the most exciting finish of any stage in Tour history, Lance gave it all he had, passing and ultimately beating the German by a few inches. By the last stage of the mountains, Lance had extended his lead to 4:09. Never again was anyone a serious threat to beat Lance who went on to win this Tour as well as a 7th title.
Geoff’s point was this – we are in the mountain stages of our business life. The recession is looming and the battle will be difficult. But those that rise to the challenge and work hard during this most difficult time will be so far ahead that, when we come out, no one will catch up.
With that in mind, Geoff gave us 5 things that leaders do in difficult times:
1. Focus on the most critical things and reset the targets. If there’s a freight train bearing down on you (like the recession), don’t pull out the strategic plan. Put all the stuff aside, roll up your sleeves and tackle the challenges head on.
2. Focus on the core – for example:
a. Dow Chemical during the depression believed that chemical research was its core and it invested in that research. Coming out of that, among other things, were NYLON and NEOPRENE.
b. Coca-Cola knows that its BRAND is its most valuable asset. When economic conditions are difficult, they INCREASE advertising and marketing funds.
3. Protect your most valuable assets – people, relationships and culture. The first 3 budget items cut in a downturn are travel and entertainment, advertising, and training and development. The leaders train, develop their workforce and out-brand their competitors. These times are the best times to evaluate your people – “You don’t know who is swimming naked until the tide goes out.” Get rid of those folks that EVERYONE ELSE knows are deadwood and develop and even hire the underappreciated best from elsewhere. What you do with your people will be remembered for a long, long time.
4. The best leaders communicate like crazy – far more than when things are going well. Your people are nervous and anxious. Be honest, be realistic and be encouraging! Don’t “hunker in the bunker” but get out and share optimism and enthusiasm.
5. The best companies realize that we need to increase the value of what we’re offering. Redefine the value and develop new solutions for the new economy. For example:
Verizon saw a dramatic increase in households that were cancelling their landlines at home. They weren’t going to let go of their cell phones so, drop the home phone. The copper leading to these homes was paid for 50 years ago – that revenue is very profitable. Verizon changed their message and encouraged people to keep their home phones – pay only $5/mo ($5 is greater than $0!!!) but they can only call Verizon (of course) and 911 in an emergency and the home phone will still work when power to the home goes out. They salvaged what would have been a significant loss by changing the value equation.
Geoff’s final message – “Great performance comes from deliberate long-term practice and skills developed over the long-haul.”
Skip Carruth
Vice President – Commercial
McLane Advanced Technologies
Office: 254.791.8300
eMail: skip.carruth@mclaneat.com
Web: http://smb.mclaneat.com/ http://www.mclaneat.com/
Used with permission.
Thanks to Skip Carruth, VP, McLane Advanced Technologies - from the email of his notes from a presentation by Geoff Colvin, Editor-at-Large for Fortune Magazine at the Central Texas Economic Conference.
Geoff told this story to highlight what he thinks will be critical for businesses during this recessionary period:
In the 2004 Tour de France, Lance Armstrong was attempting the impossible – a 6th win of this most prestigious event. Through the first 4 stages, the winners of each stage changed hands but for the next 10 stages, Frenchman Thomas Voeckler never lost first place and led the field by 22 seconds. The next 3 stages were the most brutal and demanding of the tour - the Alps stages. Battling through a series of three seeming impossible ascents, Lance sprinted ahead on the first mountain stage and already led the field by 1:25. On the last day of the mountain stage, Lance was caught off guard by the sprint of a German rider, Kloden with only a half mile to go. Lance knew his teammate did not have the stamina to threaten the leader. The German rider led by 110 yards with only 600 yards to go. In what is arguably the most exciting finish of any stage in Tour history, Lance gave it all he had, passing and ultimately beating the German by a few inches. By the last stage of the mountains, Lance had extended his lead to 4:09. Never again was anyone a serious threat to beat Lance who went on to win this Tour as well as a 7th title.
Geoff’s point was this – we are in the mountain stages of our business life. The recession is looming and the battle will be difficult. But those that rise to the challenge and work hard during this most difficult time will be so far ahead that, when we come out, no one will catch up.
With that in mind, Geoff gave us 5 things that leaders do in difficult times:
1. Focus on the most critical things and reset the targets. If there’s a freight train bearing down on you (like the recession), don’t pull out the strategic plan. Put all the stuff aside, roll up your sleeves and tackle the challenges head on.
2. Focus on the core – for example:
a. Dow Chemical during the depression believed that chemical research was its core and it invested in that research. Coming out of that, among other things, were NYLON and NEOPRENE.
b. Coca-Cola knows that its BRAND is its most valuable asset. When economic conditions are difficult, they INCREASE advertising and marketing funds.
3. Protect your most valuable assets – people, relationships and culture. The first 3 budget items cut in a downturn are travel and entertainment, advertising, and training and development. The leaders train, develop their workforce and out-brand their competitors. These times are the best times to evaluate your people – “You don’t know who is swimming naked until the tide goes out.” Get rid of those folks that EVERYONE ELSE knows are deadwood and develop and even hire the underappreciated best from elsewhere. What you do with your people will be remembered for a long, long time.
4. The best leaders communicate like crazy – far more than when things are going well. Your people are nervous and anxious. Be honest, be realistic and be encouraging! Don’t “hunker in the bunker” but get out and share optimism and enthusiasm.
5. The best companies realize that we need to increase the value of what we’re offering. Redefine the value and develop new solutions for the new economy. For example:
Verizon saw a dramatic increase in households that were cancelling their landlines at home. They weren’t going to let go of their cell phones so, drop the home phone. The copper leading to these homes was paid for 50 years ago – that revenue is very profitable. Verizon changed their message and encouraged people to keep their home phones – pay only $5/mo ($5 is greater than $0!!!) but they can only call Verizon (of course) and 911 in an emergency and the home phone will still work when power to the home goes out. They salvaged what would have been a significant loss by changing the value equation.
Geoff’s final message – “Great performance comes from deliberate long-term practice and skills developed over the long-haul.”
Skip Carruth
Vice President – Commercial
McLane Advanced Technologies
Office: 254.791.8300
eMail: skip.carruth@mclaneat.com
Web: http://smb.mclaneat.com/ http://www.mclaneat.com/
Don't Die With Your Talents and Gifts
There’s a story about a man dying and going to heaven. While being shown around, he kept asking about a very large building off in the distance but was continuously told “forget about it.”
Finally, after much pestering, his host took him to the building and with one final warning of “you really don’t want to do this, it’s no longer of value to you.”
The man didn’t care, he wanted to know what was in that building. As the story goes, the building was full of boxes; one for every person that ever lived.
In each box were ideas, gifts, and blessing never used, most never even asked for nor explored. Just laying there because they were each made specially for him, like for all of us.
Don’t let what’s in your box die with you; search out what’s locked up inside.
Finally, after much pestering, his host took him to the building and with one final warning of “you really don’t want to do this, it’s no longer of value to you.”
The man didn’t care, he wanted to know what was in that building. As the story goes, the building was full of boxes; one for every person that ever lived.
In each box were ideas, gifts, and blessing never used, most never even asked for nor explored. Just laying there because they were each made specially for him, like for all of us.
Don’t let what’s in your box die with you; search out what’s locked up inside.
National Association of Mortgage Processors
Anyone in the mortgage or real estate business will appreciate this website;
http://www.mortgageprocessor.org/
http://www.mortgageprocessor.org/
The Company is nothing without the People
Companies are about people, products, technology, and profit, and policies, and procedures, and meetings....and more and more things; both tangible and non.
But without the people, and any good leader, manager, owner will admit, not worth much. Yet, as a company brings the people together, it rarely spends money on the people. Oh, of course it pays the people and provides adequate facilities and things such as that, but what about investing in people? Insuring you have the right job fit coming in and the proper maturity once hired? Things change, industries change, and most people are not purposefully trying to learn and change. Too many, most even, are just trying to keep up. I'm not sure who it was that said the following quote, but it permeates what I'm talking about -
Give me six hours to chop down trees and I'll spend an hour sharpening by ax.
I'm not just referring to business owners and managers, this is about individuals taking responsibility for his/her own career. How do you know you can work with others? Do you know if they can work with you? But you need a paycheck you say? You say you'll make it work? What are you doing to stay up with the competitive workforce. Do you realize that you are taking in information at 20 times the rate the normal person was 50 years ago? Do you realize the younger generation is way ahead of you on what is changing (see Social Media postings in this blog)?
Job fit is a relative new term, some call it "calling." How's your job fit? Do you know if you are going to fit in well with you new job, or are you struggling with aspects of your existing one?
A tool for identifying these strengths, weakness and blind spots is an assessment. A good assessment, when used properly, will help you find out a bit about yourself that will, when used properly
Not only will you learn about blind spots and strengths, you could realize what is causing you to struggle, a weakness that could be easily corrected by a peer's strength.
Learn more by clicking assessments, emailing danny@dannylsmith.com or calling 512-773-6528.
Be purposeful...learn....change (you're going to whether you like it or not!). You, your family, and your company are worth it.
You and I will be the same five years from now, as we are now, except for what we watch and listen to, who we associate with, and what we ready; be purposeful.
To that end....
Oh, and as always, comments and questions (dialog) is welcome.
Book: The Five Most Important Questions You Will Ever Ask About Your Organization
Notes are from the AudioTech Book Summary:
Explore….the five simple, yet essential questions first posed by Peter F. Drucker, who is widely considered to be the world’s foremost pioneer of management theory. (In this issue's column)
Analyze….your organization’s mission, which should be a short, sharply focused statement that tells everyone why you do what you do, not how you do it. (In this issue column)
Assess….who your target customers are, who and what influences them, what they value, how you can create satisfying experiences for them, and which customers you should stop serving. (In this issue column)
Determine….what specific results your organization should be striving to achieve, and where you should focus for future success. (In this issue column)
Develop….your organization’s plan, which must define the particular place you want to be as well as the budget and action steps that will enable you to get there. (In this issue column)
These five simple questions will help you to assess what you are doing, why you are doing it, and what you must do to improve the organizations performance. (page 1)
What is our mission?
Who is our customer?
What does our customer value?
What are our results?
What is our plan?
The questions then guide you through the process of assessing how well you are doing, ending with a measurable, results-focused strategic plan to further the mission and to achieve the organization’s goals, guided by the vision. (page 1).
Read more of this review at In-The-Box: Read Well
While the book is focused more on large organizations, the material is an excellent read for those searching out a sales strategies and procees. Few companies, of any size, spend time asking questions such as those poised by Mr. Drucker. Studying these questions and their subsequent answers as it relates to you and your organization is worth the time you'll spend with your team and coach.
Be purposeful.
To that end......
Habits and Winning
Wikipedia defines Habits as routines of behavior that are repeated regularly, tend to occur subconsciously, without directly thinking consciously about them.
Dictionary.com defines Winning, in adjective form as successful or victorious acts, or the noun as the act of a person or thing that wins.
So, Winning Habits would be something like subconscious behavior that routinely brings about successful acts without consciously thinking about them.
What Winning is not;
1. Winning is not about IQ, and while talent helps, it is not always necessary
2. Winning is not necessarily about starting out with more money
3. Winning is not about luck
4. Winning is not about education
5. Winning is not about being in the right place at the right time
Winning is the self-management of attitudes and actions that become daily habit patterns. Losing and winning lifestyles are reflex habits, like brushing your teeth and driving your car.
There is a fine line between success and failure. Whether it is golf, football, or wall street, it is only a few strokes or points that separate the winners from the rest of the field.
Successful people win by developing good habits and disciplines...and never giving up. I said....NEVER GIVING UP.
Ben Franklin, at the age of 19, felt there were 13 virtues important to him and until his death at 76 he worked on improving one each week. His virtues were self-control, silence, order, determination, economy, productivity, truthfulness, justice, moderation, cleanliness, peace, chastity, and humility. For 57 years he worked on developing better habits surrounding these virtues; 228 times he paid specific attention to each of his virtues. No doubt that his success was heavily weighed against this discipline, nor is there doubt that this discipline developed subconscious habits.
Here are suggestions for some habits that will help with winning;
1. Develop the Habit of remembering that success, and life, is a process
2. Develop the Habit of dreaming your own dream; know who you are and where you want to go, but prepare yourself more than the path.
3. Develop the Habit of living according to your true mission and values.
4. Develop the Habit of working out your mission with a plan and a purpose
5. Develop the Habit of aligning your motives, agenda, and behavior - don't be a faker.
6. Develop the Habit of working at what you do well; determine your Core Competency Factors (Talents, Attitude, Skills and Knowledge)
7. Develop the Habit of dropping the excuses / stop blaming others and yourself; see QBQ by John Miller.
8. Develop the Habit of trusting AND verifying; inspect what you expect.
9. Develop the Habit of polishing your shoes - make a good impression
10. Develop the Habit of treating failure and problems as fertilizer - learning experiences provide growth; failure is an event, not a person (Zig Ziglar)
11. Develop the Habit of focusing your energy on one thing at a time. Studies show that multi-tasking causes short-term memory loss (seriously).
12. Develop the Habit of realizing things are not usually what they seem; seek clarity, ask questions, and accept advice (see post in this blog about Bad Teamwork/Conflict)
13. Develop the Habit of setting goals
14. Develop the Habit of never giving up; you might be Three Feet From Gold (see book by that name)
15. Develop the Habit of developing a reputation for being early; it's an incredible show of credibility
16. Develop the Habit of acting like you're self-employed; have the entrepreneur attitude and think "sell something...no matter what your position."
17. Develop the Habit of being honest with everyone, including yourself - your reputation always precedes you; you know when you aren't honest and it depletes the credibility you have with yourself
18. Develop the Habit of not compromising your integrity for the sake of winning; see #17
19. Develop the Habit of working with people that have the values and character that you strive for; don't compromise; your going to be same you are today except for what you listen to and watch, what you read, and who you associate with.
20. Develop the Habit of looking over your shoulder and evaluating your performance; looking back at today, yesterday, last week / month / year. Don't waste the struggles nor the triumphs.
21. Develop the Habit of increasing your knowledge base; never stop learning and never stop changing with the learning. You'll be the same as you are today except for what you listen to and watch, who you associate with and what you read.
You're going to be the same 5 years from today as you are today except for the habits you change; you change habits by who you associate with, what you watch and listen to, and what you read.
The world is changing; you win by changing and/or improving your habits.
To that end.......God Bless,
Dictionary.com defines Winning, in adjective form as successful or victorious acts, or the noun as the act of a person or thing that wins.
So, Winning Habits would be something like subconscious behavior that routinely brings about successful acts without consciously thinking about them.
What Winning is not;
1. Winning is not about IQ, and while talent helps, it is not always necessary
2. Winning is not necessarily about starting out with more money
3. Winning is not about luck
4. Winning is not about education
5. Winning is not about being in the right place at the right time
Winning is the self-management of attitudes and actions that become daily habit patterns. Losing and winning lifestyles are reflex habits, like brushing your teeth and driving your car.
Successful people win by developing good habits and disciplines...and never giving up. I said....NEVER GIVING UP.
Ben Franklin, at the age of 19, felt there were 13 virtues important to him and until his death at 76 he worked on improving one each week. His virtues were self-control, silence, order, determination, economy, productivity, truthfulness, justice, moderation, cleanliness, peace, chastity, and humility. For 57 years he worked on developing better habits surrounding these virtues; 228 times he paid specific attention to each of his virtues. No doubt that his success was heavily weighed against this discipline, nor is there doubt that this discipline developed subconscious habits.
Here are suggestions for some habits that will help with winning;
1. Develop the Habit of remembering that success, and life, is a process
2. Develop the Habit of dreaming your own dream; know who you are and where you want to go, but prepare yourself more than the path.
3. Develop the Habit of living according to your true mission and values.
4. Develop the Habit of working out your mission with a plan and a purpose
5. Develop the Habit of aligning your motives, agenda, and behavior - don't be a faker.
6. Develop the Habit of working at what you do well; determine your Core Competency Factors (Talents, Attitude, Skills and Knowledge)
7. Develop the Habit of dropping the excuses / stop blaming others and yourself; see QBQ by John Miller.
8. Develop the Habit of trusting AND verifying; inspect what you expect.
9. Develop the Habit of polishing your shoes - make a good impression
10. Develop the Habit of treating failure and problems as fertilizer - learning experiences provide growth; failure is an event, not a person (Zig Ziglar)
11. Develop the Habit of focusing your energy on one thing at a time. Studies show that multi-tasking causes short-term memory loss (seriously).
12. Develop the Habit of realizing things are not usually what they seem; seek clarity, ask questions, and accept advice (see post in this blog about Bad Teamwork/Conflict)
14. Develop the Habit of never giving up; you might be Three Feet From Gold (see book by that name)
15. Develop the Habit of developing a reputation for being early; it's an incredible show of credibility
16. Develop the Habit of acting like you're self-employed; have the entrepreneur attitude and think "sell something...no matter what your position."
17. Develop the Habit of being honest with everyone, including yourself - your reputation always precedes you; you know when you aren't honest and it depletes the credibility you have with yourself
18. Develop the Habit of not compromising your integrity for the sake of winning; see #17
19. Develop the Habit of working with people that have the values and character that you strive for; don't compromise; your going to be same you are today except for what you listen to and watch, what you read, and who you associate with.
20. Develop the Habit of looking over your shoulder and evaluating your performance; looking back at today, yesterday, last week / month / year. Don't waste the struggles nor the triumphs.
21. Develop the Habit of increasing your knowledge base; never stop learning and never stop changing with the learning. You'll be the same as you are today except for what you listen to and watch, who you associate with and what you read.
You're going to be the same 5 years from today as you are today except for the habits you change; you change habits by who you associate with, what you watch and listen to, and what you read.
The world is changing; you win by changing and/or improving your habits.
To that end.......God Bless,
Social Media - What Does It Mean To Your Business, Your Career?
No matter what your career or business model, social media must be included in the marketing report, even if to say "it is not important." Huh?
Eirk Qualman, author of Socialnomics says "we don't have a choice on whether we DO social media, the question is how well we DO it."
Consider the following data -
- 1 out of 8 couples married in US met via social media (I personally know 4 couples)
- If Facebook were a country it would be the 3rd largest
- A US Dept of Education study revealed that online students out perform classroom students
- Boston College and some other universities has stopped distributing e-mail accounts and depend upon social media
- The time it took to reach
- 50 million users
- Radio - 38 years
- TV - 13 years
- Internet - 4 years
- iPod - 3 years
- 200 million users
- Facebook - 11 months
- 1 Billion downloads
- iPod - 9 months
- 80% of companies use social media for recruiting; 95% of these use LinkedIn
- The fastest growing segment on Facebook is 55-65 yr old females
- 34% of the 200,000,000 bloggers post opinions about products and brands
- 78% of consumers trust peer recommendations; only 14% trust advertisements
- Social Media isn't a fad, it's a fundamental shift in the way we communicate
These facts and more are in the above video.
What are you doing to your career or business with or without social media. Again, even if you don't use Facebook, or LinkedIn, or Twitter, or a host other social media sites, at least know what is going on; ask questions, talk to your peers....pay attention. You career might depend upon it!
To that end....
Fed Releases Loan Officer Compensation Rule
From Bloomberg.Com
By Joshua Zumbrun - Aug 16, 2010 10:50 AM CT
The Federal Reserve announced rules aimed at preventing mortgage originators from receiving more compensation for selling home loans with higher interest rates.
“A loan originator may not receive compensation that is based on the interest rate or other loan terms,” the Fed said today. “This will prevent loan originators from increasing their own compensation by raising the consumers’ loan costs,” the Fed said as part of five final, interim or proposed rules released in Washington to combat unfair or abusive lending. Read more @ Bloomberg
Read details @ Board of Governors of the Federal Reserve System
How this plays out for everyone's income, including the gross compensation at the company level remains to be seen. This combined with FHA's elimination of a broker's need to be approved to do FHA loans will have a dramatic impact on the compensation models and business strategies of loan officers and company owners alike.
I'd enjoy comments, questions and discussions along these lines.
By Joshua Zumbrun - Aug 16, 2010 10:50 AM CT
The Federal Reserve announced rules aimed at preventing mortgage originators from receiving more compensation for selling home loans with higher interest rates.
“A loan originator may not receive compensation that is based on the interest rate or other loan terms,” the Fed said today. “This will prevent loan originators from increasing their own compensation by raising the consumers’ loan costs,” the Fed said as part of five final, interim or proposed rules released in Washington to combat unfair or abusive lending. Read more @ Bloomberg
Read details @ Board of Governors of the Federal Reserve System
How this plays out for everyone's income, including the gross compensation at the company level remains to be seen. This combined with FHA's elimination of a broker's need to be approved to do FHA loans will have a dramatic impact on the compensation models and business strategies of loan officers and company owners alike.
I'd enjoy comments, questions and discussions along these lines.
My Name is Andre Agassi and I Hate Tennis....
WOW! What a shocking statement from an incredible athlete who reached the pinnacle of his career. "My name is Andre Agassi.....I play tennis for a living, even though I hate tennis, hate it with a dark and secret passion, and always have."
Agassi makes this statement in the introduction to his autobiography "Open." Matt Carter, senior pastor at Austin Stone Community Church, read it a few months ago during a sermon on Theology of Work. I was struck then about the depth and ramifications of such a statement from such a successful person, and continue now to be equally awed after reading the book and pondering Agassi's motives and behavior. I'm struck with how hard he worked at a job he despised so much; I don't care who you are....that's credibility.
How do you feel about your job? Do you hate your job, but continue to develop your T.A.S.Ks (core competency factors)? Do you strive to be the best in the world at what you do, yet hate it? Agassi was and did, but while he hated playing tennis, he felt he had a job to do, a mission to fulfill. Agassi searched out his strengths and weaknesses, he knew he could do it until it came time to do something else and he hated loosing. He was determined to put in the time and effort to get better, to improve. When he couldn't do something himself, he found someone that could help him.
Or...are you just not sure why you don't do better than you do?
Or...your not sure what job you would even really want to do, even if you had a choice. You've heard about callings but have no idea what it means to you; you keep asking "what am I supposed to do with my life?"
Or..."I keep waiting for God to show me what he wants me to do, so for now I just do this."
Or...you're in the perfect job, but know you can do better than you do; you've leveled out and can't figure out why.
Agassi's story is not unique, except maybe the money part. While there are plenty who are incredibly good at what they do, yet dislike the job in some form or fashion, and make even make good money, there are an abundance of those who aren't that good, don't have the competency, and yet through the efforts of themselves and/or their bosses, stay on the job.
If you are unhappy or disappointed with your job, the reason could be as simple as learning what and where to focus, or it could be about bad job fit. In either case, what are you doing about your situation? If you've leveled out, it is likely that you need better direction and focus, and/or you have ideas inside you that need to be jostled lose.
You are going to be the same five years from now except for what you listen to and watch, who you associate with, and what you read. Learning more about your specific talents, attitudes, skills, and knowledge (competency factors) is part of the first step towards being purposeful about who you are five years from now. You are a unique individual and there are more ideas inside you than you can possible imagine! Unlock them.
Find out more about this and other In-the-Box ideas, click here or call 512-773-6528.
To that end.....
PS - This book is a great read and I highly recommend it; my additional thoughts and review will be posted soon at Read Well.
Learning and Not Changing is NOT Learning
As one works to improve Talents, Attitudes, Skills and Knowledge, he/she will naturally develop new behavior traits. Yet, battling against habits/tendencies that have brought about bad results in the past will still be a challenge.
Here are 4 bad behaviors that tend show themselves in most of us:
1. Trusting people without accountability
2. "hoping" too much
3. Not following through on requests; not inspecting what is expected
4. Not enough GOOD meetings, including GOOD "sneaker" meetings (leading by walking around)
As to the meetings.....I've written and talked extensively about meetings, what books to read about meetings, and why meetings HAVE TO HAPPEN. But until recently, I had not really clicked on why people don't like meetings; they don't like meetings because they don't like the accountability that comes along with Good meetings. No doubt there are plenty of "bad" meetings (bad bad meeting - shame on you), but right now I'm referring to those good results-driven meetings. One behavior to look out for is the "well, that's an hour of my life that I'll never get back" behavior. That is an indication of a passive-aggressive behavior that is doing nothing but tearing at the heart of the entire organization.
Having good meetings is essential to your success as an individual and your organization. You have to know who is in the box with you. You have to know what is driving behaviors. What is each teammembers' agenda, their motive for being at work? Is it just to earn a paycheck? A bigger paycheck? Are those in the box with you good followers?
Are they trying to make a real difference? Do they want to be part of something bigger than themselves? Are they trying to make a difference or make a bigger money?
If your meetings are good meetings, something is really happening. Agendas are being sat, accountability is enforced, and planning is talked about. A good meeting has some drama also (see Death by Meeting...Lencioni). But that person constantly struggling to come to meetings is undoubtedly going back to his/her desk or out into the field and do what he/she wants. And killing your mission and purpose while trampling your values. This person, regardless of what was previously agreed upon, will do only what he/she wants in the long run.
Now....this person might be a good SINGLE contributor, but recognize and drive that strength (another discussion). Otherwise, this is someone that doesn't belong in the box with you. Forget about the bus. Forget about a seat on the bus. Just get him out of the box. And quick.
You want people that are part of a Team; a Together-Everyone-Achieves-More mind-set. Teamwork is a reality of Success, but we'll never succeed long-term without good Teamwork and people that talk about together-everyone-achieves-more and yet runs his own agenda is conning himself and others that depend upon him.
Look at the past, learn from it, and change. Know who's in the box with you.
Get out of your rut, learn from the past, and quit trying to change everyone. If they haven't changed, they're likely not going to change and you'd better.
Learn, but change.
To that end........
Here are 4 bad behaviors that tend show themselves in most of us:
1. Trusting people without accountability
2. "hoping" too much
3. Not following through on requests; not inspecting what is expected
4. Not enough GOOD meetings, including GOOD "sneaker" meetings (leading by walking around)
As to the meetings.....I've written and talked extensively about meetings, what books to read about meetings, and why meetings HAVE TO HAPPEN. But until recently, I had not really clicked on why people don't like meetings; they don't like meetings because they don't like the accountability that comes along with Good meetings. No doubt there are plenty of "bad" meetings (bad bad meeting - shame on you), but right now I'm referring to those good results-driven meetings. One behavior to look out for is the "well, that's an hour of my life that I'll never get back" behavior. That is an indication of a passive-aggressive behavior that is doing nothing but tearing at the heart of the entire organization.
Having good meetings is essential to your success as an individual and your organization. You have to know who is in the box with you. You have to know what is driving behaviors. What is each teammembers' agenda, their motive for being at work? Is it just to earn a paycheck? A bigger paycheck? Are those in the box with you good followers?
Are they trying to make a real difference? Do they want to be part of something bigger than themselves? Are they trying to make a difference or make a bigger money?
If your meetings are good meetings, something is really happening. Agendas are being sat, accountability is enforced, and planning is talked about. A good meeting has some drama also (see Death by Meeting...Lencioni). But that person constantly struggling to come to meetings is undoubtedly going back to his/her desk or out into the field and do what he/she wants. And killing your mission and purpose while trampling your values. This person, regardless of what was previously agreed upon, will do only what he/she wants in the long run.
Now....this person might be a good SINGLE contributor, but recognize and drive that strength (another discussion). Otherwise, this is someone that doesn't belong in the box with you. Forget about the bus. Forget about a seat on the bus. Just get him out of the box. And quick.
You want people that are part of a Team; a Together-Everyone-Achieves-More mind-set. Teamwork is a reality of Success, but we'll never succeed long-term without good Teamwork and people that talk about together-everyone-achieves-more and yet runs his own agenda is conning himself and others that depend upon him.
Look at the past, learn from it, and change. Know who's in the box with you.
Get out of your rut, learn from the past, and quit trying to change everyone. If they haven't changed, they're likely not going to change and you'd better.
Learn, but change.
To that end........
Case Study on Bad Teamwork/Conflict
A client asked me to identify the cause of a problem he'd been having within his company; bad results in the timely deliver of products to the customers.
As I asked him and his staff questions, participated in conversations with the players involved, put-forth some corrective suggestions, and continued to watch the results, here is what came out of this tough, but real-life problem;
1. there was a key vendor involved with personnel on site at the client's company. The client and the vendor's personnel got along well and truly wanted to be a good team
2. the vendor personnel are responsible for a very critical component of the product.
3. the vendor personnel were told by their management to not "complain" to their client (my client) about anything, but to keep his/her head down and just get the job done. The problem that should have been brought forth were about hand-offs and communitcation.
4. some company team members participated in covering up the problems because of the vendor's mandate about "complaining."
The result..........bad delivery of product due to dysfunctional teamwork, loss of business, and strife between the client and vendor.
Perfect example of Lincioni's Five Dysfuntions of a Team.
The clean-up of this problem took some time and 2 of the 7 people involved had to be replaced; one from company and one from vendor. Both of these people were good employees and wanted to contribute but had a hard time backing up.
Again, the problem was caused primarily because everyone avoided conflict, though the conflict ended up happening anyway. It always does - remember the old Vavoline commercials? Conflict says "pay me now or pay me more later (not exactly what was said in the commercial but you old-timers get the picture).
Conflict happens; always has, always will. Besides reading Lincioni's book, here are some basic guidelines for having smart conflict:
1. respond, don't react
2. go to the person
3. treat the event, not the person
4. expect the best
5. see clarity, ask questions
6. talk straight and leave the right impression
7. evaluate and correct rapidly
To that end.....
As I asked him and his staff questions, participated in conversations with the players involved, put-forth some corrective suggestions, and continued to watch the results, here is what came out of this tough, but real-life problem;
1. there was a key vendor involved with personnel on site at the client's company. The client and the vendor's personnel got along well and truly wanted to be a good team
2. the vendor personnel are responsible for a very critical component of the product.
3. the vendor personnel were told by their management to not "complain" to their client (my client) about anything, but to keep his/her head down and just get the job done. The problem that should have been brought forth were about hand-offs and communitcation.
4. some company team members participated in covering up the problems because of the vendor's mandate about "complaining."
The result..........bad delivery of product due to dysfunctional teamwork, loss of business, and strife between the client and vendor.
Perfect example of Lincioni's Five Dysfuntions of a Team.
The clean-up of this problem took some time and 2 of the 7 people involved had to be replaced; one from company and one from vendor. Both of these people were good employees and wanted to contribute but had a hard time backing up.
Again, the problem was caused primarily because everyone avoided conflict, though the conflict ended up happening anyway. It always does - remember the old Vavoline commercials? Conflict says "pay me now or pay me more later (not exactly what was said in the commercial but you old-timers get the picture).
Conflict happens; always has, always will. Besides reading Lincioni's book, here are some basic guidelines for having smart conflict:
1. respond, don't react
2. go to the person
3. treat the event, not the person
4. expect the best
5. see clarity, ask questions
6. talk straight and leave the right impression
7. evaluate and correct rapidly
To that end.....
Seeking Nominations for Key Salesperson Awards
Every successful organization and team has a good sales force and every successful sales force depends upon those individuals helping to deliver the service.
If you have someone you believe to be a Key Salesperson, let us know via email at danny@dannylsmith.com
For additional information on who qualifies for as a Key Salesperson, see http://bit.ly/bbdBIG
The key salespeople in a professional services environment are those who actually perform the services; they are the key that completes the sales force.
If you have someone you believe to be a Key Salesperson, let us know via email at danny@dannylsmith.com
For additional information on who qualifies for as a Key Salesperson, see http://bit.ly/bbdBIG
The key salespeople in a professional services environment are those who actually perform the services; they are the key that completes the sales force.
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