What does it take to be a successful leader in today’s business and finance world?
Ready to be at the top of your game and grow a sustainable mortgage broker business with ease? There are so many skills that are essential, but some stand out more than others.
Working with business owners and entrepreneurs in the growth stage of their business, I see the same skills in play over and over. This list could be 100 skills long, but here are the top skills I believe are required for success in the mortgage broker world.
1. Strategic and analytical thinking
The ability to think strategically is one of the most important skills for any leader. You need to be able to see the big picture and make decisions that will benefit your business in the long run. This requires a deep understanding of the financial markets and the factors that can impact your business and your customers. It also involves being able to think outside of the box and come up with creative solutions to problems. If you’re not doing this, chances are your competitors are.
Thinking this way also applies to the way you run your business – are you playing small and just trying to write more loans or are you thinking 1, 5, or even 10 years down the line and running your business for the long game?
2. Strong communication skills
Another essential skill for business leaders is strong communication. You need to be able to clearly explain your vision and strategy to others, and get them on board with your plans. This also involves being able to negotiate effectively and build relationships with key stakeholders – this means your internal team as well as external contacts. If you can’t communicate well, then it will be difficult to get people to support your initiatives.
Communicating with your clients is a given for any mortgage broker but the way you do this, and the quality of the communication, are important factors to consider. Are you in touch with your customers after they’ve signed the loan agreement? Are you remaining top of mind with them for their next property purchase, their refinance or investment property? The top 1% of mortgage brokers are not working longer, harder hours than anyone else – but they certainly know how to utilise their time efficiently and how to communicate with their customers – past and potential ones.
Where is your communication currently at?
3. Being comfortable with risk
Finance and business leaders need to be excellent at managing risk. This means being able to identify potential problems and develop plans to mitigate them. It also involves being comfortable with making decisions that may not always be popular, but are necessary in order to protect the interests of your business.
Risk for one business owner might look like investing in a coach or support team to help them grow their business (even when there is no proven evidence that it will bring a return on their investment), while risk for another business owner might mean taking the time to overhaul their internal systems and processes, even when they are still running a smaller business – because they know they want to grow and so it’s worth the perceived risk.
Where is your risk level at as a business owner?
4. Industry-leading knowledge and systems
Industry-leading knowledge is also another key skill for business leaders, especially in the mortgage broker field. As a mortgage broker, you are the one who is responsible for finding the best deals for your clients. This means that you need to have a deep understanding of the financial markets and the products that are available. You also need to be able to negotiate effectively in order to get the best terms for your clients.
Your clients will be relying on you to know how to get the best deal for them, but what they won’t see behind the curtain are all the systems and tools that go into how this all comes together. For example, are you using the best CRM and other business tools? Are you optimising your processes to ensure your team is working to the best of their ability? The finance knowledge is a given (or should be), but many mortgage brokers believe this is all they need to grow a successful business, when really it’s only one piece of a bigger puzzle.
What’s your key differentiator in how you’re running your business?
5. Adaptability
Adaptability is another key skill for business leaders. This means being able to adapt to change and uncertainty. In the mortgage broker field, this can be especially important because the industry is constantly changing. You need to be able to keep up with the latest changes in order to be successful and offer your clients the best possible service.
Being adaptable can also mean doing things differently to ‘how it’s always been done’ (you have no idea how often I hear this when I first meet clients!). This closed way of thinking is a dangerous mindset to have and one that the top 1% of brokers have learned to reframe.
Instead, think ‘how could this process be done better?’ or ‘what tools or support person would help me to run my business better’? This way of thinking opens your mind to new possibilities for growth and will ensure you stay ahead of the game.
Of course, there are so many other skills we would all love to see in business leaders too, such as integrity, values-driven, tech-savvy, community-focused, etc.
What else would you add to this list?
Leadership is not meant to be lonely and business growth is not a solo sport. Take the help when and where you can and if you need support to help you with your strategy, business goals and growth then book a time with me below and let’s get to work.
