NMP - October 2016 - 47

with, "What is your product?" What do you sell? What is it that your customers want that you can provide? Before you know what you sell, you should definitely know who you are. Why you are in business and how you operate should come first but, let's face, without a product you don't really have a business. At the end of the day, you need to have something to sell. What are the products that you can offer within the context of the mortgage industry? On one level, everyone will have relatively the same product, but you can be creative in what you offer in such a way that makes it unique? Oftentimes, the package is the product? How are you packaging what you sell? success. It may end with meeting sales goals, exceeding investors' expectations, or achieving the highest market share in your niche, but always remember ... it all starts with why. David Lykken, a 43-year veteran of the mortgage industry, is president of Transformational Mortgage Solutions (TMS), a management consulting firm that provides transformative business strategies to owners and "C-Level" executives via consulting, executive coaching and various communications strategies. He is a frequent guest on FOX Business News and hosts his own weekly podcast called "Lykken on Lending" heard Monday's at 1:00 p.m. ET at LykkenOnLending.com. David's phone number is (512) 759-0999 and his e-mail is David@TMS-Advisors.com. 47 n National Mortgage Professional Magazine n OCTOBER 2016 6. What makes you different? Even after you've ironed out your purpose, process, product and people, you are still left with a quandary when trying to compete with other organizations in the mortgage industry. When seeking to clarify a worthwhile purpose that serves as the foundation for success, you must ultimately ask the question, "What make us so special?" What are you doing that no one else is doing? What do you bring to the table? Of course, you believe you are unique, but is that fact obvious to those on the outside? Do There are, of course, many more questions you could ask to help you understand your core purpose. Moreover, having solid answers for these questions won't necessarily give you success. It will, however, make success possible. When you can understand fully who you are, how you work, and what you do, you will have the necessary building blocks to work toward NationalMortgageProfessional.com 5. Who is on your team? A fifth question for you to ask if you want to know that fundamentals on which you will build success is this: "Who do you have working with you?" Business is a team sport. You might have coaches. You might even have star players, but success only happens when everyone crosses the finish line. How invested are you in developing your team? Too many organizations give little attention to this question. Of course, everyone says that they want the best people, but few are willing to really devote the resources required to hire and retain them. In the mortgage industry, one great employer is worth at least five mediocre ones. The industry can be complex on both an intellectual and social level, and you need to employees that can balance both. That means hiring the best for the job and then training them to be even better. So, what about you? Have you paid enough attention to the quality of your team? investors see you any differently than any other organization in the industry? What about customers? It's not enough to be different; you also need to look different. This last question you must ask is how you differentiate yourself-how you refine your image to reflect a competitive advantage against others in the industry. http://www.LykkenOnLending.com http://www.NationalMortgageProfessional.com http://www.secureinsight.com

Table of Contents for the Digital Edition of NMP - October 2016

Table of Contents
NMP - October 2016 - Cover1
NMP - October 2016 - Cover2
NMP - October 2016 - 1
NMP - October 2016 - Table of Contents
NMP - October 2016 - 3
NMP - October 2016 - 4
NMP - October 2016 - 5
NMP - October 2016 - 6
NMP - October 2016 - 7
NMP - October 2016 - 8
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NMP - October 2016 - 46
NMP - October 2016 - 47
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NMP - October 2016 - Cover3
NMP - October 2016 - Cover4
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