In today’s ever-changing mortgage market opportunity identification is critical for short-term survival and long term success. The first step in opportunity identification is having the proper perspective of the market, understanding that there will always be opportunity for those that proactively seek it. Irrespective of how difficult the current economy is consumers still purchase products and services. There are specific needs that need to be filled even in the most challenging times.
When the economy, and more specifically, the mortgage industry is struggling at its current level, there is fear and uncertainty that the whole economy will come to a complete stand still. This simply is not true. Even in the Great Depression, the world continued to function with the majority of Americans (over 70%) having work and jobs. Individuals and companies created great wealth during that time of economic turmoil due to their ability to engage in opportunity identification.
During prosperous times, opportunity typically comes in the form of doing what is already working. It usually involves capitalizing and maintaining things in the course of normal activity. In difficult times, abandoning things that are not working and identifying new needs is vital when seizing opportunities. These difficult economic times can be a great opportunity if one chooses to look at it that way and seek to identify new opportunities. The opportunities may look different and require us to view things from another perspective. This may requires us to change, which presents a major obstacle for many of us as it takes us out of our comfort zone and away from what worked in the past.
Stepping outside our comfort zone (innovative thinking) may require us to take a completely different approach or path than we had originally intended, with positive results. If you or your team recognize a need that needs to be filled and you have the resources to seize that opportunity, then don’t let another company take advantage of that opportunity before you. If your organization is the first to identify that need, your company is probably in the best position to seize that opportunity. That is the proactive approach you need to take when that opportunity has been identified. The challenge is what allows organizations to identify new opportunities?
Organizations that have trouble identifying opportunities are typically the ones that are not willing to step outside their comfort zones and embrace change. There are plenty of examples over the years of companies who did not embrace change or focus on innovative thinking and are no longer in existence or surviving with far less market share. History points to companies such as Ford and the Model T, Smith Corona, and Word Perfect that are either no longer in existence or have significantly lost opportunity and market share.
Identifying and seizing new opportunities requires strategic change, one in which the organization embraces change through innovative thinking. When organizations focus more on maintaining the status quo and cutting costs, which normally happens during difficult economic times, they gravitate to their comfort zones and lose momentum in changing to identify and seize new opportunities. This change is disruptive because it forces the organization to challenge their traditional thinking and ways of doing business. That is why change is so difficult, but necessary, if companies plan to remain competitive and viable.
Even among lay-offs, resource reductions, and difficult market conditions, organizations must adopt a mindset that relentlessly seeks to identify new opportunities. The remaining staff must be rewarded for opportunity identification if your organization is going to move past just short term survival to long term success.
During difficult economic conditions there will always exist new opportunities if one is focused on identifying and filling specific needs. The challenge remains: does your organization embrace change? Are you continually pursuing and rewarding opportunity identification?
Share with us your thoughts on opportunity identification and how your organization works to identify new opportunities in the current market.
