Of course, everyone knows that efficiency is an important aspect of running a business. You want to make sure you're getting the most out of all your resources. You don't want to waste time on fruitless activities or waste talent on meaningless tasks. You want to be sure the technology you're investing in is actually paying off. All of these things are true. But did you ever think about the possibility that efficiency could also be a competitive advantage?
Efficiency isn't just about the bottom line; it's also about market share. When you can get loans closed with the same quality and attention to detail, but do it just a little bit faster than the competition, you'll have the biggest competitive edge in the industry. As a matter of fact, with the regulatory environment becoming so intense in recent years, efficiency is just about all we have to differentiate ourselves with. In order to be compliant with regulations, everyone in the industry has to be effective. However, some can achieve the same results more efficiently than others.
In today's market, it is harder and harder to set yourself apart. Learn how to do it faster, and people will see that you are doing it better.
On the March 28 episode of my Lykken on Lending Internet radio show, we had the opportunity to interview Keith Polaski of Radius Financial Group. During the conversation, we touched on the value of efficiency in the mortgage industry.