As a sales professional, you know there’s competition out there. There’s no getting around it. But it’s how you engage with this competition that can have a real impact on your level of success. Entrepreneurs deal with competition on a regular basis, and loan officers can learn a lot from the way these professionals handle it. What sets successful entrepreneurs apart? Here are some of the most important lessons loan officers can take away:
They Learn From Them
Entrepreneurs aren’t afraid of their competition. While they’re certainly not imitating them, they do pay attention to what is and isn’t working for their competitors. If they feel they’re regularly losing prospects to a different company’s loan officers, they want to know why. They let the knowledge of competition drive them to reach for the best and not settle for less. In addition to understanding their competition, entrepreneurs are also often motivated by them to learn in other ways. Rather than overly-focusing on their competitors, they invest in their own education. They know that if they want to stay at the top of their game, they need to be an expert. Competition motivates them to consume as much knowledge as possible.
They Forge Their Own Path
Entrepreneurs are innovators. They’re not in their work to be doing the same thing as everyone else. When it comes to competition, this is essential to keep in mind. If your motivation is always just getting one step ahead of your competition, you’ll always be in a battle. Top entrepreneurs know that the best way to rise to the top is to differentiate themselves. They hone their unique skill sets and set up their business with creativity and boldness. They don’t want to fall in line with every other loan officer. They want to step out of the status quo. This often involves risk, experimentation, and the ability to trust in your own vision.
They Take it Inward
While entrepreneurs know that there is competition all around them, the best ones know that the most important competition is their own personal best. Like I said, they aren’t striving to be in a race doing the same thing as everyone else. This means that rather than solely using external competition to set the bar, they also look inward. What were their numbers like last year? How many loans did they close? What is their client feedback like? They choose to set their own bar and find true motivation in beating their personal best.
Competition is inevitable, so learning how to engage with it is a must. Top entrepreneurs often have a healthy relationship with competition. They know how to use it to their advantage. They also know that they can’t get too caught up in it. There’s always going to be competition, and worrying about that is only going to waste valuable time. Entrepreneurs know how to acknowledge and engage with competition in a way that only pushes them forward. What are your thoughts about competition in the industry? Please share them with us.
Kirk Brewer
Branch Manager | Loan Geek | NMLS #150287