Running a business is all about focus. Goal setting can help you narrow down your targets and map out the steps it will take to get there. Not sure what to focus on this year? These types of goals are guaranteed to help your mortgage business crush it.
- There are many types of goals you can set for your mortgage business including SMART goals, quantitative goals, and quantitative goals
- The key to keeping yourself and your mortgage business healthy is considering how your actions will affect your body, mind, time, focus, and business
- Automations can help you reach your goals faster and achieve a healthy work/life balance
What types of goals should I be setting for my mortgage business?
When it comes to setting goals and bringing in more business, there’s no shortage of information out there for mortgage lenders. But oftentimes, the advice for loan originators is more about hype than how to take action and get real results. Knowing HOW to set goals and distinguish between different types of goals can give your mortgage business a competitive edge.
Goals can be subjective or objective. Subjective goals are more about quality (example: I want to build deeper relationships with my clients) while objective goals are more about quantity (example: I want to make 15 calls before lunch each day). A good business has a mix of both.
You might have heard about SMART goals back in school growing up. These goals are Specific, Measurable, Achievable, Relevant, and Time-Based. And they don’t just check one of these boxes, they check all five of them. SMART goals are more likely to be achieved than vague goals and can be used to measure the success of your business.
It’s the difference between saying “I want to grow my production” and “I’m going to double my production in the new year.” The first goal is NOT a SMART goal because it doesn’t fulfill all the necessary criteria. What about the second one?
“I’m going to double my production in the new year.”
Is it Specific? Yes, I know exactly what I want to accomplish.
Is it Measurable? Yes, I know exactly which data to look at to see if I’ve achieved my goal.
Is it Achievable? Yes, I know that I am on pace to double my production.
Is it Relevant? Yes, I know doubling my production is my number one goal for 2023.
Is it Time-Based? Yes, I know that I have 12 months to accomplish my goal.
Qualitative vs. Quantitative Goals
This is another topic you might have learned back in sociology class or statistics. Quantitative goals have to do with cold hard data. Qualitative goals are much more subjective. Below are some examples.
“I want to close and fund 3-5 more deals every month.”
This is a quantitative goal because we’re dealing with a range of numbers and it’s easy to measure your results.
“I want to improve the quality of my conversations with leads.”
This is a qualitative goal because there’s no proven method to measure or test your outcome. What you consider to be a quality conversation with a lead might look something different to another loan originator (and that’s okay).
It’s important to keep both quantitative and qualitative goals in mind to make sure your mortgage business is well-rounded and financially sound.
Are my mortgage business goals healthy?
Whether you’re setting a personal goal or a goal for your mortgage business, it’s important to continuously self-assess your resources and bandwidth so you don’t waste your time, energy, or money. Here are five key areas to focus on.
All the leads, appointments, and pre-approvals in the world won’t matter if you don’t have the energy or physical capacity to take them on.
Ask yourself: What do I have the energy to do? What can I do to balance my energy?
Physical health is important, but mental health shouldn’t be neglected either. Podcasts and books offer a wealth of information to keep you up to date with the latest mortgage industry trends.
Ask yourself: How am I staying sharp in the industry? What can I do to protect myself against burnout?
Unfortunately, we haven’t figured out how to clone loan originators so they can be everywhere all at once. Which means your time is a valuable and limited resource.
Ask yourself: What do I realistically have the time to do?
If you try to be everywhere all at once and try to do everything, chances are you’ll actually end up accomplishing nothing or, at the very least, you’ll achieve mediocre results. Setting your intentions and focus can save you a lot of time and headaches down the road.
Ask yourself: Where should I laser focus? What are my priorities and how do they align with my values?
Trying to run a business without a vision is like trying to pilot an airplane blindfolded. And the quickest way to burn out is not having a plan in place to make sure you aren’t constantly spreading yourself too thin.
Ask yourself: Am I looking at the big picture? Do I know where I’m heading?
In a perfect world, your mortgage business will always have a balance between your body, mind, time, focus, and sales goals. But realistically, there will always be some give and some take. Finding balance doesn’t have to be a major struggle. Systems and processes can fit into your existing workflow to help you scale your business, focus on what’s important to you, and achieve your goals.
Ultimately, you are in charge of your mortgage business and only you can decide which path is best for you. Goal setting is a tool for personal and professional development that helps you narrow down your focus and get clear about what you want. And once you know what you’re aiming for, you can take the next step toward actually achieving it.
Remember: you will never lose by investing in yourself.
See how Good Vibe Squad can help. Schedule your call today!