We all sang and heard the childhood nursery rhyme. But, Mary really never reveals how she makes her garden grow. Maybe, it’s her secret to success. One she doesn’t want to share with her competition. Guess we’ll never know.
At the MBA’s Independent Mortgage Bankers Conference in Florida, attendees heard from Todd Duncan, founder & CEO of High Trust of Las Vegas, that the main ingredient to any companies success is ‘trust’.
A company that does not have trust throughout, up and down the line, ultimately will not succeed. Leaders must trust employees and employees must trust the leadership, at all levels. As importantly, this trust must extend to the customer. Does the customer have complete trust in the company?
Interestingly, a recent study showed that employee trust in their company’s CEO is at an all-time low. Only 36% of employees believe their leaders act with honesty and integrity. That is truly a sad state of affairs. We wonder why there is little employee loyalty.
With business in 2018 getting tougher, lenders are looking for more ways to increase business, decrease expenses, and somehow boost profits. We look at more products, decreasing staff, new technology, upgraded systems, and more. But, is anyone exploring a better company culture built on trust?
It all starts at the top. Management must instill the culture and live it. Everyone must buy in and learn to trust each other. According to Duncan, a strong company culture built on trust will drive better employee performance and productivity.
This trust then extends out from the company to the customer. Lenders need to make an emotional connection with their customers, not just a business relationship. These include Realtors, builders, and other business referral partners.
A Gallup poll revealed that businesses that optimize such customer relationships will outperform competitors by 26 percent in gross margin and by 85 percent in total growth. That’s good, eh?
How much would that these mean to your organization?
- Better retention
- More referrals
- Improved reviews
All things good for current and repeat business and your bottom line.
So, to increase and improve business in 2018 all you need to do is look within. Start by building a trust culture throughout your company. A culture that will result in better performance with improved customer satisfaction.
With this foundation, you can then explore other options available that will help you improve your bottom line.
Just be sure that with trust, you also verify. That’s where LoanLogics comes in…