In business as in life, it is important to adapt and improve, but you do not have to reinvent the wheel in order to so it. In order to improve and grow, you must look deep before you leap and move forward with a plan. Think of the goal not as finding a new way to catch mice, but as building a better mousetrap.
In order to be great, you do not have to re-invent the wheel, instead improve the wheels you have.
It is important to realize that in order to be great, you do not have to re-invent the wheel, instead you can simply improve the wheels you have. In the life cycle of every business, there comes a time when you need to do something different. This can be because the market has changed, or perhaps laws have made change necessary or the old methods may have simply stopped working. For example, when my husband and I started in the mortgage industry, mortgage loan docs were sent via overnight delivery to closing agents so the loans could be signed by borrowers. If there was a problem with the documents, the entire set would have to be reprinted and resent from the mortgage company to the loan officer and closing agent. This meant if there was a problem at a real estate settlement at 4 pm on a Friday, the documents would have to be redone and all the parties would have to reschedule the settlement and the following Tuesday may be the earliest date possible.
After a time, the documents were emailed to loan officers and closing agents. All the documents were the same. Everyone had to follow the same rules and regulations as before. The improvement was that document delivery could be done in minutes instead of in days. This was a very convenient solution because if there was a problem with any of the documents, the mortgage companies could email amended documents to the parties with mere moments notice and real estate settlements would be delayed only a matter of minutes rather than days. This was a convenience for all parties and was a money saver to all concerned. A small improvement in the way the product was delivered, resulted in a large change in efficiency, timeliness and customer satisfaction.
This change in the mortgage industry was needed. It was an important change and it made business easier and more efficient for loan officers, mortgage lenders, and borrowers. The small change of delivering documents via email rather than via overnight delivery was a game changer. It benefited the mortgage company by saving time, money and helping with improved accuracy. It helped loan officers and closing agents by enabling them to give customers better service and make changes with customer’s convenience and schedules in mind. Customers were helped because the process was smoother and easier for them if changes were needed. This is an example of how a real-life industry chose to make the wheel on the existing car better rather than reinvent the wheel. It is an important skill to learn.
The mortgage lenders did not reinvent the mortgage industry. They simply looked for a way to make the loan closing process better for all parties concerned. They improved the delivery process they used and in return were able to operate more efficiently and more profitably. Look for similar ways to improve things in your business. No matter what your business is, you must seek out ways to improve how you do things. When you think of a way to improve things, you don’t have to follow the “go big or go home” mindset. Instead, you can look for small improvements along the way. Is there something you can do more efficiently? Are there tasks you can combine so that things run smoother? Can you think of a way you and improve the customer experience?
When it comes to business, remember, ABI aka Always Be Improving.
Almost everyone has heard the expression, “for everything there is a season.” When things are seasonal, they start off fresh and new but eventually, the season ends and it is time do something new. No matter how successful and profitable a business idea is, there will come a time when it needs to be replaced, modified or changed. When it is time for a change, take your time and think carefully, come up with a plan. Remember that you don’t have to totally redo your business. You can make improvements that will enable you to remain profitable, successful and well run.
Continued on page 2. Click 2 below to continue.