As we continue our preparations for the new TRID rules, the issue of change management comes to mind. In recent years, change has become the norm for our industry. TRID is just the next regulatory hurdle in a series of never-ending transitions we have to make in our organizations. Change is something we’ll have to continue to deal with going into the future. If it isn’t regulatory, it will be technological or economic. Change, as they say, is the only constant.
So, the question isn’t how to prevent change–it’s going to happen whether we like it or not. As leaders in the mortgage industry, the question we must ask ourselves is, “How can we deal with change?” The inability to deal with change can quickly break an organization. If there’s one small transition that goes awry, the ripple effects can quickly lead to your downfall. On the other hand, properly adapting to change can give you a competitive advantage where others aren’t so nimble. Change management can mean the difference between failure and success. So, how do we deal with change? Here are three ways…
The first and most powerful way to deal with change is to be prepared for it. Fortune favors the prepared. If you have plan for dealing with change as it occurs, it’s a lot less stressful and a lot more manageable. Being ready for change is partly about being vigilant–paying attention to what’s going on in the industry. The earlier you can catch wind of a change that is likely to occur, the sooner you can start making preparations for it. And, once you have a plan in place, the rest is just following through.
A strategy for dealing with change is to tackle it gradually. Instead of trying to force change in your organization abruptly and all at once, make small changes a little bit at a time. The answer to the question of how to eat an elephant? One bite at a time. If you can break the process of change down into small enough pieces, it doesn’t feel so much like change. Especially if you are trying to get your people to buy into the change, you’ve got to make it slow and give them time to digest it.
One final strategy you might employee in dealing with change is delegation. Just like change is easier when it’s broken down into small pieces across time, it’s easier when it’s broken down into small pieces across people. Instead of forcing everyone to deal with all the pressure and responsibility of the change (or taking it all on yourself), spread the responsibility for the transition out across your team. Distributing the tasks for managing the change will also keep each department of your organization happier throughout the process, because no single person or department will feel like they’re doing everything themselves. You have an entire team–let each member play a role in getting through the change. If you can get everyone to pull together and pitch in, you’ll be pushing through before you know it.
About The Author
David Lykken has garnered a national reputation as a visionary, entrepreneur and business leader within the mortgage industry. He has also become a regular guest on the FOX Business News with Neil Cavuto, Stuart Varney, Liz Claman, Dave Asman and others. He has been a special guest of Governor Mike Huckabee on FOX News’ #1 weekend rated program “Huckabee”. He has appeared several times on the CBS Evening News, Bloomberg TV & radio, NPR and many radio shows. On matters related to the economy, housing and mortgage lending, David is frequently quoted in leading newspapers across the country as well as the Wall Street Journal and the New York Post. Additionally, David has his own national weekly radio program called “Lykken On Lending” that can be heard each Monday at Noon Central time by going to www.LykkenOnLending.com .
As co-founder and Managing Partner of KLS Consulting doing business as Mortgage Banking Solutions, David Lykken has over 37 years of management experience as an owner/operator with in depth expertise in real estate finance and housing. His knowledge and skills comprise a unique blend of technology and business strategy. Above all else, David loves helping business owners and executives navigate through extremely difficult business circumstances helping them overcome seemingly insurmountable obstacles while rediscovering themselves and their passion for life and living.
Dave is married, has two daughters and currently resides in the beautiful Hill Country of Central Texas near Austin, Texas. David received a bachelor’s degree in 1973 year from Pacific Lutheran University in Tacoma, Washington.