Thursday, August 26, 2010

How Will You Respond to Canada Mortgage Market Changes?

How's Your Hot Dog Business Doing These Days?
From Dreyer Group Mortgages

Good Morning,
I came across this little story and wanted to share it with you. It is amazing how our attitude truly determines our outcome. In addition, I have included some short points on how to thrive during a downturned market. I hope you find this information valuable.
If you have any clients you would like me to talk to regarding the current rate changes (whether they need mortgage financing or not), please feel free to pass along my number, I would be happy to help any way I can.
How's your hot dog business doing these days?
"A man sold hot dogs at the side of the road.. He was proud of his hot dogs and made a good deal of money selling his hot dogs. Every day, he would put out his signs, go out and yell from his hot dog stand, "Come and get your hot dogs! The best hot dogs in town!" And people came from all over to eat his hot dogs. He would have lines of people all day long. He loved selling hot dogs and believed they were delicious, fresh, and the best. He talked to his patrons and was grateful for them. And they loved this man.

Anyway, the man saved enough money to send his son to college and one day, the son came home and asked his dad what he was doing during the day. The man said that he was still selling hot dogs and business was booming. The son looked at him and said, "Daddy, what's the matter with you? Don't you know we're in a recession? No one is going to buy hot dogs. I can’t believe you're wasting your time and money trying to sell hot dogs. You need to cut your losses and close that stand."

Well, the man believed his son; after all his son was educated, in college, and certainly knew more than he. The man became a bit despondent, but did not want to close his hot dog stand because people came to him every day. They depended on him for their hot dogs. He continued to go to his hot dog stand, but he no longer put out his signs nor yelled about his great hot dogs; he did not talk and laugh with his patrons as much. "We're in a recession," he thought, "What is there to laugh about?" Little by little, the patrons stopped coming and the man sold fewer and fewer hot dogs. Then no one came and he had to close his hot dog stand. He said, "Well, my son was right."

Attitude is often times more important than fact. The man did not know that the country was in a recession and, therefore, continued to behave in a way which generated a profitable business. Once his attitude changed; his behaviour changed and then his business changed.

Five Simple Steps for Thriving through a Downturned Market

1. Get back to basics

Now is the best time to " Re-group, re-organize and re-view. Revisit the fundamentals that have already made your business a success. Revise your mission statement to stand for what your business is really all about. Re-organize processes to ensure you are as efficient as you can be. Revisit your team structure, salaries and model. Make changes to ensure you are on track to not only survive a downturned market but you have set yourself up to thrive. Practice the "Rule of Five": Every day, do five things that will move you toward your goals.

2. Clean house

This is a great time to clean up your messes. Now, when sales are slow, finish anything that is incomplete. De-clutter your office and organize your files. Make phone calls to bridge any disconnects that may have occurred between you and your customers. Magnify your success energy by focusing on what you want to happen, not what you are experiencing.

3. Focus on your connections and relationships

Now is the perfect time to forge new connections and strengthen long-standing relationships. Practice uncommon appreciation. Review your agreements with clients and confirm your commitment to them. Speak first and with integrity. Be impeccable in your communication. Have more one-on-one meetings instead of over the phone. Supplement emails with handwritten cards and notes. Be seen out in the community.

4.. Be smart with your money

Now is the natural time for small business owners and professionals to review their financials. Take a look at your cash flow. Collect on any outstanding accounts. Spend wisely and make cuts where needed. Make sure your bills are paid. Above all else, give more. Keep your energy flowing by finding a way to serve others – they will remember how much help you were when they need it most and reward you with business in the future.

5. Step back

Downturned times are ideal to practice stepping back in order to keep things in perspective. Instead of energetically aligning with all the fears, doubts, and anxieties associated with an uncertain market, step back and move to higher ground. Don't get caught up in others' panic. Soar above it all to a place where clarity can be gained and perspective maintained. While you're at it, take others with you. "When you lift up others, they will lift up you."

No one likes feeling uncertain about the future. Yet nothing is ever certain, whether or not we're in a good or bad market. By taking decisive action now, you can positively influence your future. When these time end, and they will, don't let your company be one that just managed to survive, let your company be the one that thrived! Excerpts from Jack Canfield Style
Your Friend in the Mortgage Business,
Jared Dreyer 604 649-5991

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