Goal-Setting Tips for Loan Officers
Here at DG Pinnacle Commercial we believe that the more intentional we are about what we want to accomplish, the more likely it is that we’ll achieve our goals.
We also believe that in a rapidly changing industry like ours, it’s necessary to review and reset course more often than once a year. That’s why we suggest making a 90-day plan for mortgage loan officers to achieve their overall yearly goals. We refer to this as your 90-day sprint.
Micro-specific goals and 90-day strategies can help you reach your larger goals more effectively. They save you from getting overwhelmed by the overall goal and keep the plan manageable.
1. Create 90-Day Sprints
Once you have a general idea of what you want to accomplish, take your large goals and break them into 90-day increments. For instance, if you want to close $100 million in loans next year, you’ll need to close about $25 million every 90 days.
From there, outline the strategies you’ll need to achieve these goals, and put together a list of action items (organized by priority) to execute them. Then start working these action items into your schedule each week—and be consistent!
The more intentional we are about what we want to accomplish, the more likely it is that we’ll achieve our goals.
2. Track Your Progress
Part of executing successful goals is tracking how far you’ve come since you began. This helps you figure out which actions will help you reach your goals and which ones won’t.
If you can, make notes of your activities and their results each day, and if something is not working, get rid of it. You’ll want to focus more energy on the activities that are working well. For instance, you may find that three follow-up calls per day netted you an average of two loans a month.
With enough data, you’ll find the motivation to keep doing these activities because you’ll know they work.
3. Have Realistic Expectations
Making good use of your time every day is what leads to improvement. The results aren’t going to be immediate, and that can make it hard to keep doing the important day-to-day activities that work.
The key is to persevere with a set of smart goals that you’ll reach gradually. This means setting realistic goals that can build on one another. For example, think about focusing on $100 million in loan production next year, which you can scale to $150 million the next year and so on—instead of just making a goal to be closing $300 million in five years.
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Part of executing successful goals is tracking how far you’ve come since you began.
4. Build a Support System
A support system can make all the difference in helping you reach your goals: You’ll have a solid team behind you to tap for help and support. It’s important to have someone cheering you on and to take advantage of others’ perspectives. Your support system can include your manager, family or friends, or any other mentor or colleague who supports you.
An accountability partner can make all the difference, so don’t forget to add that to the equation. You need someone to help you review your strategies and keep you on track every 90 days.
5. Keep Your Eyes on the End Goal
When you’re working toward a long-term goal, it’s important to break it down into manageable chunks like our 90-day plans. But big-picture thinking can help you stay focused on the end game. Return to your larger vision when you need to remember why what you’re doing is so important to you.
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