Have you ever heard someone use the slogan, “No Plan B?” Usually, when people are trying to convince themselves and others that they are full committed to a certain path, they’ll take up this mantra to prove it. Of course, there is something to be said for persistence, confidence, and resilience in you work. You don’t want to do anything halfheartedly. On the other hand, in business, having “no plan B” could be perceived as a sign of commitment, but it might also be perceived as a sign of carelessness.
The mortgage industry has had plenty of ups and downs over the last decade and, with the incoming Presidency, it is uncertain how the industry will evolve. Some say that President Trump will introduce a more volatile market, while others suggest that he will be more pro-business. Whatever the case may be, one thing is sure: putting all of our eggs into one basket will not be an effective strategy. More than ever, we need contingency plans so that we’ll be able to adapt if our initial plans don’t work out.
Consider your particular place in the industry. Think about the business your currently engaged in and your plans for the near future. The smallest regulatory change can come out of nowhere and completely upset the foundation of how we do business in the industry. Are you ready for the next time that inevitably happens? Do you have Plan B? If you don’t, it’s probably time to get busy drawing one up. Remember: fortunate favors the prepared, not the ones who think they’re too unstoppable to need preparation.