A little while back, I was talking with my friend Chris Rohr. He has been a huge fan of Grand Prix Motorcycle Racing for many years, and also did some amateur motorcycling racing himself. One of his all-time favorite racers is Wayne Rainey, a three time 500cc World Champion. Rainey set reasonable goals aimed at making incremental progress at becoming a better racer each time he got on the bike. Rainey openly admitted that he studied the way the top caliber racers rode as a learning tool for his own benefit. Chris went on to say how he too set out to watch and learn from the top riders that he competed against. Apply this to lending. Here is what I call a learning moment. When a champion shares a method of success, take note. After all, why reinvent the wheel? All that needs to be done is implement this winning strategy to your field of expertise. Rainey had a simple rule about his motorcycle. He said, ??If it doesn?t make it go faster, make it last longer or make it handle better, then I am not interested?.? He chose to improve his technique and therefore his lap times by focusing upon three simple racing fundamentals: speed, durability and control. Rainey applied his efforts at building a championship caliber machine and then worked hard to transform himself into a championship caliber racer. The combination of the two produced a celebrated racing career and universal admiration for not only Rainey as a racer, but also for his methodology and demeanor. His three concerns are really the basic fundamentals for genuine incremental improvement to any business practice. Rainey didn?t just need to go faster then his competitors to win races, as raw speed is only one part of the equation. Competitive racing requires balance; the difference between moving quickly and efficiently toward achieving your objective or riding out of control and failing to succeed. The difference is miniscule at best. He accomplished this with a laser beam focus on improving upon his most recent racing results. Rainey would baseline and continuously update numerous critical success factors; horsepower, suspension settings, tire pressure, brake pad composition, and transmission gearing. He would document the precise set-up of the bike, and then combine it with his analysis of his riding performance, as a way to benchmark his progress towards becoming a world champion. Did he error in his bike set-up or limit his success by making riding mistakes? Rainey would meticulously analyze all of his success factors and therefore provide the means for him to incrementally expand his knowledge base in preparation for his next race. Chris went on to explain to me how he learned how to apply the Rainey Method to his business. He then could drive performance in a measurable fashion. There are common success factors for all businesses, as well as unique success factors for each individual business. The first task is to define the individual business success factors, then baseline their current condition. Like Rainey, kept it simple, and do not be seduced by cutting edge gimmicks or corner cutting products. Ask yourself if each success factor will make your business more efficient (faster), more durable (last longer) or more manageable (handle better)? Chris told me his focus upon these three basic ingredients served to define the stability of his business foundation. Develop a high level of confidence in the structural integrity of your business from determined efforts aimed at continuously improving upon these three basic elements. It took Wayne Rainey nearly a decade to win his first world championship. Do not expect immediate results. Afterall, if you are reading this column, I am guessing you are in this business for the long haul. If so, tune your business methodology for longevity. Rainey did not possess more talent then the other racers, nor did he have superior equipment. He won because he was fiercely competitive on the track and incredibly methodical in his race preparation. If you develop the front room of your business (the racetrack) in parallel to the back room of your business (methodical preparation), you will incrementally build upon each new measure of your business success. Remember, keep it simple, and in doing so, build a solid foundation of your best business practices; one built upon efficiency, durability and manageability. Focusing upon these three things will result in supercharging your ability to build a successful business model. I will expand these three concepts in upcoming columns. Thank you Chris and thank you Wayne Rainey. Lending professionals, start your engines! Stewart Mednick is a seasoned mortgage banker and published author. His writing focuses on relationship development, personal empowerment, customer satisfaction, marketing and sales techniques. Stewart is available for marketing consulting, personal coaching and training sessions. If you have a comment or a question for Stewart, contact him at 651-895-5122 or [email protected]
