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Down payment assistance programs aid lenders

Jul 06, 2005

The necessities of a successful branch managerDonald Cotebranch manager tips, marketing, technology, entrepreneurial economics So, what does it take to be a successful branch manager? Business acumen. To be an effective branch manager, you must possess the skills of a good business manager (or at least be willing to learn them). You must also understand sound business principles and practices. Drive and ambition are necessary ingredients as well. However, running a branch without understanding how the game is played is like steering a rocket without a navigation system. There are many aspects to running a business. To stack the odds in your favor, branch managers must realize that a branch is really a business center, with all the financial responsibilities of any fully functional independent business. Branch managers who believe otherwise are sorely mistaken and will find themselves grossly under-prepared. Regardless of how much back-office support is provided by corporate headquarters, the person running the business center must be acutely aware of all aspects of a full-fledged business. So, exactly what do you need to know, and how well do you need to know it? Do you have to perform all of these important tasks and functions, or can you outsource, delegate and otherwise off-load them? In order to maximize the effectiveness of the manager's skills, you must certainly know each office function well. You can't effectively manage what you don't understand. In a perfect world, a manager's time should be spent monitoring and managing the people and systems that actually handle the work. Therefore, you must know what it's supposed to look like and how it works. It is not a prerequisite for a branch manager to possess an MBA. I am not recommending a change, nor am I suggesting that that those who aspire to become a branch manager should run right out and get one. MBAs are a costly and time-consuming endeavor. I do, however, suggest being astute in the following areas: *Strategic and tactical planning *Marketing and advertising *Human resources management *Training technologies and psychology *Entrepreneurial economics *Financial analysis and accounting *Electronic technologies for business *Risk management *Sales Mastering this partial list will provide the platform for successful planning, organizing, leading and controlling functions, which are the true work of a manger. For the manager who takes the time to learn the various aspects of running a business (and there are many inexpensive ways to do so), the possibility for success will be tremendously increased. Those who feel the job of the branch manager is anything less than that of an entrepreneur are likely to be met with mediocre results. The financial rewards of most branch manager opportunities are unmatched in virtually any other industry, given the minimal amount of formal education that is required by most branch manager job descriptions. However, let it be known that in any significant undertaking, it is almost always the one who has the most knowledge that wins ... and everyone loves a winner. Learn to win. Donald Cote is a national trainer of business strategies, real estate investing and government assistance programs, and director of the branch division of Bay Capital Corporation. He may be reached at (800) 974-6296, ext. 3535 or e-mail [email protected].
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Jul 06, 2005
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