Setting yourself above with strong business ethicsRyan FlorioMortgage Broker ethics
I was having lunch with a friend last week, and he shared that
he had just finished reading a book describing what it takes to be
successful in "the post-boomer business era." He went on to explain
that the author of this book conducted massive research focusing on
the nouveau riche who had amassed their great fortune from personal
business triumphs. The author was able to identify distinctive
qualities possessed by the country's business leaders and went so
far to say that, although he had no real evidence of my math
skills, he felt that I represented this new and emerging skill set
fairly well.
Of course, this comment caught my attention and curiosity, so I
went on to probe exactly what these qualities may be. I was
prepared to stand up to my shortcomings, and I could feel myself
tighten up to protect my shrinking ego before the blows started
hitting hard.
First, he mentioned the need to be technology savvy. Second is
to have a high aptitude for math. The third quality reflects a high
degree of creativity. The fourth skill defined an ability to be
flexible and adapt in a changing marketplace. And while I was still
contemplating whether my math skills were sufficient, he exposed
the final and equally important quality: possessing a high degree
of ethics in business.
The fifth quality really struck me as ironic, and I inquired
whether I had heard correctly. "Do you mean a high degree of
business ethics or rather a lack of business ethics?" It seemed to
me that the media glorifies those who possess an almost ruthless
conviction to their business growth and that misbehaving is not
only accepted, but expected in today's cutthroat business
arena.
My friend countered my doubt by affirming that strong ethics
were imperative for longevity—overshadowing any temporary
gains. I felt great relief to hear that my conservative values
would not set me back in the race; actually, they could potentially
set me apart.
He went on to cite examples of high-profile business leaders who
were indicted for criminal activity during the past five years, and
who learned in the process that poor decisions had unfavorable
consequences. It's no surprise that the public is expecting greater
accountability and accepting zero tolerance for low-level
behavior.
Because of my work in the mortgage industry, my mind immediately
turned to consider the recent history of the sub-prime market,
which revealed unsavory business practices that took advantage of
unassuming homeowners. We all know by now that this ultimately
resulted in the collapse of the sub-prime market, and along with
it, the closing of many mortgage firms and lending
institutions.
The strong focus of this failure has been, simply, the lack of
ethics by mortgage professionals and, more specifically, lack of
responsibility, respect and relationship with their clients. The
imperative for those who survived the fallout is to examine these
qualities and strengthen them.
Responsibility conveys the relevance with which we handle our
client's business transactions. Closing the deal is simply not
enough in creating longevity and mastering our profession. We must
become experts and educators in our field and lead our client's
toward their personal goals. If we are operating solely from
self-interest, it will be no surprise if our clients show
disappointment with our services and dissatisfaction with the
outcome.
Respect is another important quality reflecting our work ethic.
Respect for others stems from a core belief that all people are
born equal and deserve the right to be treated fairly. This message
is communicated in a variety of ways including the language we use
in addressing our customers, how promptly we return phone or e-mail
messages and whether or not we can honestly admit our mistakes to
another. Ultimately, our degree of respect conveys that we find our
client's time, energy and interest in our services extremely
valuable.
Finally, an attribute of ethics in business that encompasses all
others is relationship. If we are to accept responsibility and
offer respect, we can only do so in the context of relationships
with our clients. By learning about them during the course of
business transactions, we come to understand their priorities. And
there is no other way to develop this than to take the time and get
to know our clients. By becoming familiar with their unique
business goals and calling them frequently, we position ourselves
to continually service their changing needs. Remembering birthdays
and special occasions is a surefire way to develop a unique bond
that will grow steadily into a long-term business relationship. If
time is lacking in your business schedule, outsource the
development to customer loyalty programs that will guide you toward
mastering the qualities of relationship-building.
What would we do given the option to do what is right versus
easily making more money? The answer lies in channeling your
behavior into respect, responsibility and relationship with your
clients. With steady maintenance of these qualities, we will embody
the strength and wisdom to do what is right and easily make more
money—achieving our greatest goals towards wealth and
prosperity.
Ryan Florio is president and CEO of Cleveland-based
SpecialClient.com, a Web-based company that offers automated Client
Relationship Programs as a vehicle for client retention and
business development. He may be reached at (888) 863-6276 or e-mail
[email protected].
