One of the common comments that I hear from many business-persons is that one cannot succeed in this present market. This or similar comments are usually followed by a list of negatives such as the present pandemic, the state of the economy, the physical ‘lockdown’ and the reduced activities of the mortgage institutions. While all of these are genuine concerns it is a myth to believe that you cannot succeed in this market.
The truth is, the person has not found the way to succeed in the present market. We adopt a successful approach to our business in a particular set of market conditions, when these conditions change, this approach may no longer be successful. For the past 50 years Trinidad & Tobago have been governed by a specific set of market conditions. Within the past few years and more so since the onset of the pandemic, there have been signs that the prevailing market conditions are changing dramatically. We have had ups and downs over the years, but if we are to believe the experts, the present circumstances seem to point to a dramatically new reality.
Even if this is accurate, we are perfectly capable of success in this new reality. However, success in a new reality demands a new approach. The fundamentals of the practice do not change. We still need to generate leads, compile listings, make appointments and convert them into customers. However, the approach, the strategy may have to change. You may need to change the profile of the prospect and match inventory to this new type of prospect.
Probably the biggest change we will have to make will be a change in mindset. We all get comfortable thinking and acting in a particular way. A dramatic change in market conditions will require a change in how we think about our practice.
We use mental models, a thought process of how we think things work in the real world. A change in the world around us will require us to change our mental model. I remember a mentor of mine once telling me that during school we learnt many mental models, different school subjects require different mental models. Take for instance the mental model for English Literature and that for mathematics. However, once we become an adult and start to work, we limit ourselves to one or two mental models.
Think of a previous time in your life when you were faced with a big change, how did you cope? Did you change the way you perceived reality? If you did, you changed your mental model. These times are similar. We are in the midst of another big change. We will have to change our perception of reality. Once you have done this and accepted the new reality then you can adapt your approach to suit the circumstances.
Do not be afraid. The sky is not falling. It is just the weather changing. Or probably its bigger, the climate is changing. Either way, search for a mental model that is appropriate.