A recent Washington Post article highlighted George Mason University’s new program where Starship Technologies installed robots on the campus to deliver food to students. The article mentioned how successful the robots were in driving students to eat breakfast, a meal that is usually skipped 88% of the time by undergraduates. In my view, the most […]
The Starship Has Landed Read More »
Last week, Macy’s and J.C. Penney announced plans to turn around poor performance for their respective businesses. This is not a new issue for either firm. Both former retail giants have been in a downward spiral for many years. Executive management changes and different strategic directions — from everyday low prices to mobile checkout stations
A Legacy of Bad Decisions and Mortgage Banking Read More »
Last week on David Lykken’s “Lykken on Lending” podcast, I discussed what it will take for originators and their lenders to succeed in 2019. During the program, a listener asked what to do with employees who refuse to learn new selling techniques. At a time when many companies and originators are struggling, I get this
What Separates Successful Originators from Others: Being a Permanent Beta Read More »
The recent announcement that General Motors will be closing plants has sent shock waves throughout the economy. The news seemed to be a surprise for many and was originally attributed to the tariff wars. However, a closer look reveals that GM had the wrong products and structure to face changing consumer preferences. In a New
Why GM’s Failure to See Tougher Times Ahead Matters Read More »
Last Monday, Macy’s CEO Jeff Gennette announced a new strategy to save the retail giant in this difficult business environment. In an interview with The Wall Street Journal, Gennette said that the department-store chain will shrink its less productive stores and cut back on staff at these locations. He said the smaller locations will have
What We Can Learn from Macy’s Turn-Around Strategy Read More »
Known by many as the founder of modern management, Peter Drucker was one of the most influential thinkers in the business world. Much of what he wrote over the course of 39 books remains relevant in today’s marketplace. Drucker was a genius and reading his work inspired me to open my own consulting business. Drucker
Peter Drucker’s 5 Keys to Being a Great Company Read More »
Last week at the MBA Annual Convention, the mood was somber. The discussions centered on the industry’s current problems: high costs, tight margins, underperforming originators and negative profitability. Certainly, a dismal litany. It also seems that the grim reality of rising interest rates has thrown everyone for a loop. The number one strategy by most
If You Don’t have a Tribe, You Won’t Succeed in 2019! Read More »
A few short years ago, there was no hotter car company than Tesla who was touted as the next great thing in automobile manufacturing. Recently, the company has fallen on difficult times. In Barron’s last week, Bob Lutz, a former Vice Chairman of General Motors, commented on Tesla’s current situation: “It’s an automobile company that
What Mortgage Bankers Can Learn from Tesla Read More »
The hottest question at the executive level is “When will lenders change their compensation packages for originators?” I’ve heard managers say that if someone will be the first to do it, they will follow but the reality is that no one wants to take the lead on this issue. If compensation metrics don’t change, more
The Oracle of Omaha has Spoken Read More »
It seems like every day I receive emails from lenders that want to hire producing branch managers. The job descriptions are usually similar and require the branch manager to be responsible for P&L, lead management and on-time closings; working with processing and underwriting; recruiting and retaining branch sales and support staff; and generating their own
What Lenders Need Now Are Great Managers! Read More »
