Out of all the sport hero commentaries I have heard, the most beneficial one for me involves a remark by the great Wayne Gretsky. The story goes something like this: a reporter asked Gretsky what was the secret of his success on the ice. The reply was that he didn’t skate to where the puck was, he skated to where the puck was going to be.
That story is loaded with business analogies. Where I would like to briefly apply the broader lesson is in regards to increasing the volume of appraisal assignments and diversification of services. Lending-based appraisals make up a significant portion of this business and likely always will. Even though these assignments have decreased overall, there are a few things that we can alter in our business practices that can improve both our short term and long term success. Looking into the future to where the “puck” is going to be and properly preparing can alleviate much of our stress going forward.
First, realize and accept that we are on the cusp of a major structural economic shift in this country that will affect not only our economy but the way we conduct business, as well as our standard of living, for years to come. Major changes rarely happen in this country until they hit the crisis stage. The financial health in this country, or the lack thereof, is becoming more apparent as the topic begins to gain traction in the media. To move forward with the changes necessary, it is imperative to understand the affects of this structural shift.