Bill Dallas is co-founder and CEO of Cloudvirga. He is a
visionary in the fintech industry, responsible for founding
and managing more than a dozen mortgage and financial-tech companies over the past 40 years. Along with his
co-founders, Dallas created the intelligent Mortgage
Platform, which leverages data and intelligent workflow
to drastically cut the time and costs of closing loans. Dallas
holds a law degree from Santa Clara University School of
Law. Reach him at firstname.lastname@example.org.
5 Business-Development Insights
Building relationships provides long-term benefits
By Bill Dallas
Business development is all about building relationships. It’s about who you trust and who you want to do business with. There is a common misconception that business
development is the same thing as sales. Although the
two are similar in some aspects, there are some key
differences that should be understood.
With business development, the end goal is a
mutually beneficial long-term relationship. Unlike
sales, business development is not specifically focused
on revenue and may be targeted toward other important aspects of building your business. With that said,
here are a few tips for building business-development
relationships culled from more than 40 years of experience in the mortgage industry.
1. Have a great product
The first step to business development is having a
great product that you can talk about truthfully and
confidently. Actively pursuing partnerships and business relationships can backfire in the long-run if your
product isn’t up to snuff.
It may seem obvious, but having a quality product
that you believe in is the biggest, most important
aspect of effective business development. If you trust
your business and products wholeheartedly, that
confidence will translate to better relationship building. Having a product and goals that you’re excited to
talk about will inspire excitement and interest from
others as well.
2. Get active
Become an active part of the community. New information is constantly being passed back and forth on
message boards, social media, and at community and
industry events. Being a part of that ongoing conversation helps the people around you become familiar
with your name and your company’s brand.
It may be time-consuming, and you may not see
benefits right away, but taking the time to share what
you’ve learned with the community and offer insight to
colleagues will help build essential relationships. The
mortgage industry is a tight-knit group of knowledgeable people. Unlike other business sectors, mortgage
relationships are formed from small-group gatherings, baseball games, dinners, etc.
Brett McCracken, senior vice president of sales and
business development at Cloudvirga, has observed
3. Touch base regularly