Tuesday, February 26, 2008

IdeaWorks: Two more years of pain

I've been back in the office for a few days now, but the information I soaked up at the recent eLynx IdeaWorks conference continues to bubble up. Some really great speakers and I'll be posting more of their ideas in this space throughout the week.

Something that Robert Camerota, former chairman of the board of the California Mortgage Bankers Association, keeps coming back to me. He said, "This market will last another 18 to 24 months. You need to be thinking about where you're going to spend that time."

He was talking about the office space that many larger lenders had been leasing when the bottom fell out. This is a good time to renegotiate a lease, he said, because no one wants to be holding a lot of empty office space. Just ask anyone who owns a building in Irvine, Ca.

But what he said also applies to other aspects of the company's operation. In terms of product, are you where you want to be? Target markets? Technology? It's likely to get harder to make changes in the months ahead. What changes should you be making now in order to remain as comfortable as possible over the next 2 years?

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