We may be ringing in a New Year, but there’s no need to make it a New You. The conversations coming out of our annual conference almost exclusively point in one direction: Success in 2024 will not be gained by finding new frontiers, gutsy pivots, or anything else that may resemble a shiny penny.

The tenor instead appears to be leaning toward a focus on revisiting lending fundamentals. Here are the biggest takeaways.

Stability > Scale

Outfits with secure, stable capital and the ability to balance sheet have a leg up. For those looking to capital raise, this is not a market for new entrants (at least, new entrants not backed by known personalities). Investors are looking for experience, reputation, and established infrastructure—and they can afford to be choosy.

Underwriting Versus Volume

Two modes of thought are bubbling up here. First, in an inventory-strapped market, underwriting criteria must change to meet the assets borrowers are bringing to the table. Second, do not relax credit and valuation standards, even if it means tightening your belt with fewer deals. Trust your gut; you already know which one is right for you.

People > Systems

Technology makes originating, underwriting, and servicing loans faster and easier than ever. These systems do not replace the foundation of solid hiring and training practices. 2024 should be the year of HR: Evaluate personnel to ensure you have the right person (and personality) in each seat. This includes yourself. Are there any hats you should (or shouldn’t) be wearing?

Rather than charting a new path this year, start by revisiting the cornerstone elements of your business. What’s working and why (or why not)? With the market still in a transition period, it’s the optimum time to focus internally on what needs to happen to shore up stability. (Hint: It’s nothing new.)