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Written by Michael Calam
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Wednesday, 18 February 2009 06:47 |
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I frequently encounter a problem in small businesses which, if untreated can be lethal. Procrastination. Unfortunately, I've even encountered this problem in myself from time to time. Of course, self-diagnosis is very hard as none of us really want to admit that we're putting off work. So why do we procrastinate? I've found it's because I'll view a task as too hard, so instead I'll focus on all of the nice easy tasks at hand. The problem is, it's usually the hard jobs that are urgent or really need to be done. So, instead of calling the client with the news about the declined loan, you'll spend your time photocopying or filing, for example. The funny thing is that most of us find that when we take a big breath and actually get started on the jobs which we have procrastinated over, they're not usually as bad as we thought. That is, unless they've been left for so long that they have turned into a serious problem. I can't say that I'm a guru of not procrastinating, as I still find myself doing it from time to time. I now try wherever possible to put the hard jobs to the top of my list and get them done first, because after they're done, the rest of the day becomes easier. Loan scenarios are a perfect example of procrastination in action. Have you ever done this? You begin speaking with a client and their situation seems very difficult. You tell them that you'll research it and get back to them. When you get off the phone to them, you have no idea where to start. The consider it for a while and then you call a BDM or Relationship Manager with either your aggregator or a particular lender. As usual you don't get them first time (BDM's are notorious for being busy) and so you leave a message for them to call you. You can then forget about that scenario until the BDM calls you back as you've done all that you can do in the meantime. Correct? Probably not. Are you prorastinating by handing the problem off to someone else? Remember, while you are waiting for the BDM to call you back, the client may not be just sitting around waiting, they may be speaking with other brokers or researching their own options. And if by chance they find someone who is a bit more pro-active, then you may lose a customer. So, how do you avoid procrastination in that scenario? Try exploring all options as a matter of priority. Here's an example of an action plan: - Post the scenario on the scenario section of the BrokerMentor forum - you've then opened up the opportunity for many people to provide you with a solution.
- Call your aggregator BDM.
- Do you have a network of other brokers who you know? Pick up the phone and call other brokers in your network and run the scenario by them. If you don't know anybody, look on visionms.com.au and find brokers who have identified themselves as specialists in that particular area. Call them.
The best brokers are proactive, if they call one number and can't get hold of somebody, then they'll try another number and then another number until they find the answers they seek. Now I just need to make sure that I practice what I preach... |
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Written by Michael Calam
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Monday, 16 February 2009 07:39 |
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Monday morning and a new week commences. As I start to write my to do list for this week, I can see that it is predominated by follow-ups from the last two weeks. I'm going to start the morning by sending an SMS to all of my "Application Limbo" clients, those who are waiting for a conditional approval from their lenders. While applying on-line often gives a conditional approval status, the current waiting time of around 7 days before the lenders pick up the file and match your supporting documents to your online application somewhat lessens the value of the conditional approval. So, this morning, I'll send each of these clients a quick SMS message to advise them that we can expect to hear further from the bank this week. Doing this also assists me by pre-empting the clients from calling me, as they are prone to do on a Monday, to find out how their application is going. While I have a couple of client interviews this week, the rest of my time today will be taken up by following up lender requests for further information and chasing clients up for the extra documentation which I'm waiting for before I can submit their application. At least this week, I'm off on the right foot. I'm organised. |
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Written by Michael Calam
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Tuesday, 17 February 2009 09:45 |
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It's Tuesday and I've had a very slow start to the day. It's destroying my reputation as an early riser. I've fielded many questions recently from brokers in the team, asking for specifics of how I generate leads or actually get my appointments for new business and so I'm doing a quick rehash of my list of 20 activities to get started in your business. If your business is quiet, this is a list of things which you can do to generate activity. At one point or another, I have used every one of these methods. If you have others to add to the list, login to the website and add them in the Forum under Lead Generation.
1. Write to friends, family and past colleagues updating them about the progress of your business and asking them to consider putting their business with you.
2. Advertise in your local newspaper.
3. Conduct letterbox drops yourself, introduce yourself to people you meet along the way.
4. Visit local referrers.
5. Put leaflets under peoples windscreen wipers.
6. Advertise in local forums (sporting events, school newsletters etc.)
7. Join your local chamber of commerce.
8. Start up or join business networking lunches. It's like speed-dating for businesses.
9. Join local community groups. You'll meet new people and they'll learn about what you do.
10. Attend community business events.
11. Start searching through online forums and communities, there are plenty out there.
12. Advertise in the yellow pages.
13. Advertise through online business search tools, HotFrog, True-Local etc.
14. Organise investment seminars, find finance professionals who will present for or with you.
15. Get a group of friends together to discuss ways to make your business grow. This one really works.
16. Visit church and other community groups and offer a referral fee as a donation to their organisation if any of their members refer or use your services.
17. Put notices on local noticeboards at shopping centres, universities etc.
18. Contact a marketing agency.
19. Set up a stall at your local markets.
20. Use marketing or lead generation services. Don't be afraid to buy leads. Some leads are better than no leads!
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Written by Michael Calam
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Friday, 13 February 2009 07:23 |
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On my way home from a client interview last night I started thinking about my processes. How many interviews do you need per client? From a sales and time efficiency perspective, obviously it is far more efficient for me to only have one interview with the client. That means taking the time to spend those few extra minutes on the initial phone call obtaining a clear picture of the clients circumstances, so that I can then attend the interview armed with application forms for the various lenders which would be suitable for the clients needs and then be ready to take an application then and there. Is that the best response from a clients perspective? I guess that depends on the clients. Regardless of the situation, when I attend a client interview, I always use a generic application form. I use this to simply record the information necessary to complete an application, this information which, if necessary, can later be either data entered into an apply-online screen or for those lenders still in the 80's, their individual application form. Then after discussing the merits of various lenders and products, if the client does wish to proceed with an application, I then produce the appropriate privacy/consent and identification forms for that lender from my folder. I always carry several copies of all of those pages in my folder, because when you consider it, they are the only pages needing to be signed by the client. However, I always ask my clients if they would time to consider, to research and to find out more about the both the products they are selecting and also my services. Some people need that bit of extra time in order to feel comfortable, particularly if this is the first time that they have met their broker. So, sometimes it's necessary to come back for a second interview. Ultimately, I feel that I need to make sure that the client is comfortable with their decision and that they are well informed. Taking out a home loan is probably the largest amount of debt which that client will ever undertake - so I'd really like to make sure that they can sleep soundly after making a decision to proceed. |
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