As an originator in the commercial equipment leasing and finance industry, how productive are you on a daily basis?
There is a significant difference between being busy and being productive. Time management can be the key to doubling your income in 2021.
In a recent coaching session with an experienced originator she commented, "I am so busy that I don't have time to increase my monthly production. I am maxed out - there is not enough time to process what comes across my desk each day." The problem is that she is working hard but is not a top producer for her company. She is barely above average; and she realizes that there is much more she should be doing to develop and close additional business. Her future business needs to be more efficient than the transactions that she is currently processing. This originator has become a processor (not a salesperson) on highly inefficient transactions. Her approval ratio and funding ratio is well below a top producer within her company. She is extremely busy, but barely productive. Below are some recommendations:
She should set aside a designated time each day or week to prospect for new and more efficient relationships.
She should rank her end-users and vendors by results and potential rather than applications (ex: a vendor that submits 10 applications a month but only closes 1 transaction is not as productive as a vendor that submits 3 applications and closes 2). Each vendor should be worked differently. Time is money.
She needs to use the automation that her company has available to streamline many of her manual processes. Automation and organization can free up valuable time to be focused on more productive activities.
She needs to pivot away from several old relationships that no longer align with her capabilities. Yes, these relationships are seasoned, but her company has changed, and those stakeholders have also changed. Valuable resources can no longer be used on unproductive relationships.
Time management is key. This originator was asked to document all her time over a two-day period and the results were eye opening. More than 50% of her time was being spent on non-productive activities.
Every activity can be measured. Activities that produce the greatest results should be expanded and those activities that produce little or no results should be eliminated.
Survive - Thrive - Lead
This "Sales Tip" is provided by Wheeler Business Consulting.