The fourth quarter of 2021 is anticipated to be robust for originators throughout the commercial equipment finance and leasing industry. Many are anticipating working harder and longer weeks than ever before to win and close their fair share of business. It is truly a great time to be an originator in the industry. However, I recently reminded a group of originators that being busy, productive, and/or profitable are often three different measurements.
Being busy is usually a good thing. Being engaged in the market always produces some results.
Being productively busy requires all activities to contribute to bottom-line results and better relationships for the future.
Being productively busy while maximizing profitability is the ultimate goal of a top producer. Every action adds exponentially to the bottom line and in turn creates future opportunities and future profits.
I recently challenged a group to dissect their daily activities for the past week and determine which activities were most productive and which activities created the most profitability. Not all relationships, activities, or transactions are equal. Too often, those activities which keep us extremely busy end up being the most unproductive and least profitable. The most profitable transactions and relationships flow more easily through the process and produce the greatest results. Top originators know where their time is best spent. They know how to maximize their profitability and they spend their day focused on (keeping busy) those activities, relationships, and transactions that will produce the greatest results.
It seems simple, but average originators never quite make the distinction. The first step is to dissect and measure your recent activities.
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This "Sales Tip" is provided by Wheeler Business Consulting.