There’s nothing worse than a drought, particularly when it aptly describes your business development efforts. Yet we all know what to do when we find ourselves there, right? So why does it sometimes happen anyway?
One of the most hated parts of my lending jobs were when a manager to require a weekly submission of my prospect list. I resented the intrusion of my work week with having to write down all of my activities, contacts and prospects…after all, couldn’t the boss trust me to do what was in my own best interest, and work hard for sales? Did they not believe that I was working hard enough to find the next great deal?
But just as common as my resentment of the task arose was my realization that I needed to make a few phone calls, schedule a couple of meetings, and drop in on a few real estate brokers. It was easy to bury myself in what I loved doing, like gathering documents, structuring deals, pushing the due diligence buttons etc., but the indignation over a sales report reminded me regularly that I’d better get busy doing something to report for my marketing activities.
And I’m betting the same holds true for most of you: we love the negotiations, sorting out the details, tracking down information and building a case to approve the deal and then get it funded. What’s not as much fun is dialing for dollars, drifting through another networking event with a proverbial tin cup, looking for referrals, or the worst, sucking up to some potential referral source we may not particularly like but want access to their deal flow.
To get to the good parts of our job, we have to get through the parts we don’t enjoy. Sales and marketing are necessary to get the business, so it’s naturally part of what you signed up for when you got the job as a lender. Might as well put a good face on it and do it enthusiastically to be successful at it, after all–it keeps the drought away.
SBFI offers 50+ training courses to improve commercial lending skills-see catalog here.
Subscribe to AdviceOnLoan–award-winning, weekly newsletter for commercial lenders.