| Did you know that the word "business" actually | | | | paperwork, that is NOT income generating ... it's |
| comes from the word "busy"? | | | | income CONSUMING. That does not mean it |
| Financial services sales offers us several ways of | | | | wasn't important - it was CRITICAL in fact! But |
| keeping busy. In fact, three types of activities fill | | | | the income was actually generated by the |
| everyone's days - those which are income | | | | salespersons marketing efforts. Everything that |
| GENERATING ... income CONSERVING ... and | | | | occurred AFTER the presentation became an |
| income CONSUMING. | | | | expense in order to fulfill the agreement. |
| The challenge is staying focused on the right | | | | The salesperson can certainly help CONSERVE |
| activities and in the financial services industry you | | | | income by being professional and frugal with time. |
| are probably responsible for ALL three! | | | | He even has the potential for GENERATING |
| Income generating activities are the lifeblood of | | | | additional income by suggesting another product |
| your business. They are where ALL the money | | | | to the client - or by making such a positive |
| comes from. Your sales are the result of this | | | | impression that the client would eagerly |
| step well done. | | | | recommend him to others - but the pure activity |
| In this category you will find all sorts of activities - | | | | of providing the service is income CONSUMING. |
| prospecting ... customer acquisition ... marketing ... | | | | If you would like to keep your busy-ness as |
| research and development and that's just a | | | | profitable as possible, here are three ways to do |
| glimpse. | | | | it: |
| Income Conserving activities protect your hard | | | | First, detach yourself emotionally from the |
| earned money. Here is where you preserve your | | | | assessment process so you can be objective and |
| sales. | | | | clear. |
| In this category you'll find activities relating to | | | | Second, examine your business and decide what |
| being efficient, as well as anything that impacts | | | | percentage of time should be focussed on each |
| good will and customer loyalty. | | | | category. |
| Income Consuming activities are a normal part of | | | | Third, decide what would be the ideal activity ratio |
| every business. | | | | at each level - and 100% income generating isn't a |
| While many income consuming activities are | | | | realistic expectation! |
| necessary ... unavoidable ...important... perhaps | | | | Finally, instill in your team or yourself if you are |
| mission-critical, most are simply a blatant waste of | | | | the team, a fundamental respect for income - its |
| time and resources and eat away at your | | | | generation, conservation and consumption. Every |
| hard-earned profits. | | | | moment of every day should be governed by a |
| Income consuming can be tough to evaluate , | | | | simple question: "How is doing this going to affect |
| because on the surface they seem to be income | | | | my income?" The answer will dictate it's priority. |
| generating or conserving. Whether it's being | | | | Priority #1 - EVERY team member should take |
| dragged to and through another pointless meeting | | | | full advantage of every opportunity to perform |
| or policies and procedures that do nothing but | | | | something income generating. |
| complicate the simplest of tasks ... or (fill in the | | | | Priority #2 - When not busy generating income, |
| blank with whatever drive you CRAZY), the | | | | team members should seek out ways to |
| average day is filled with things that are of little or | | | | conserve what has been gained. |
| no value to your business. | | | | Priority #3 - If an activity neither generates nor |
| Nevertheless, activities that ARE of PARAMOUNT | | | | conserves income, it must be carefully evaluated |
| importance to your business can STILL be | | | | for its income gobbling potential. If the activity is |
| incoming consuming. | | | | necessary, team members should strive to be |
| For example: let's say a prospect wants your | | | | asefficient as possible. If it is simply a waste of |
| service and your friend refers them to you. You | | | | resources, it should be avoided altogether. |
| make an appointment, give them a presentation | | | | Now, get out there and Do something with this |
| and they hire you. You then go back to the office | | | | information to increase your efficiency and sales - |
| to finish up paperwork and begin being of service. | | | | you'd hate for the time you've spent reading this |
| While anyone in sales would probably argue the | | | | to be income CONSUMING because you did |
| point, when they do the needs analysis and the | | | | nothing useful with it! |