Yesterday, I completed the installation of a tablet point of sale system for one of my retail clients. This account is still a work in progress but...
As you begin to build your Credit Card Processing business you will be inundated with tasks that do not create momentum. These include installations, customer service, paperwork and other tasks that are essential to your business but do not create momentum. There are only three tasks that create momentum: Meeting with a business owner for […]
- Meeting with a business owner for the first time.
- Obtaining a processing statement from a new merchant.
- Presenting a cost comparison to a merchant for the first time. Your goal in scheduling is to maximize the amount of time you spend on these three tasks without neglecting the other tasks.
While all the other tasks tend to call out for your attention and will be completed simply because they are necessities, these three priority tasks must be scheduled and completed on purpose because they do not call out for your attention! Let me give you a few tips on how to maximize the amount of time you spend on these three important tasks and thus, create momentum in your business.
Tip #1 – Schedule time each day and each week that is dedicated to these three tasks. This sounds so basic, but ask yourself some questions: What time tomorrow are you going to meet business owners for the first time? What time tomorrow are you checking back with a prospect to pick up a processing statement? What time tomorrow have you scheduled a meeting with a prospect to present a new cost comparison for the first time? If you have these events scheduled tomorrow, you are going to increase your momentum. If you do not have them in your schedule, your momentum will begin to slow down.
Tip #2 – Start your day early and work through your list of other tasks in order to clear the way to focus on creating momentum. These three “momentum” tasks are usually accomplished best from 11 a.m. to 3 p.m. Therefore, you have all morning to get your entire in-box of other tasks completed so you can start creating momentum at 11 a.m. Don’t start your day at 10:30 a.m., rush around for 15 minutes, and then run out to do prospecting with 20 unanswered messages from customers. This will ruin your focus and interrupt your prospecting time.
Tip #3 – Learn when to let go of a prospect. Although I am all about multiple visits, you can get to a point where you are wasting time on a “non-buyer” when you could be creating momentum with a fresh new prospect. My rule of thumb is to try to get a statement 3 times after which I leave my card and ask them to fax it to me when they are ready. Once I have the statement, I schedule a solid appointment over the phone to present. If they don’t show up, I leave the cost comparison and stop by later in the week to see if they looked over it. I also get an email address to send the cost analysis to them if they don’t show up. Once they have the cost analysis, I will wait as long as necessary to get a sale while not wasting time with a visit. Learn to use the phone; it will save you a lot of time! Many reps get this backwards. They start by using the phone and then do face to face. Use face to face to make the initial visit. After you have their interest, use the phone to schedule your follow up visits. I have often waited several months to close a sale if they are “checking with the boss” or “getting other bids.” However, if I can’t close them when I make the presentation or after one follow up visit, I tell them to call me when they are ready. Even though I assume I did not get the sale, I will keep emailing them helpful tips every day to keep them on the hook. This allows me to let go and move on to new prospects.
Tip #4 – Track your results and make a weekly and monthly goal for each of these tasks. If you want to create momentum in sales, you must set goals for yourself and track your progress. I have found that it is much more productive to set goals based on the tasks above rather than “number of sales.” You may have 2 sales on Monday because of work done the previous couple weeks. If your goal is “2 sales per week,” you will have no motivation to work the rest of the week. If you take the rest of the week off, it will kill your momentum and hurt your income for weeks to come. Here are a set of goals I used when I was selling full time:
- Walk into 20 businesses per day.
- Meet 5 to 10 business owners for the first time each day.
- Obtain 2 new processing statements each day.
- Present 2 cost comparisons per day.
- Close presentations at 50% within 10 days of the presentation.
I hope this blog posting is a help to you!
James Shepherd firstname.lastname@example.org
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