53 More Selling Days…
…until the end of the year.
In this issue – Sales and the Federal Reserve FOMC report. And why your interest rate on your line of credit won’t be going up anytime soon.
So you think you have 53 selling days? Well, not really. I challenge most sales reps to NOT slack off for the next 53 days. In reality, with Thanksgiving in 17 days, most sales reps and yes, business owners, will be seriously winding down for “the holidays”. Not to worry you think, because everyone does it. Yes, most do, but with the 80/20 rule, 80% will and 20% won’t. It’s those 20% that will make the opportunity to take the clients that are currently with the 80%.
Just a few comments on sales. All of this is based on 36 years of sales experience: inside, outside, product and service.
Do you set the example, or are you calling your sales reps late Friday to see where they are while you are driving up to Mammoth? Or both?
Do you have a pipeline meeting or a sales meeting? They are vastly different. Or do you think your pipeline meeting is a sales meeting?
Is your idea of a sales meeting getting a reminder ping from Outlook and then going into the conference room to hear your rep’s forecasts for the next 60 days?
Do you tell your reps how you think they should generate leads or do you let them present a plan to you?
Do you follow up on that plan?
Do you sign them up and send them to sales classes to sharpen their skills or is your idea of training giving them a list of prospects to call on?
Hint: Tom Brady did not lead two different teams to Super Bowl wins by sitting around in a conference room and talking about what games they might win in the next 60 days.
I have followed Paul Castain and his Sales Playbook for years – he is an excellent resource. Just sayin’. Or you can call me and we can have a conversation.
From the Federal Reserve: The Fed issued its FOMC – Federal Open Market Committee – Report. Summarized:
Target inflation is 2% but the Fed will work with higher inflation for the time being just as long as inflation averages 2% - no time frame was given.
Well, the inflation rate for the last 12 months is 5.4%. I guess they really are willing to work with higher inflation.
The Fed believes that current price increases are due to supply chain and demand issues; they expect that to normalize over time.
Just wait; someone is going to call this the new normal. Ugh.
Banks continue to lend so business and personal access to credit is still good.
Time to follow the age-old bankers adage: the best time to get a loan is when you don’t need it. Get that back up line of credit NOW!
They will be decreasing the bonds they are buying back, primarily treasuries and mortgage bonds; this will slowly edge up bond rates.
They did NOT increase the Fed Funds Rate, which is the rate that banks borrow from the Fed - see my October 25 Report.
That means that the interest rate on your bank line of credit will not be increasing, at least not this month.
Along the theme of winding down during the holidays…
One of the hardest working receivers in the NFL loved the off season. Why? That’s when he would keep his training regimen because most other players would not. That made him that much better when the pre-season started. Wes Welker, a 5’9” undrafted free agent, became the first receiver to have five 100 reception seasons all because he worked when others chose not to. “Basically, I really like to train. That's what keeps me busy during the offseason - just training and getting my body right and getting ready for the next year.” Now THAT is a professional.
