Testimonials

Testimonial

“Kenneth is an innovative entrepreneur who has a passion for helping individuals navigate through the complex web of private and Federal student loans. His investment in FMI and commitment to his student clients’ success is testament to his success.”


Angel Beltran Integration Project Manager, Talmer Bank & Trust

Monday, December 26, 2011

Who's But Are You Covering

When it comes to not getting paid for the products or services that you provide, I always ask my students "Who's Ass Are You Covering"? I get blank stares-we all know the look "Deer In Headlights" I would like to ask you that same question, Who's Ass are you covering and then immediately after that ask yourself-Why?  At a minimum here are the top items small business owners spend money on:

- Business Cards/Brochures
- Website,
- Incorporating Services
- Marketing


Here is what we spend time thinking about Sales, Sales and more Sales - this is not a bad thing. It's exciting when you make your first deal, but always take a deeper look at your new potential client do your homework "Cover Your Ass".  Run credit checks, pick up the phone and contact references and inquire about how they pay, contact their bank etc...   

Tip: When contacting banks you might want to say "that you need to verify funds on checking account number in the amount of $10,000 thank you"  if you noticed I did not ask "if it was ok to verify funds on account number" you’re asking for permission will more than likely get a No response every time.  You have to assume that they are going to provide you with the information-you might get some push back but keep trying.

Tip - do not refer to your potential new clients as babe, buddy, honey, sweet heart, brotha, bro, homey; for obvious reasons.

Prior to doing business with your new potential client take 15 minutes to go over your credit & collections policy this way there are no surprises if your new client begins to have problems paying their A/R's on time?  Remember not every sale or client is a good sale or client to have.

Thank You for reading my Blog
Kenneth Grayer CEO/President
Financial Management Institute Inc
Email: training@teamfmi.com
Web: www.teamfmi.com

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