As the calendar turns its page to a new year, the tradition of New Year’s resolutions always tends to result in some soul searching and ultimately leads to commitments . Historically, this annual ritual invites individuals and professionals alike to reflect upon previous year’s experiences, reassess priorities, and typically chart a renewed course for the future successes. For factoring brokers and consultants, navigating the onset of 2024 and our current economy presents a golden opportunity to embrace this time-honored tradition of resolutions and plan strategic innovations for exponential growth. When making your 2024 “Success List”, here are several things to consider.
The Right Place, the Right Time, and the Right Industry
Alternative commercial finance literally explodes with opportunity in tough economic times. Without question, there are tough times ahead be small business. Though inflation has finally slowed, the damage has been done. It will take not just months, but now years for the economy, and its various small business industries, to balance the scales and reach equilibrium. In 2023 alone, nearly 400 strikes occurred as workers tried to close the gap. Rising wage costs have a painful cost when it comes to cash flow for small business owners. As a consultant in the factoring and commercial finance industry, you are in the right place, at the right time, and in the right industry.
Banks Are in Big, Big, Trouble. Re-Focus on Your Relationship Building Efforts
If there’s one thing all factoring consultants know for certain, its that when banks curtail lending, factoring opportunities explode. And banks are in big, big trouble. In 2023 alone, banks have laid off over 60,000 employees. Banks are “Bracing for Bad Loans…But the Trouble is Just Getting Started”. For brokers and consultants, now is the time to double down on your networking efforts. Invest heavily in time spent locating lending officers (those still with jobs) and build referral relationships with them. When being forced to turn down loans, banks risk losing valuable depositors. A loan officer would much rather refer a long standing customer to a valued resource to provide the customer a cash flow solution. Pay particular attention to the bank’s “Special Assets Loan Officer”.
Make it a Plan: Invest in a New Sports Activity
As you usher in 2024, consider a new rejuvenating sports activity that not only invigorates your physical well-being but also presents exceptional networking opportunities for business growth. Sports such as kayaking, tennis, or cycling not only fosters a healthy lifestyle but also cultivates meaningful connections, fostering camaraderie, collaboration, and community engagement. By investing in and enlisting sports into your routine, you can forge invaluable relationships, expand your professional network, and discover synergistic opportunities that propel you towards success, resilience, and fulfillment in the dynamic landscape of 2024 and beyond.
Plan Motivational Marketing Campaigns and Reward Your Successes
Planning a strategic marketing campaign that prioritizes self-reward for periodic achievements can indeed be a game-changer in fostering your motivation, drive, and sustained success. Take after top-performing sales professionals who leverage monthly rewards such as enjoying a get away weekend or even a dinner at your favorite high-end restaurant or steak house can lay a foundation for success as you meet milestones and close out your successful year. Set an achievable regimen! Use these monthly mini-goals and they will serve as a blueprint for an exceptional experience at year end such as that Caribbean getaway you’ve always wanted.
Make That Transition to Commercial Finance Consulting
2024 is clearly ushering in untapped opportunities in our industry for financial consulting and some like few have seen before. They are now unfolding in the economy and banking and for those willing to polish up their face-to-face networking and prospecting skills, the future could not be more opportunistic. While historically direct marketing has always been important, accounting for 50% of all sales, brokers now have the opportuni9ty to further develop the consultant side of their business rather than the lead-generation sales side. This will provide you with a whole new level of professionalism much like a private banker as a commercial finance consultant for those mastering this elevated skill sets.