I believe every business has a breakthrough opportunity, a missed profit opportunity, in fact, in several of their product lines.
In this blog, I’m going to share with you how any one of your product lines could be the source of thousands of dollars of additional profits within a few short weeks. You’ll need to change your strategic planning process radically to make it happen.
If you’re the kind of person who:
- Knows your team can sometimes keep repeating what they’ve been doing instead of taking the time to implement breakthrough ideas for a breakthrough increase in profit…
- Is a bit weary of all the regulations and busy work and know that both you and your people haven’t taken the time to question the way that you offer your products…
- Would like the infusion of energy and cash that comes with a rapid increase in the sale of a product line that when revamped using a new strategy that’s now low hanging fruit, it could mean that you can find within minutes a tremendous amount of opportunity and…
…You’re going to love this!
Let’s start by acknowledging that you’re not alone. Every bank gets stuck in a rut in one way or another. Now you can break the mold and implement revolutionary but effective ideas that bring more money in the door from existing product lines.
Here Are Four Steps to Start to Attract Thousands of Dollars of Additional Profit within a Few Short Weeks
Step 1: Create Awareness of What a Strategy Is Compared to an Outcome
Unlike so many strategic planning processes that stay fuzzy and stick with hard to get results and non-strategies such as cross-sell products to new mortgage applicants, get tangible real deal strategies. Tangible, real-deal strategies would specifically do things differently to increase your cross-sales.
Step 2: Teach Your Managers the Difference between a Strategy to Get a Result and a Result
Teach your managers and production people to understand what is a strategy and what is not a strategy. Since so many banks don’t have even one strategy in their strategic plan, often, their execs would benefit from some clarity about that as well.
Step 3: Encourage Each Department to Brainstorm and Implement a Strategy That Has an Immediate Impact on Sales
Choose one strategy and then, as an experiment, move it into one product line. For example, take the strategy of product packaging and try it with mortgages.
Step 4: Build an Ongoing System for the Entire Team to Create New and Improved Strategies Constantly and Consistently
Create a system whereby different departments and product lines introduce strategies at least once a year and choose the ones that get results within a week or two. That way, they demonstrate their commitment to moving the sales and profit needle, and all that weight isn’t on your shoulders alone.
Get started as soon as possible and begin these four steps so that you can see results as quickly as possible. Then, you can sleep easy at night, knowing your team is 100% committed to hitting and exceeding their numbers.