Ever been asked by one of your commercial lenders to match rate to “win the business?”
Does the sun rise in the east?
When we see this happen we can predict, with clock-like precision exactly what’s causing the epidemic…
The lenders are measured on the wrong things. And when you measure the wrong things, you get wrong behaviors.
In today’s video I show you the “invisible link” between your lenders’ job descriptions, how you’re measuring their progress and how often you’re caving in to price pressure, instead of winning the PREMIUM YOU DESERVE…
Inside this 14 point checklist you’ll discover:
Is your strategic plan the right plan—and one that can and will get completed?
If you’re like most bankers, you probably pulled your strategic plan together eight or nine months ago. But is everyone in the bank on a weekly process to make sure they all hit the outcomes?
You are hearing everywhere that those who run their banks like they ran them five years ago won’t make it in the not-so-distant future. Heck, based on the news reports over the past year, they may no longer be in business.
The same goes for the strategic planning process.
We’ve all been in those meetings…
Everyone saunters into the room, they sit down, pull out pen and paper…
…and the agony begins.
Conversations run in circles, the clock seems to almost stand still, and an hour later everyone leaves the room having accomplished nothing.
Benjamin Franklin said it best:
“By failing to prepare, you are preparing to fail.”
Taking extra time to create a focused, actionable agenda is the only way to run efficient meetings that create results.
In today’s video you’ll discover how to run a super successful—and efficient—sales meeting…
New case study reveals how a small Ohio bank is beating the big banks,
Think you’re ready for an acquisition? Think you’ve got a bullet-proof plan?
Imagine if you take a “bring-it-on-and-make-it-happen-no-matter-what” bank culture where people are passionate about what they do and combine it with a group with a “sit-behind-our-desks-until-we-need-Preparation-H, whine-and-complain-about-the-economy-and-being-too-busy” group. How’s that going to work? Without a “come to Jesus, we see the light” intervention, the likelihood of being able to save many of those people is slim.
And what a costly loss that is.
Nothing trumps culture. Culture means you don’t have middle management breakdown, because they know how to lead.
The coming bank consolidation isn’t a surprise. It’s been predicted for years. In fact, the next 18 months are destined to be a major “shake out” period when weak banks will be acquired or closed—and banks that are in a position to capture the best customers in town will become stronger and more profitable.
If an opportunity like this landed unexpectedly in your lap…would you be ready? Most banks wouldn’t be. Unfortunately, they’ll suffer years of pain, lost productivity and even reputation damage from what was previously viewed as the opportunity of a lifetime.
Here’s what I know from decades of guiding banks through acquisitions: You have no business doing one if you’re not ready.
Job descriptions by themselves never work. They’re vague and meaningless. And they really don’t directly correct behaviors. When Business Week asked employees whether they were in the top 10 percent of performers in their companies, between 84 and 97 percent, depending on position, said “Yes!”
Oh my…are that many people delusional? Not exactly. They just don’t know what “success” in their position would actually look like. They think the busywork in their job description is what matters because they haven’t discovered how to focus on the few things that REALLY matter. Banks are not exempt from this mindset.
A lot of bad things happen around acquisitions. If you’re being acquired, it’s rarely pretty. And if you’re the one acquiring, the Wharton School of Business says your chance of failure is greater than 83 percent. And even if you don’t go down in flames in the opening round, the real heartaches continue for two years after the acquisition as two dark forces are inevitably unleashed:
So you’ve decided to acquire another bank. For nearly 25 years I’ve been giving the same advice about acquisitions: DON’T DO IT.
I’ve had good reason to give that advice. Many banks try to solve their inadequacy of systems, education, and strategies by acquiring. And many banks are poised to do exactly that this year. So now you’re going to get a finger-wagging lecture from me, right?
Not necessarily. If you have your house in order, this could be the year for a few great acquisitions. The blue light specials are going to be plentiful in 2013,
Building your bank’s profits and tuning up your sales and profit culture requires a set of tools as well.
From marketing and sales performance tools, to hiring and people management tools, to strategic planning, accountability and celebration tools—there are “best practice” tools to collect in your toolkit so that whether you’re starting a new location, acquiring a competitor, or hiring a personal banker, you have a franchisable system that just plain works.
So where do you start?
It all starts with the primary tool for upleveling your sales culture and getting every employee and executive on board: leadership.