Take a look at our October newsletter!
OCTOBER 2021
307-322-2545 • CHBEF.COM
Are Your Business Processes Serving You? FINDING YOUR MODEL T
On Oct. 1, 1908, the Ford Motor Company’s Model T went to market. Widely considered the first affordable motor vehicle, thereby making car travel much more common and convenient for Americans, Ford sold the Model T for nearly 20 years. It was a feat of ingenuity and business prowess, and these same principles would go on to become standard across many industries in the U.S. At C.H. Brown, we have our own reliable systems. Last month, I introduced readers to the team that makes CHB a well-oiled machine, and part of their success stems from the practices we have in place to ensure our brokers’ and borrowers’ needs are met. Interestingly, CHB operates similarly to Henry Ford’s factory line style of work that made the Model T so readily available. “We didn’t reinvent the wheel here at CHB; we just found the wheel that fit best for our company.” It starts with fielding the offers and requests that come in through the door, and from there, we send work to the underwriters. They have the experience to ensure everything that is required is included, and from there, they send the request to our senior creditor. After his approval, it moves on to titling, funding, and the documentation process to ensure everything is up to code. As you may have guessed, the process repeats itself with each client. This system has been critical to our longevity, but it isn’t anything new. We didn’t reinvent the wheel here at CHB; we just found the wheel that fit best for our company, molding it into our business model and needs. In order for your small business to be successful, you have to do the same. You have to create and implement processes that are going to help your employees and business succeed, but you don’t have to come up with solutions that have never been imagined. Many business experts are willing
to take on mentees and help you shape your small business into a career that both excites and provides for you. Far too often, small-business owners may find that they are excited about the content of their work, but their business doesn’t perform in a way they want or expect. Maybe their work-
life balance is off, or the work they are doing isn’t paying off. Regardless, one of the biggest roadblocks to a business leader’s success could very well be the processes their business is attempting to use.
There comes a point when it’s time to step back from the processes, deviate from how it’s “always been done,” and pivot. The Ford Motor Company did that by turning the concept of the automobile on its head. They produced vehicles quickly and affordably, changing the way we drive, travel, work, and live. (And it influenced the way many of our borrowers work, too.) At CHB, our team is empathetic to the needs of the small-business owners we work with — whether they are brokers trying to help other small-business owners or borrowers who need to boost their fleet of vehicles. We’re a small business in an equally small town that has spent decades refining and improving our processes just to get to this point. We’re not perfect; there are always ways we can improve. But without the processes we have in place today, we wouldn’t be able to support your dreams.
Take time this October to consider how your business processes can improve. You just might find the “Model T solution” you didn’t even know existed.
–Kit West
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What a gathering of the industry’s most knowledgeable and energetic people in one spot. The 30th annual AACFB conference was well-attended with over 40 exhibiting vendors and an estimated 300 in attendance. Vendors consisted of brokers, funders, and third-party services. The mix of individuals and businesses made for great conversations and a “firehose” of information. The contacts made will be very beneficial to CHB, as the knowledge learned from those contacts will help to grow the business here. We are always seeking ways to improve our processes and procedures and this was a great opportunity to see and hear what the industry is doing. The contacts that we connected with made it very clear that we can reach out to them at any time with any question. Even the direct competitors in our field were very generous with their time and energy. AACFB — thank you for the opportunity. We are looking forward to 2022. AACFB Conference Sept. 8–10 • Nashville, TN
Upcoming Events
NEFA Financing Symposium Oct. 12–15 Charlotte, NC
Keynote Raja Rajamannar, Chief Marketing & Communications Officer, with MasterCard who is sure to motivate and inspire you. Throughout the day, discover new ideas during our Exhibitor Networking, Educational Sessions, and Practical Innovation Lab.
CHB Open House Oct. 21, 4:00 p.m.–6:30 p.m. Wheatland, WY
Come see what we do here at CHB! Meet our team and learn more about our operations during our open house events. Our doors will be open to the public.
Could C-Commerce Change the Way You Shop?
Remember in the early days of Microsoft Word, when “Clippy” the paperclip would offer helpful advice and tips on how to use the platform? Today, we could consider Clippy one of the first chatbots to change the way customer service functions in the digital age, and now, Clippy’s descendants could be changing the way we shop. Popular brands like IKEA, Sephora, Lego, and Amazon have created “conversational commerce” (c-commerce) bots designed to help shoppers personalize their shopping experience. In the case of Lego, a chatbot named Ralph lives in Lego’s Facebook Messenger. He’s helped confused and overwhelmed United Kingdom customers shop for the perfect Lego kit for Christmas. Ralph was launched in 2017 and other brands are taking notice. The concept is fairly simple. Users reach out to the chatbot via the retailer’s preferred platform, like Messenger or WhatsApp. (Coincidentally, both are owned by Facebook.) The bot provides on-screen prompts, which the consumer answers, allowing the bot’s artificial intelligence software to catalog the best products for this particular consumer, cutting the amount of time spent scrolling through endless options. The bot then presents links to these products in the chat, streamlining a user’s shopping experience.
is up from $2.8 billion in 2019. They also predict it could be a time- and money-saver for health care, retail, and banking industries, potentially saving $11 billion annually. Still, many questions remain about how a c-commerce bot should work. In a 2016 Medium article, Chris Medina wrote that some of the biggest mysteries about c-commerce involve the apps themselves. Right now, many industries are still toying with the idea. While the bots may not be taking over the world (yet), c-commerce bots like Ralph could revolutionize the way we shop, helping consumers narrow down their options to viable products and personalizing the shopping experience the way Clippy and personal shoppers did in the past.
C-commerce may still be in its infancy stages, but Business Insider predicts the booming market could reach $142 billion by 2024. That projection
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The Sales Power of the Introvert
OKTOBERFEST SOFT PRETZELS
Inspired by Tasty.co
• 1 1/2 cups warm water • 1 tbsp salt • 1 tbsp sugar • 1 packet active dry yeast INGREDIENTS
• 4 1/2 cups flour • 3 tbsp oil, divided • 2/3 cup baking soda • 2 eggs, beaten • Coarse salt, for sprinkling
When we think of careers suited for extroverts, sales often springs to mind. After all, nothing could be more exhausting to an introvert than having to talk to dozens of people every day. However, a surprising study by the Harvard Business Review (HBR) disputes this belief. And there are many introverts within the financing industry that prove it’s not always the extrovert who makes the sale! The HBR reports that being an extrovert had no impact on a salesperson’s ability to sell; in fact, some of the negative qualities of being an extrovert, such as bravado and overt friendliness, are more likely to alienate customers. On the flip side, humility and modesty were two traits possessed by those who were 90% better than other sales people in their company. Interestingly, these traits often accompany an introverted personality. As Entrepreneur.com reports, being effective at sales does not require a profound skill for speaking with ease to a crowd. Instead, salespeople need to be great listeners . This attention to detail and attentiveness to their subject is often found in introverts.
DIRECTIONS
1. In a bowl, combine water, salt, and sugar. Add yeast and let rest for 5 minutes. Add flour and 2 tbsp oil, then mix thoroughly into a dough. 2. Remove the dough from the bowl. Coat bowl with remaining oil, then return the dough, cover with plastic wrap, and set it aside in a warm place for 1 hour. 3. Preheat oven to 450 F. 4. Cut dough into 8 pieces. Roll them into thin ropes, then twist ropes into pretzel shapes. 5. In a large pot, boil water. Add baking soda, then boil each pretzel for 1 minute, flipping halfway through. 6. Transfer pretzels to a baking sheet. Brush them with egg and sprinkle with salt. Bake for 10–15 minutes. Enjoy!
Take a Break
Now, that doesn’t make extroverts bad at sales. At CHB, we have learned that having a diverse team of people, whose traits vary and strengthen others on the team, makes for a powerful group of employees. So, consider the ways you can harness the power of an introvert by doing the following: 1. Establish Trust: Introverts have a powerful ability to connect one-on-one with whomever they are speaking to. They thrive on personal conversations wherein they can build a rapport with one or two other people. Doing this can make prospects feel safe and heard. 2. Ask Questions: A long spiel about a product or service is overwhelming, especially when the person providing it feels like a total stranger. Before launching into a pitch, an introverted salesperson knows to ask questions, begging the prospect to lead the conversation and push the salesperson into the appropriate action for a sale. 3. Keep It Relational: People remember stories. They want to hear stories of success and failures, often applying the lessons from those stories to their own lives. Introverts can captivate an audience — many introverts are also authors — so salespeople have to strike that balance between sharing stories and listening.
BLACK COSTUME GHOST HALLOWEEN
HAUNTED MOON MYSTERY ORANGE
PARTY PUMPKIN SHADOWS SPOOKY
For more guidance on how introverts can maximize a sales team, pick up Matthew Pollard’s book, “The Introvert’s Edge.”
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PRSRT STD US POSTAGE PAID BOISE, ID PERMIT 411
C.H. Brown Co., LLC A PLATTE VALLEY COMPANY 20 W. Frontage Rd. • Wheatland, WY 82201 307-322-2545 • chbef.com
Inside
1 Do Your Business Systems Actually Work? 2 Recent and Upcoming Events 2 C-Commerce May Be Online Shopping’s Future 3 Oktoberfest Soft Pretzels 3 Take a Break 3 Why You Need Introverts on Your Sales Team 4 Our Special Offer for Veteran-Owned Businesses
HONORING VETERANS CHB INTRODUCES AN INTEREST RATE REDUCTION FOR VETERAN-OWNED BUSINESSES
is reducing interest rates for all veteran- owned businesses. Veteran business owners can receive 10% off their interest rate on every deal we fund. To put this in context, this means an interest rate of 15% could drop to 13.5% with our 10% discount. This discount can be applied to any type of collateral that CHB finances, including over- the-road trucking, earth-moving equipment, agricultural machinery, day cabs, and tow trucks. If your veteran-owned business needs a large piece of machinery or equipment — or if you have a client who does — this discount is meant to help. In order to receive this special 10 % discount, please disclose on the application that your client has served in the armed forces. We will automatically apply the discount to their deal.
At C.H. Brown, we don’t just believe in supporting veterans; we were founded by a veteran.
This special offer has no expiration date. Much like the sacrifices made by those who continue to influence our
Our founder, Chuck Brown, served in the Army in Korea, and it’s through his foundation and values that we continue to support veterans in our community and within our nationally-based client family. That tradition continues with our chief operating officer, Ed Meyer, who comes to CHB after many years of Air Force service. We are honored that Ed has dedicated the next chapter of his career to our company, bringing with him expansive knowledge and experience from the armed forces to help grow and improve our operations at CHB. In honor of our heritage and to show our appreciation for our nation’s men and women who sacrifice so much for our freedoms, CHB
lives every day, we want this interest rate reduction to benefit those who continue to serve after their military commitment by building a successful business within their community. After all, small businesses are the lifeblood of the economy and support many, many families across the nation. CHB thanks those veterans who have served our nation and also those active duty, Guard and Reserve personnel who continue to serve today.
If you have questions about this special discount, please contact us today!
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