Take a look at our October newsletter!
OCTOBER 2023
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LESSONS LEARNED FROM HENRY FORD’S ASSEMBLY LINE
But there’s something even more important to remember: Henry Ford’s assembly line wasn’t just about manufacturing cars. It was a testament to the power of systematic and efficient business practices. This seemingly simple invention demonstrated that by optimizing processes, standardizing tasks, and fostering innovation, businesses, just like your brokerage business, can achieve remarkable growth, higher quality, and lasting success. At CHB, the systems and practices we have in place have proven to be timeless and effective. As a loan file works its way through the process of getting funding, it goes through our own assembly line. Pre-Credit: The initial credit and collateral are checked and verified to make sure they generally fit. Underwriters dig deeper into the deal to uncover the good and bad details, then those details are measured in terms of risk. Recommendations are then made to senior credit providers for approval.
“If I had asked people what they wanted, they would have said faster horses.” –Henry Ford
On Oct. 1, 1908, Henry Ford’s Model T first went on sale. Thanks to his introduction of the assembly line, he completely revolutionized the automobile industry and underscored the importance of effective systems and practices in business. Significant growth is fostered by clearly outlining and streamlining processes and optimizing efficiency. The assembly line helped break down complex tasks into smaller, simpler, repetitive actions. It ensured uniformity and standardization in the manufacturing process, reduced the time required to assemble a vehicle, and greatly cut down on production costs.
It’s that time of year again! Every Halloween, we embrace fear and have some fun, but unfortunately, fear doesn’t only linger around Halloween celebrations. For some, it presents itself in many aspects of life.
Approved or Denied: This is communicated back to the broker.
Approved: A term sheet is sent to the broker, who works with the applicant. The applicant accepts the terms and requests contract documents to sign and to be funded. Henry Ford’s legacy serves as an eternal reminder that effective systems are the foundation upon which prosperous and successful businesses are built. What individual systems and practices do you have in your individual broker businesses? Where can you focus on streamlining? –Kit West & Ed Meyer
Fear allowed us to save ourselves from the saber-toothed tiger hiding in the bushes, waiting to pounce and make a meal out of us. It’s ingrained in us because the ones who were not afraid of the tiger got eaten. Nowadays, our fears have transformed into something new. As brokers, helping people overcome their fears is one of the cornerstones of our business. Change is the biggest fear people face, so this is your reminder to embrace change and foster growth! Happy Halloween!
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Close More Sales by Transforming Objections Into Opportunities
A strong sales team is the root of every successful business, but sales can be challenging. You’ve probably experienced this firsthand, as many entrepreneurs got their start in sales or, at the very least, developed their sales skills to pitch their businesses and products to potential investors successfully. In most cases, after a business starts to bring in profits, the entrepreneur will step away from the sales role, hire salespeople, and delegate all sales responsibilities. But once you step away from the sales game, it can be challenging to jump back in, especially if it’s been several years since you’ve practiced your sales pitch. So, why is sales such a difficult job? If you’re comfortable socializing, then trying to sell to people can feel like a normal conversation. Unfortunately, most people have developed a negative impression of salespeople. You might have that negative outlook yourself without even realizing it. When you enter a furniture or retail store, do you actively seek help, or do you push away any salesperson who tries to assist you? Most customers who shop at your store believe salespeople want nothing more than to make a sale. They don’t think salespeople have the customer’s best interests in mind. So, how do you shake this stigma? It all has to do with sales tactics.
One of the most challenging situations salespeople face daily is hearing a customer say “no” to them. Some try and read the customer to decide
if it’s worth pushing further. Others might refuse to quit until they hear “no” three times. There’s nothing wrong with asking again after an initial rejection or probing further to find their concerns. But if your salespeople push the sale too hard, customers grow frustrated and take their business elsewhere.
“Just like that, you’re no longer a salesperson — you’re someone they want to converse with.”
The trick is to find the sweet spot. How can you turn their “no” into
a “yes?” Here are two fresh tactics that can deliver the results you’re looking for. Change the Topic
This might sound counterintuitive, but you don’t want to push immediately after a customer rejects your offer. Instead, change the subject altogether. Take the “no” in stride, and ask them about something else, like a local sports team, their clothing, or literally anything else that isn’t the sale. This should open up a dialogue, allowing you to redeem yourself in their eyes. Saying something like, “Did you catch the game last night?” or “Your handbag is really cool. My wife bought a similar style over at Macy’s. Where did you get yours?” will completely change their perspective. Just like that, you’re no longer a salesperson — you’re someone they want to converse with. Once you’ve built rapport, start your pitch again and try to sell. You’ll be surprised by how many positive responses you’ll receive! Restate Their Answer Have you ever received an outlandish objection from a customer? They likely don’t even realize how crazy they sound, so repeat what they said right back to them. First, this demonstrates you were listening, but more importantly, it gives them a chance to reconsider what they just said. In most cases, the customer will change their tune and story, giving you something to work with. They may even open up, sharing the real reason for their immediate rejection of your sale. If you stay quiet and listen to what they say, they’ll likely give you enough ammo to make a sale without additional digging. Anyone can make these sales tactics work with enough dedication, practice, and charisma. Teach them to your sales team, and prepare to watch your customers say “yes” more often.
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HOW TO CULTIVATE CONFIDENCE AND Trust Matters
Inspired by TheModernProper.com Jalapeño Popper Mac and Cheese
LOYALTY FROM YOUR CLIENTS
• 2 sticks butter, divided • 1/3 cup flour • 5 cups milk • 8 oz cream cheese • 3 cups shredded white cheddar cheese, divided • 4 cups shredded pepper jack cheese, divided • 2 tsp salt • 2 tsp garlic powder • 1/2 tsp pepper • 1 lb bacon, chopped and cooked • 8 jalapeños, seeded and chopped • 1 lb macaroni, cooked • 1 cup panko breadcrumbs INGREDIENTS
DIRECTIONS
1. Preheat oven to 375 F. 2. In a large saucepan, melt 1 stick butter over medium heat. Add flour and whisk until fully absorbed in butter. Whisk in milk slowly. 3. Once sauce thickens, stir in cream cheese and shredded cheese until melted, reserving 1 cup of each shredded cheese. Add seasonings, bacon, and jalapeños before removing from heat, then combine pasta and sauce. 4. In a small skillet, melt remaining butter and stir in panko. 5. In a greased baking dish or skillet,
In our business, trust and reliability from your clients are invaluable assets that can significantly impact your success. Earning the trust of your clients not only fosters long-term relationships but also enhances your brand’s reputation. Let’s take a look at some effective strategies for building trust and reliability among your clients to ensure the growth and sustainability of your broker business. Have consistent and open communication. Communication forms the foundation for trust. You will want to give yourself to your clients; just like you are confident that when you call us, we will answer the phone to provide ideas and listen with intent, you will want your clients to be instilled with this same confidence. Regularly update them on progress, changes, and challenges in their deals and demonstrate your commitment to their needs! Deliver on promises.
add macaroni and top with panko and remaining cheese. Bake for 30–40 minutes and serve warm.
Take a Break
Reliability hinges on fulfilling commitments. Never promise what you aren’t able to deliver. If unforeseen circumstances arise, communicate proactively and offer alternative solutions to mitigate any disappointment your clients may feel. Be transparent. In a similar line of letting clients know if something interferes with your promise to them, it’s crucial to be honest about your capabilities and potential limitations. Your transparency shows that you value the client’s trust over short-term gains, which will earn you the respect and trust of your clients. Offer a personalized experience. While it’s difficult to deliver a 100% personalized product to every client, tailoring your services to your client’s unique needs and requirements is a great place to start! This demonstrates that you are invested in their success and are willing to go far beyond the common one-size-fits-all solution. It’s a competitive world out there, and building up your clients’ trust and confidence in you isn’t just an option or a perk — it’s a necessity. It sets you apart from the rest, fosters loyalty, and contributes to the continued growth of your brand!
CANDY COSTUME GOURDS HALLOWEEN
HAUNTED MOON RAVEN TRICKS
VAMPIRE WEREWOLF WITCH ZOMBIE
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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 Why Systems and Practices Are the Secret Sauce for Business Growth 2 Cracking the ‘No’ Code 3 Jalapeño Popper Mac and Cheese 3 Enhance Your Client’s Confidence in You! 4 How to Take Your Brand Identity to the Next Level
Your Competitive Edge: Building a Strong Brand Identity
Showcase your expertise. Position yourself as an industry expert by sharing insightful content through blogs, social media, webinars, and podcasts. LinkedIn is a great platform to leverage — log on and respond to topics of interest with valuable and engaging content. Demonstrating knowledge and offering help to others builds credibility and trust within your client base. Develop a distinctive visual identity. Your logo, color scheme, and typography make an impact on your business’s visual identity. Opt for colors and fonts that align with your company’s personality (modern, corporate, professional, etc.). Your logo should also be memorable and representative of the services you offer.
It’s a competitive world out there, so establishing a solid brand identity is key to standing out, building strong relationships with your clients, and attracting new prospects. Your individualized brand identity serves as the face of your broker business and works to communicate your values and expertise to your target audience. To craft a compelling brand identity that resonates with your clients and sets your business apart, consider these tips. Define your brand’s core values. What matters most to you? What principles guide your decisions and actions? Are you known for transparency, innovation, integrity, or exceptional customer service? Do you understand how daunting it is to be kept in the dark and work extra hard to stay in contact with your clients? Defining these values will form the foundation of your brand identity. Get involved. When the opportunity arises, get involved in your community and attend local events! Industry seminars, webinars, and workshops are great places to volunteer and serve on the board to network and expand your connections. Be authentic. Clients resonate with businesses that show their true selves and aren’t afraid of transparency and honesty, so be genuine in your interactions, messaging, and actions.
Consistency and authenticity are the bread and butter of your brand’s identity. When developing or refreshing your logo, values, online
communication, and networking preference, remember that your brand identity matters to set you apart from the rest!
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