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Doug Smith, founder of Douglas Smith & Associates, is a 24-year industry veteran. His career spans the areas of loan origination, sales training, management development, marketing, personal coaching and corporate sales. Doug’s columns appear in Mortgage Originator, Mortgage Planner, The Mortgage Record and Mortgage Broker magazines. He publishes a monthly newsletter, Power Selling, and authored Climbing the Ladder of Success. For more information, visit http://www.dougsmithonline.com/ |
| "In" Time Versus "Out" Time |
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When I ask sales professionals what their three biggest challenges are, one that's always mentioned is time management. Our time as commissioned salespeople is extremely valuable, and we want to invest it in activities that generate the highest return. The reality of our business is that this does not always happen. We get consumed by menial and unprofitable tasks every day. This busy work is mostly concentrated on loans and files in process. And since we only get paid once on a loan, it is unprofitable time. In the business of sales, there is "in" time and "out" time. "In" time identifies specific tasks and activities devoted to bringing new business in the front door. This includes sales calls, presentations, following up on leads and all other forms of sales prospecting. Here's the goal: You need to spend 50% of your time every day, every week on "in" type activities. This keeps your business in balance and your sales pipeline healthy and full."Out" time refers to activities needed to get existing pipeline sales out the back door of your business. These activities include chasing down conditions, putting out fires, price negotiations, working problem files, status updates, and all the things necessary for completing the sale and keeping your business flowing. You should spend no more than 50% of your time every day in "out" time. As we know, achieving this balance takes effort and discipline. But it can be done. How else do you think superstar sales people get to levels of mega-production? Certainly not by hanging around the office all day dealing with paperwork issues! Learn to manage and balance your time by constant awareness of how you are spending it. If you work 50 hours a week, that means 25 hours of "in" time bringing new business opportunities in and no more than 25 hours in office "out" time taking care of details and getting paperwork completed. On average, that works out to 5 hours a day for all of your office responsibilities. The more you think about it, the more it makes sense. Don't allow yourself to get caught up in too much "out" time. It can stifle your business along with your chances of more sales volume and making more money.
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