Pat’s Blog

“The most important thing in communication is hearing what isn’t said.” — Peter Drucker

During my recent travels, I’ve heard plenty of discussion about how an organization’s ability to change is critical for future success. While this is a dialogue that needs to take place, what I don’t hear people talking about is HOW meaningful change will take place.

Real change in an organization can be difficult to achieve due to a number of factors. More often than not, company executives are heavily invested in doing things a certain way — the same way, year after year. Some in management are reluctant to advocate a new direction or strategy for fear of offending higher-ups. These types of deeply entrenched patterns keep a company — and future growth — stagnant.

In these instances, a third-party consulting firm can provide an honest evaluation of what practices are working and which ones aren’t. An outside expert can also outline potential solutions that are not influenced by company politics.

An objective review of a company’s strengths and weaknesses is necessary before real change can be accomplished.

“Precisely because change is a constant, the foundations have to be extra strong.” — Peter Drucker

Regardless of market conditions, long-term success in financial sales is dependent on whether producers possess the fundamental skill sets they need to excel. Right now is the perfect time to take a closer look at the skill level of your sales staff. Our research indicates that top producers consistently excel in four areas:

• Planning
• Prospecting
• Mastering the point of sale and
• Forging long-term partnership relationships with both clients and referral sources.
How do your salespeople rate in each of these areas? In what areas are they strongest? Which areas need improvement? With a strong foundation of selling skills in place, your sales staff will be in a better position to weather the ups and downs of the market.

“The best way to predict the future is to create it.” — Peter Drucker

The past year has been a time of unprecedented change for the financial services industry. While there has certainly been turmoil, there is also great opportunity to make fundamental improvements in how we do business.

In preparation for a panel that is being developed for the Fall 2009 MBA conference, I’ve been asking financial sales executives, “What will the future sales force look like?” Some of the questions we as an industry must ask are: What will be required of a salesperson in the future? How will origination be different? What qualities and skills are most important in financial sales? Are salespeople being compensated based on these skills? What works about the current compensation structure? What needs to change?

These are all difficult questions but before we can find real answers, companies must be willing to take an honest look at how they currently operate and be open to changing the status quo. I welcome your thoughts on this important topic. Let me know what YOU think.

“Making good decisions is a crucial skill at every level.” — Peter Drucker

Now more than ever — from both a legal and a business standpoint — it is important for companies to hire the best quality sales candidates. Every hiring decision counts and organizations can no longer afford the costly ramifications of even a single poor selection. This brings in to focus something I see at financial firms large and small — lack of uniformity in the hiring process. With every “changing of the guard,” it seems a different hiring process is set in motion. Without a consistent, uniform approach, hiring results will be uneven. Inconsistent treatment of candidates also puts a company at risk for legal issues.

What does your hiring process look like? Are you using the same hiring sequence and screening techniques with every sales candidate? If you have questions or concerns about your company’s hiring approach or strategy, I would be happy to provide feedback.

“Knowledge has to be improved, challenged, and increased constantly, or it vanishes.” — Peter Drucker

One trend I have noticed in the financial sector is the disappearance of on-the-job training. Today, sales candidates are expected to hit the ground running with little or no support. There’s nothing wrong with expecting new hires to have a certain level of proficiency but not providing ongoing training is tantamount to holding onto the status quo. As the saying goes, “the only constant is change.” Companies must continually improve the knowledge and skills of their sales staff if they want to achieve better sales performance.

What steps are you taking to ensure that your sales staff is continuing on a steady path of improvement?