A Great Time to Fill the Favor Bank

Have you ever heard of the Favor Bank? It's actually the best bank in the world and it pays the greatest dividends you could ever hope for as a business owner.

It serves all businesses whether you are a VAR, MSP, break fix computer service, system integrator, engineering consultant or any other tech or non-tech business. As a matter of fact, this bank can be used for any part of your life. Most people do use it everyday but it seems to get overlooked as far as small business owners go.

So how does the favor bank work? Simple. You open an account for each client, potential client, vendor, sub contractor, employee, etc. that is involved with your business. Next you start depositing "favors" whenever you get a chance for each one of these individual entities. They don't have to be big deposits as small and regualr deposits will add up quick enough.

So why make these deposits? Because when you accumulate enough, you get to start making withdrawls. And those withdrawls are where the big dividends are seen. Two small deposits into a specific client labeled account can result in a HUGE withdrawl when the time comes, for example.

Before you think I have completely lost my marbles (which could be possible with the Seattle like weather we've been having in NJ all this month), let me explain.

You see, the favor bank is something we've been using all of our lives to get things in return. As an example, as a kid you may have deposited some favors labeled "Dad's account" so that when the time came to borrow the car for a big date, Dad just couldn't resist. You know how difficult that may have been if you didn't give, give, give before you asked to take.

Well the favor bank works the same for business. It's great for marketing, client management, vendor management, employee management etc etc.

So let's do a business example with marketing to new clients. Say you have a nice website. On it you not only let potential clients know what you do, but give them free information that could teach them something, save them money, or make them money (like the free video on my consultantscoach.com site). They take you up on that then you offer a free analysis or a free round of services or something of that nature (like the free strategy session in the back of my latest book).

You just made two nice deposits into the favor bank for them. As human nature works, those deposits make it much harder to resist when you ask them for what you really want... to make them a paying client of your valuable services.

You can do the same with current clients as part of your client management process. Once a client, if you keep putting great information and over the top services in front of them, they are going to be less resistant to buying your other services, etc as well as open to giving you a referral or testimonial when you ask for it.

Do you see how the favor bank works? By making small deposits that really don't hurt your pocket,they add up to being able to ask for things that will fill your pockets up when withdrawl time comes.

So set up that favor bank in all parts of your business right now. And don't forget it also works great with neighbors and significant others ;-)





To Your Business Success-

George Sierchio
The Consultant's Coach