Lone Rangers are a Dying Breed

Being a lender in this market place can be interesting to say the least.  There are all types of people/companies looking for money.  Not all are fundable, bankable, legitimate, or even real business opportunities. For direct lenders sifting through the viable opportunities can be a time suck.

As a broker I am sure you know that all deals are not real deals at all.  I have found that sometimes it is impossible to get off the roller coaster of counting unrealized earnings only to see deals die at the finish line because our "preferred lender" can't close a deal.  Wow!  I mean how many times have you spent hours, days, weeks, or even months trying to get a "sweet" deal over the line only to see the company you were placing a deal with drop the ball.?

Brokers have an especially hard time.  Not only do they need to source a deal by working their contacts list on an ongoing basis but they need to stay in front of lenders that can actualize winning deals. I have seen a new bread of broker pop up recently though.  The ISO has emerged.  The ISO is a free agent sourcing mostly cash advance deals but occasionally stumbles across deals that are outside of the cash advance bucket.  What to do with them is a real question. What if there was a place to source funding that really works for the merchant and keeps you in the money?

There is a network of lenders, brokers, and ISO's working behind the scenes to create "one stop shop" for all your lending needs.  It's the place you take good deals that get turned down or are potential time sucks.  this network is secret and is a members only kind of thing.  Not just anyone can play.

Many "old school" brokers will find that being lone rangers is not working as well as it used to.It's time to throw away the mask. The competition is too intense. You are shooting more blanks than closing deals. Bankers have quit calling with slam dunks and that chamber meeting or turn around group just doesn't provide the same opportunities as they used to. Maybe your contacts have just left the business or retired. So what do you do?

Well, funny you should ask. There is a solution that works for some and might work for you. Join a power lenders network.  It's a group of like minded brokers, ISO"s, and lenders from factoring firms, PO finance, equipment, Luxury lending, real estate, hard money, investors and the list goes on. This will allow the broker and the ISO to focus on deal flow and not have to focus so much on the quid pro quo relationships that just don't work.  It will allow you to get out there and generate deals and place them in a network and have someone else bring them to a close. Someone who can close deals not just talk about closing deals.

You will no longer have to spend tireless hours speaking to business owners trying to sell them on why they should go with you the independent person who doesn't have their own money to lend in order to secure capital for their company.  I mean any smart person can boot up their laptop and in minutes have 100 companies that can lend them money.  What do you offer that they can't do for themselves?

The business owner though doesn't always know how to separate the sharks from those that really want to provide a fare win/win opportunity.  They get taken with added closing costs, fees that are charged just for applying, and so on.  What if you as a broker were part of this mysterious network? What if you were a real POWER ISO and could speak truthfully to the merchant/prospect about making sure they got a good deal and worked with a solid lender?

I believe these would be a huge differentiators. Your lead sources (banks, other reputable lenders, family and friends) could trust that you are looking out for their best interest and the best interest of the people that they refer to you.  I mean how hard would it be to ask for a referral from someone that you placed in a network where their needs were met with integrity and velocity?

As a POWER LENDER you have to put the ego aside and work with others.  I mean what fun is it to only share the glory with the person in the mirror. If you would like to find out what networks are out here and how you might become a part of one, give me a shout. here's my cell 513-400-6475 or email me at kiefer.joe@gmail.com.

Go ahead and do something really nice for yourself. Increase your lending power. Become bigger than your one room office.  Quit playing at being a thriving self employed business owner and become a POWER LENDER. These networks  that i speak of are exclusive only to those who are like minded ISOs, brokers, and lenders who understand that there is power to be harnessed when real people work with real people.

As a single broker, ISO, or consultant you are only as good as your last sale.  You need more deals and wasting time hustling deals over the line is a time and energy suck that you can't afford.  You need to be hunting for more deals.  If you want to sit back read a book, watch a movie, play on social media then you are probably not right for the title of POWER LENDER. But if you are self motivated, hard working, and strategic minded person then i am sure that you are already thinking about how being part of a network of lenders and independents can partner together in order to increase sales volume and in the end make it easier to make money.

If you are lender and want to know more about how you can become part of a thriving network of lead sources reach out.  i am happy to share what is going to change the way independents get deals done. You won't want to be left out of the conversation.

It's been a while since I have posted.  Thanks for tuning in.  You can expect to see more posts on an ongoing basis.  Be sure to reach out and let's do great things.

Mailbox Mayhem

Mailbox Mayhem

Recently a colleague opened their email in front of me. I was amazed! I thought "This guy is the most efficient person on the planet." It was something to behold. Everything was in a folder and he had like 4 emails in his In Box. We work together so I know we each had 20 emails already that morning. There was no way this guy had time to review them and respond to them unless he had super powers.

My colleague, who we will call Rob shared a few of his "secrets" and after a 10 minutes applying some of the "secrets" my In Box is 100 times more manageable.

Below are a few tips from the Microsoft website that may be helpful to you. I did not write the tips just wanted to share them.
http://www.microsoft.com/atwork/productivity/emailtools.aspx#fbid=D_tGGcHapt8

Get organized: 7 ways to better sort, store, and search your email

A cluttered and unorganized mailbox can make it difficult to find the email you need. This messy situation can be remedied. Microsoft Outlook offers great tools that help you sort your email and organize your messages in meaningful, easy-to-control ways. Outlook can even help increase your efficiency and productivity. Whether you're using Outlook 2010, Outlook 2007 or Outlook 2003, you'll be better able to stay on top of your mail.

1. Sort messages quickly

Outlook 2010 has a great new feature for organizing messages by date and arranging them by Conversation. Using this feature, messages that share the same subject appear as Conversations that can be viewed and expanded or collapsed by clicking the icon to the left of the Subject line. The messages within each Conversation are sorted with the newest message on top. When a new message is received, the entire Conversation moves to the top of your message list, helping to make tracking email threads a snap.
To turn on Conversations, on the View tab, in the Conversations group, select the Show as Conversations check box. You can reduce the size of a conversation with the Clean Up feature, which deletes duplicate messages in the Conversation. On the Home tab, in the Delete group, click Clean Up, and then click Clean Up Conversation.

---

2. Group similar messages in folders

By creating new mail folders, you can group messages related to each other.

---

3. Create Search Folders to find messages fast

Search Folders are a quick and convenient way to look at predefined collections of email messages. They don't actually store any messages themselves but, instead, are virtual folders that offer a view of all the messages stored in your mailbox depending on the attributes you've defined.

---

4. Route mail efficiently using mailbox rules

By creating rules for Outlook, you can automatically perform actions on both incoming and outgoing messages based on criteria you establish.

---

5. Reduce unwanted email with junk filters

Keep distracting and unwanted messages out of your Inbox by using Outlook Junk Email filters. These filters send email flagged as junk to a separate mail folder in your Mailbox.

---

6. Assign a color category

Assign a color category to a group of interrelated email messages and to other items in Outlook, such as notes, contacts, and appointments, so that you can easily identify and organize them.

---

7. Flag for follow up

You can use the Flag for Follow Up feature to flag email messages and tasks to help categorize them or to mark them for action.

---

Here is the link to the microsft website for more details. http://www.microsoft.com/atwork/productivity/emailtools.aspx#fbid=D_tGGcHapt8

Having an organized In Box allows me to be deliberate about what I am reacting to. This saves time and energy and allows me to focus on important things like getting  deal done. Hope this was helpful.

Feels Like the Hunger Games

85
inShare

Feels Like the Hunger Games by Ernest Griffin.

Carolyn M. Brown's article below about the minority business owners inability to access funding is right on point. And though she states that contests and other grant opportunities are out there and that these business owners should go looking for them. What she doesn't get is that if business owners are out there chasing down games and searching under rocks in order to access working capital then they aren't working on the their company.

Business owners do not have time to spend chasing after shadows and entering contests like The Hunger Games for business. What Minority Enterprises need are solutions and access to working capital. Joseph Kiefer from The Power Lender near Cincinnati Ohio gets it. "Minority Enterprises are being overlooked by so many lenders. It's as if these companies aren't even on the radar of my competitors and colleagues. The Minority Enterprise market is a blue ocean for me. There is a goldmine in marketing to and working with men and women entrepreneurs of color that is being overlooked. Partnering with these business leaders is not just good for my bottom line it's good for America. Many of these leaders are the real job creators we hear so much about." Click here to contact Joseph and find out how you can access more working capital and increase your cash flow.

Here is an excerpt from Carolyn's article taken from Inc.com May 31, 2011.
"It takes money to make money. That is the plain and simple truth in business. A shortfall of capital is one of the most commonly cited reasons why a company is unable to expand business and succeed. The prospect of getting financing for a start-up even in a growing economy is very difficult due to the fact that business owners lack operating experience and solid credit history.

America's credit crunch environment is making it tougher than ever for entrepreneurs to raise money to start or grow their businesses, particularly minority-owned firms. A study released by the Minority Business Development Agency found that minority-owned firms are less likely to receive loans than non-minority-owned firms, especially businesses with gross receipts less than $500,000. The tightening of lending standards on traditional loans means minority businesses have to become more vigilant about their funding sources.

Today, only 59 percent of small businesses are able to obtain adequate financing, reports the National Small Business Association (NSBA). That number has steadily decreased in the last five years. Banks don't finance dreams, says Todd McCracken, president of NSBA. They finance businesses that are likely to be successful. Your company has to have a good financial track record and a solid business plan, he adds.

Business owners must look past the SBA and beyond traditional lending sources, says Kedma S. Ough, business director of AVITA Business Center, a small business consulting firm headquartered in Portland, Ore., which offers targeted funding resources and grant opportunities. When working with its clients AVITA often examines non-traditional funding sources first, says Ough. For instance, minority entrepreneurs can consider participating in business plan competitions or industry specific contests."

Like it's said at the top of the blog, who has time to chase shadows and enter contests? This isn't the Hunger Games. If your company needs access to working capital there are solutions that might prove useful to you. Reach out to Joseph Kiefer 859-781-0211 over at The Power Lender and see if he can be helpful. No contests or hoops to jump through.

Click here to access Carolyn's full article.

The Lion Roars on Mondays!

The Lion Roars on Mondays!

 

Mondays are power days for powerful sales people. While so many average sales people spend their Monday mornings chit chatting with co-workers about the weekend and getting ready to get ready to start doing something. Power Lenders are already on point with a plan of attack for the week.

 

Mondays are clean slate days. Last week is over and the action plan for this week was done before watching Dexter or Homeland Sunday night. If you’ve waited until Monday morning to get your week mapped out here are a few things to consider about Mondays.

Monday’s are for Moby.

Mondays are great whale hunting days. Spend at least 1 hour on Mondays and another hour later in the week reaching out to those big accounts you want to land. Send hand written notes or cards, drop an email, make 25 calls, or create your target list.  Spending time each week working the big accounts before you get caught up in the traffic of the week will pay huge dividends. Setting time each week to identify, set a strategy, and implement a plan to land big deals generates positive focus. 2 hours a week on task working toward bringing in big deals adds up. Think about it. It’s almost 100 hours a year. Now what kind of return should that kind of focused execution bring?

Stay Out of the Boss’s Office.

Be ready to roll. There is no need for you on Monday mornings to be a distraction to your boss. Your deals are no more important to talk about than anybody else’s. Don’t be the guy or gal that needs to be “buddy, buddy” early on Monday morning. Your boss has more than you on their mind. They have deadlines and numbers to meet just like you. They have other salespeople who need more assistance than you. They hopefully trust that you know what you are doing and want you to get it done. You can be needy and want your ego stroked later in the week. Leave them alone. They will better serve you mid week when you can be a boost of energy for them. Help them get in the groove by staying out of the way.

Call Your Brokers.

Monday morning is the best time to reach out to brokers. They want to know you are there for them and ready to serve. Pick up the phone or drop a handwritten note letting your brokers know you are thinking of them. Encouragement is a powerful commodity. Most of us like to hear that we matter and that we are important to others. Let your brokers know they matter to you and that you value them. You want to stay top of mind and heart with your business contacts. Cultivate relationship in meaningful ways with your brokers and lead sources.

Hit the Ground Running.

Here’s a timless proverb paraphrased for you.  You've probably heard it a 100 times but it's so rich in meaning that I had to share. “In Africa when morning comes the lion knows it needs to be strong and fast enough to catch the slowest gazelle or it will die from starvation. On that same day, the gazelle wakes up knowing it must outrun the fastest lion or it will surely die and be eaten." No matter who you are, you gotta hit the ground running on Monday morning.

For more information about partnering with other Power Lenders contact Joe Kiefer 859-781-0211 or kiefer.joe@gmail.com Follow Joe on Twitter https://twitter.com/J0eKiefer

The Power Lunch is Back!

The Power Lunch is Back!

For the Power Lender lunchtime is prime work time. Meeting new prospects, building the all mighty broker relationships, or just re-connecting with current contacts over a meal can be powerful. Here's a few things you might find helpful.

Go to them

Go to where the action is. If your lunch guest has an office downtown then go downtown. If they are in an office park in the burbs then go to the burbs. Make it easy. When setting up a lunch appointment in someone else’s neck of the woods you might want to ask if there is a new place that they haven’t tried yet.  You get to share a new experience with them and keep them on even ground. The last thing you want to do is go to lunch and have the server or manager at your table talking about Labradors or weekend soccer games.

Always get the daily special

Always order the daily special. This allows you to not spend precious time thinking about what you’re going to eat. You will come across as confident and look like you can make decisions quick. You don’t want waste time waffling in front of your guest.

Only eat 1/2 of your meal

With portion sizes out of control its difficult sometimes to stay in shape. Eating out can be a disaster to your physique, especially if you are having dinner out again the same day. For many Power Lenders especially when just in town for a couple of days the meal meetings are non-stop. Breakfast meeting with a banker, lunch meeting with prospect, maybe a dinner meeting with a new broker group, and somewhere in there is the mid-afternoon coffeehouse debrief with you and your laptop.

The calories add up quickly. Eating only half your meal also allows for you to engage better with your guest. Make sure you aren’t talking the whole time and eating a cold lunch at the end of your conversation. Watch your pace. The last thing you want to do is to be sitting there with an empty plate while your guest has barely touched theirs because they’ve been talking about this year’s numbers and next year’s forecast. They will shut down if they think they are talking too much.

(This one is free. STAY AWAY FROM the FRENCH ONION SOUP. There is little worse than stringy melted cheese stretched from your bowl to your mouth.)

Wait for it…

Often times, when meeting with a new prospect or prospective broker the best thing to do is to listen and be attentive. Wait until they are ready to hear what you have to say. Jumping into your pre-cooked pitch is the worst thing you can do when meeting with someone new over a meal. Be patient and learn as much as you can about what they do and who they do it with.  Everyone wants to be heard. Don’t be needy. Wait to your turn.

 It’s about the connection

For some it’s all about selling and getting the deal. My thought is that connecting on a human level is more important than pushing products and services. It is when people can connect on this human level that real opportunities are born. You want to conduct yourself in a way that will convey to your guest that you are reliable and can be trusted with their business. You want to be sharp with information that is useful and share the side of you that is refined and confident while at the same time remaining humble and authentic. Now that is a heavy order. Power Lenders know how to earn the right to do business with others.

Get out of Dodge

Be sure to leave before all the work is done and all the talk fades. Leave them wanting more. Having another engagement and cutting things short is a good thing. Stick to the allotted amount of time that you and your guest agreed upon. You don't want them to think you are overly chatty. Don’t overdo it when trying to build the relationship. Slow and steady wins the race.

For more information on connecting with other Power lenders and becoming a factoring broker contact Joseph Kiefer at kiefer.joe@gmail.com or 513-400-6475

Want To Want To Want To

Want To Want To Want To

It was over 25 years ago. I was young and enthusiastic about life. There was nothing in this world that would get in my way of being a success. I had no clue that someday I would get tired and bored and settle for just OK.

I had been with a small company selling to strangers door-to-door. I was pretty good at it from the start. You could even say I was a natural.  No matter what I did though, I just couldn't get my name at the top of the All Powerful Wall Chart. One evening, I was filling out my daily report and talking to one of my managers, Carlos Ortecho. Carlos was always upbeat and ready to engage. I asked him, "How do you get up there?" as I pointed to the wall chart. His reply was simple. "You got to want to! want to! want to!" he was so excited in his answer that spit sprayed from his lips and hit me on my shirt as I sat across the desk from him

He went on to tell me if you want to be the best at anything you have to want it more than anything and do whatever it takes to develop the skills and increase your knowledge in order to be successful. This was revolutionary to me. I look back now and realize how simple his advice was. Anyway, I took it to heart.

I became a self educator and learned how to overcome every rebuttal imaginable. I went to work on learning how people would react to what I would say and how to say things in such a way as to win their approval. This was huge. I spent nights in front of my mirror at home rehearsing my script and practiced looking myself in the eye when I did it. I bet my hard earned money against those guys at the top of the wall chart that I would out sell them on the day and on the week. I lost a weeks' pay once doing this. It didn't matter. I wanted to be the best.

As you can guess, I soon become the number one guy on the All Powerful Wall Chart to beat. I dedicated myself to growing and learning. I started reading sales books and leadership books (everything I could find). I did everything I could to be great. I even started working out like crazy and running to stay in shape and increase my energies. I had so much swagger.

I still remember my first week at being number one. I felt like I had arrived. I was high on life and there was nothing better than what I felt at that moment in time. Over the years though I have noticed that the enthusiasm and drive of being number one has waned some. I became OK with just being really good and a solid salesman with great closing skills. I was confident and delivered a reasonable amount of sales. There wasn't anyone who wouldn't want me on their sales team. I was seasoned and delivered.

I had lost my edge though. I became satisfied with doing a "good" job. Raising a family and spending time doing other things became the focus of my energies. There is nothing wrong with this at all. Life was good and I had become a success if it was measured by having a great family and earning enough to take care of everyone, get ahead, and be esteemed by my fellow man.

I was walking with my wife one evening after dinner and mentioned to her that I felt that I had lost a little bit of swagger. That my edge was not there like it used to be. I used to be so energetic and enthusiastic and convinced about about myself. Not arrogant but convinced. Selling had become repetitious and boring. I wasn't driven like I had been before. She, being honest had told me that she saw this as well.

This getting soft if you will is not just my phenomenon but is realized by many great sales people. Time and energy gets directed elsewhere. The excitement wanes and the passion dwindles for many who were once at the top of their game. It almost seems like part of the journey. But the great thing is that we can change paths and actualize different realities.



I challenge you to become your best again. It takes energy and drive. You know and have felt the ecstasy of being the best and you know what it feels like to be the one who sets the bar the highest. But do you want it? Do you really want it? Being one's best self is not for everyone. If you are happy being less than your best that's OK, for you. It's not OK for the Power Lenders out there.

If you want it, go get it. Upgrade your skill set. Leaders are readers! Read, if not for any reason but to increase your knowledge of the modern business speak. Start working out again. Really work out. I am not talking about 30 minutes on the treadmill. Get fired up and go be the best.

The only difference between those people who will do this and those who won't is this: the people who decide to be the best go and do it. You have to want to, want to, want to. Say it with me. Say it loud with spit flying from your lips.

 "I WANT IT! I WANT TO! WANT TO! WANT TO!"

If you are a Power Lender and want more information on becoming a factroing broker earning as much as 15% on the gross profits of each deal for the life of the account, contact Joe Kiefer at kiefer.joe@gmail.com or call 513-400-6475.

A Brief History of How Factoring Built America

Factoring has a long and rich tradition, dating back 4,000 years to the days of Hammurabi. Hammurabi was the king of Mesopotamia, which gets credit as the "cradle of civilization." In addition to many other things, the Mesopotamians first developed writing, put structure into business code and government regulation, and came up with the concept of factoring.

After a while, Hammurabi and the Mesopotamians went the way of extinct civilizations, but factoring endured. Almost every civilization that valued commerce has practiced some form of factoring, including the Romans who were the first to sell actual promissory notes at a discount.

The first widespread, documented use of factoring occurred in the American colonies before the revolution. During this time, cotton, furs and timber were shipped from the colonies. Merchant bankers in London and other parts of Europe advanced funds to the colonists for these raw materials, before they reached the continent. This enabled the colonists to continue to harvest their new land, free from the burden of waiting to be paid by their European customers.

Where Factoring is in our modern age.

• 1.221 Trillion € world wide in 2008 1

– UK accounted for 18.9% of that volume

– US is 5th largest factoring country at 8.03%

• $136 Billion factored in US in 2008 2

• Part of $600 Billion Asset Based Lending Industry

• Factoring has consistently grown since 1976

• 513 US Companies listed as Factors 3

1 International Factoring Group’s Global Industry Activity Report 2008
2 Commercial Finance Asociation’s Annual ABL and Factoring Survey, 2008
3 International Factoring Association’s Annual Survey / SIC codes

We all know that since 2008 that factoring is a booming funding niche. There are factoringfirms popping up everywhere. As brokers it is critical to your bottom line to know what factoring firms are paying the best rates and have the best sales people who do not just take orders. For more information of top factoring companies contact kiefer.joe@gmail.com.