Five facts every client wishes his banker knew … and why they’ll increase your business

1. Five facts every client wisheshis banker knew …and why they’ll increase your business Bob Penny, Ph.D. President, The Penny Group, Inc. April 17, 2013

2. Psychology

3. Psychology Therapy

4. Psychology Therapy How to improve healthy, normal WORK relationships (corporate psychology)

5. Psychology Therapy How to improve healthy, normal WORK relationships (corporate psychology) Beliefs & assumptions ---> behavior

6. Bankers: “Less risk is better than more risk” “The world is rational and logical”

7. Bankers: “Less risk is better than more risk” “The world is rational and logical” Business owners and CFOs view the world differently than do their bankers

8. Bankers: “Less risk is better than more risk” “The world is rational and logical” Business owners and CFOs view the world differently than do their bankers The single most effective step you can take to increase your business …

9. Bankers: “Less risk is better than more risk” “The world is rational and logical” Business owners and CFOs view the world differently than do their bankers The single most effective step you can take to increase your business … IS TO UNDERSTAND EACH CLIENT’S PERCEPTIONS

10. If you correctly understand and respond to a client’s assumptions and perceptions,

11. If you correctly understand and respond to a client’s assumptions and perceptions, You CAN predict which clients will buy from you.

12. If you correctly understand and respond to a client’s assumptions and perceptions, You CAN predict which clients will buy from you. You CAN predict which clients will KEEP doing business with you and which will REFER their colleagues and friends to you.

13. Today Statements any business owner would nod his head “yes” over

14. Today Statements any business owner would nod his head “yes” over Specific examples of how these facts can help you expand business

15. 5 facts …

16. 5 facts every client WISHES his banker knew

17. 5 facts every client wishes his banker knew My business is the sum of my dreams, my hopes, and my worth as a person. Please don’t treat me like a spreadsheet.

18. My business is the sum of my dreams, my hopes, and my worth as a person. Please don’t treat me like a spreadsheet. The most effective high school teachers…

19. My business is the sum of my dreams, my hopes, and my worth as a person. Please don’t treat me like a spreadsheet. The most effective high school teachers… Engage the student

20. My business is the sum of my dreams, my hopes, and my worth as a person. Please don’t treat me like a spreadsheet. The most effective high school teachers… Engage the student Make the student feel good about him or herself

21. My business is the sum of my dreams, my hopes, and my worth as a person. Please don’t treat me like a spreadsheet. The most effective high school teachers… Engage the student Make the student feel good about him or herself Offer a better alternative than typical negatives/punishments

22. My business is the sum of my dreams, my hopes, and my worth as a person. Please don’t treat me like a spreadsheet. The most effective high school teachers… Engage the student Make the student feel good about him or herself Offer a better alternative than typical negatives/punishments Effectively deter the allure of dropping-out

23. My business is the sum of my dreams, my hopes, and my worth as a person. Please don’t treat me like a spreadsheet. The most effective high school teachers… Engage the student Make the student feel good about him or herself Offer a better alternative than typical negatives/punishments Effectively deter the allure of dropping-out Understand the teenager’s perspective/point of view

24. My business is the sum of my dreams, my hopes, and my worth as a person. Please don’t treat me like a spreadsheet. The same is true of business owners/CFOs…

25. My business is the sum of my dreams, my hopes, and my worth as a person. Please don’t treat me like a spreadsheet. The same is true of business owners/CFOs… Personally invested and “vulnerable”

26. My business is the sum of my dreams, my hopes, and my worth as a person. Please don’t treat me like a spreadsheet. The same is true of business owners/CFOs… Personally invested and “vulnerable” Want to feel understood

27. My business is the sum of my dreams, my hopes, and my worth as a person. Please don’t treat me like a spreadsheet. The same is true of business owners/CFOs… Personally invested and “vulnerable” Want to feel understood Need you first to understand, then help.

28. My business is the sum of my dreams, my hopes, and my worth as a person. Please don’t treat me like a spreadsheet. 1963 Marshall McLuhan The Medium is the Message

29. My business is the sum of my dreams, my hopes, and my worth as a person. Please don’t treat me like a spreadsheet. 1963 Marshall McLuhan The Medium is the Message Why would an individual who could get a bank loan… Go instead to a high interest rate “loan company?”

30. My business is the sum of my dreams, my hopes, and my worth as a person. Please don’t treat me like a spreadsheet. “Like asking my PARENTS for money!”

31. My business is the sum of my dreams, my hopes, and my worth as a person. Please don’t treat me like a spreadsheet. I know that you need to “evaluate” me …

32. My business is the sum of my dreams, my hopes, and my worth as a person. Please don’t treat me like a spreadsheet. I know that you need to “evaluate” me … I understand I need to provide you a strong business case

33. My business is the sum of my dreams, my hopes, and my worth as a person. Please don’t treat me like a spreadsheet. I know that you need to “evaluate” me … I understand I need to provide you a strong business case I know you want to see a profit … and I want to even more!

34. My business is the sum of my dreams, my hopes, and my worth as a person. Please don’t treat me like a spreadsheet. I know that you need to “evaluate” me … I understand I need to provide you a strong business case I know you want to see a profit … and I want to even more! To truly understand my business, you need to understand ME

35. My business is the sum of my dreams, my hopes, and my worth as a person. Please don’t treat me like a spreadsheet. I know that you need to “evaluate” me … I understand I need to provide you a strong business case I know you want to see a profit … and I want to even more! To truly understand my business, you need to understand ME I understand being evaluated

36. My business is the sum of my dreams, my hopes, and my worth as a person. Please don’t treat me like a spreadsheet. I know that you need to “evaluate” me … I understand I need to provide you a strong business case I know you want to see a profit … and I want to even more! To truly understand my business, you need to understand ME I understand being evaluated But I don’t want to feel … JUDGED

37. My business is the sum of my dreams, my hopes, and my worth as a person. Please don’t treat me like a spreadsheet. WHAT YOU NEED TO DO:

38. My business is the sum of my dreams, my hopes, and my worth as a person. Please don’t treat me like a spreadsheet. WHAT YOU NEED TO DO: Take time to understand me, my business and what they mean to me.

39. My business is the sum of my dreams, my hopes, and my worth as a person. Please don’t treat me like a spreadsheet. WHAT YOU NEED TO DO: Take time to understand me, my business and what they mean to me. Imagine the person sitting across from you is your son or daughter (regardless of their age).

40. My business is the sum of my dreams, my hopes, and my worth as a person. Please don’t treat me like a spreadsheet. WHAT YOU NEED TO DO: Take time to understand me, my business and what they mean to me. Imagine the person sitting across from you is your son or daughter (regardless of their age). Don’t judge me … use your evaluation skills to help me.

41. 5 facts every client wishes his banker knew My business is the sum of my dreams, my hopes, and my worth as a person. Please don’t treat me like a spreadsheet. Your thoughts about me, your advice and your willingness to tell me the truth are more valuable than any loan.

42. 2. Your thoughts about me, your advice and your willingness to tell me the truth are more valuable than any loan. When The Penny Group works with bankers, each chooses 20 key clients / prospects.

43. 2. Your thoughts about me, your advice and your willingness to tell me the truth are more valuable than any loan. When The Penny Group works with bankers, each chooses 20 key clients / prospects. We then provide the banker with an outline of the issues that individual perceives as most important in creating an ideal banking relationship

44. 2. Your thoughts about me, your advice and your willingness to tell me the truth are more valuable than any loan. Experienced Commercial Banker (15+ years)

45. 2. Your thoughts about me, your advice and your willingness to tell me the truth are more valuable than any loan. Experienced Commercial Banker (15+ years) Feedback from the CEO

46. 2. Your thoughts about me, your advice and your willingness to tell me the truth are more valuable than any loan. Experienced Commercial Banker (15+ years) Feedback from the CEO She’d worked with him for 10-plus years

47. 2. Your thoughts about me, your advice and your willingness to tell me the truth are more valuable than any loan. Experienced Commercial Banker (15+ years) Feedback from the CEO She’d worked with him for 10-plus years Her largest client (two-thirds of last year’s revenue)

48. 2. Your thoughts about me, your advice and your willingness to tell me the truth are more valuable than any loan. Experienced Commercial Banker (15+ years) Feedback from the CEO She’d worked with him for 10-plus years Her largest client (two-thirds of last year’s revenue) One issue to focus on in the coming year:

49. 2. Your thoughts about me, your advice and your willingness to tell me the truth are more valuable than any loan. Experienced Commercial Banker (15+ years) Feedback from the CEO She’d worked with him for 10-plus years Her largest client (two-thirds of last year’s revenue) One issue to focus on in the coming year: “Being straightforward and honest with me, even when it’s difficult to do so”

50. 2. Your thoughts about me, your advice and your willingness to tell me the truth are more valuable than any loan. “You predicted I would hear something unexpected. I did.”