27 minute read
Guest Columns
GUEST COLUMN Anastasia Wiese Wine, women and money: sharing fi nancial know-how
In Grand Rapids, just before the pandemic arrived, a small group of women met and carefully broached a taboo topic: money.
Advertisement
It wasn’t an easy discussion, sharing salaries, family fi nances, retirement plans and investments, topics usually considered to be the ultimate in private information. But the insight and encouragement we gained from each other during these sessions about women and money ended up leading to raises and promotions for all.
With 21st century women more and more often responsible for money at home and on the job, we need to build confi dence in our ability to steer fi nances. It’s time for women to pull back the curtains on our fi nancial lives. When women share information about career and fi nances, goals, hopes, dreams and, yes, fears, we can fi nd crucial support that we need for success.
Women and money
Research in a 2020 report by McKinsey & Company Financial Services showed that by 2030, women will control much of the wealth being left behind by the Baby Boomer generation — estimated at $30 trillion. In addition, Boston College’s Center on Wealth and Philanthropy study in 2009 estimated that women will inherit 70% of the money fl owing down over the next two generations.
Women also are making more money at their jobs. About 6% of women earn $100,000 or more annually. And the number of women business owners went up by 21% from 2014 to 2019, accounting for $1.9 trillion in revenue, according to the State of Women-Owned Businesses Report.
Yet, Swiss bank UBS noted in 2019 that while 85% of women control their families’ day-to-day fi nances, few make long-term fi nancial planning decisions.
In the U.S., women and money were legally separated for centuries. While single women and widows had more fi nancial control in early America, it wasn’t until the 1960s that married women were permitted to open their own bank accounts, without their husbands’ names on the account. It was the 1970s before a woman could get a credit card in her own name, without a male co-signer.
So, it’s not surprising that even today, women are less confi dent when it comes to handling money, according to Global Financial Literacy Excellence Center data released in March.
Women with fi nancial confi dence
We need to build confi dence in the driver’s seat. How can we do this? By learning, sharing ideas and creating a better support system for women to push for more in their careers.
Women need to create safe communities to empower each other’s fi nancial expertise. Friends, relatives and mentors can become fi nancial doulas for each other by learning, sharing ideas and creating a better support system for career management.
Right now, the general consensus is that the fi nancial services industry is falling short of women’s expectations. Why does it take a traumatic experience such as divorce or widowhood for a woman to be put in the driver’s seat? It shouldn’t.
Most of my professional women friends are in control of their household fi nances and outearn their husbands but are shy to talk about compensation structures or ask for what they want in terms of benefi ts, compensation or professional advancements.
About a year-and-a-half ago,
“I believe that for a woman there is more to fi nancial management than hitting a certain return on investment. It’s about funding a life that has meaning for her.” Anastasia Wiese
CONTINUED ON PAGE 21
MI VIEW WEST Garth Kriewall Michigan journalist, kriewall@hotmail.com
News item: Steelcase names Sara Armbruster as CEO.
GUEST COLUMN
Rosalynn Bliss Veteran caregivers are hidden heroes
Grand Rapids could not be prouder of the brave men and women in our community who have served our nation, and we are committed to providing our veterans with the support needed to not only return to civilian life, but to live fulfi lling, meaningful lives right here in our city.
In October, we were proud to open the Grand Rapids Home for Veterans to provide long- and short-term care for veterans. This is a historic milestone for Grand Rapids that was six years in the making.
Another critical way that Grand Rapids is committed to bettering the lives of its veteran community is by improving veterans’ care in their own homes. Working alongside the Elizabeth Dole Foundation, our city is part of a growing list of municipalities joining the Hidden Heroes Cities and Counties program to support and uplift veteran caregivers, and we are proud today to recognize the Elizabeth Dole Foundation’s most recent initiative, the “I Am A Caregiver” campaign.
Military caregivers are the spouses, parents, siblings, children, or friends that put their own lives aside to provide daily care for a beloved servicemember at home. Michigan is home to more than 575,000 veterans, and many have returned from the di erent eras of war, including the war in Afghanistan, with battle scars — both visible and invisible. And veteran caregivers have been there every step of the way, working purely out of love and devotion to provide daily emotional and physical support. This comes in the form of managing prescriptions and doctor’s appointments, advocating for proper care, navigating trauma, assisting with disabling wounds and injuries, and more.
There is no doubt that being a caregiver is a necessary and heroic job. On top of that, it also can be isolating, overwhelming, exhausting and all-consuming. Unsurprisingly, this often leads to mental and personal health challenges for caregivers. And as community members, it is our duty to ensure veteran caregivers feel supported and know that they are not alone in this journey. After all, improving a caregiver’s experience and empowering them will only lead to a healthier, happier veteran and community at large.
Through the I Am A Caregiver campaign, it is our goal to empower these crucial caregivers and members of our community to self-identify and help them access the resources and support system that is available to them. Since her husband, Sen. Bob Dole, was hospitalized at Walter Reed Medical Center in 2011, Sen. Elizabeth Dole has been a champion for military caregivers, bringing together caregivers, advocates, Veterans Affairs personnel, and more to break down communications barriers, share best practices, and educate community leaders, policymakers, businesses and individuals on the issues military caregivers face. We all must continue doing our part to increase awareness and support for our veterans and their caregivers.
I hope that the hidden heroes across our state will hear our calls to feel empowered and join our support network to help navigate a post-service life. Veterans returning home, their families, and their caregivers all have made great sacrifi ces for our country, and they all need to be recognized and supported. Please join me in this e ort at hiddenheroes.org.
Rosalynn Bliss is the mayor of Grand Rapids.
CORRECTION
In the Oct. 18 Business Journal story “SxanPro secures medical device patent,” Ashlea Sou rou’s fi rst name was misspelled.
LETTERS POLICY: The Business Journal welcomes letters to the editor and guest commentary. Letters and columns must include the writer’s name, address and telephone number. Guest columns do not necessarily reflect the philosophy of the Business Journal. Letters and columns may be edited for reasons of space or clarity. Please submit to: The Editor, Grand Rapids Business Journal, 401 Hall St. SW, Suite 331, Grand Rapids, MI 49503 or email bjletters@grbj.com.
GRBJ.COM
EDITOR Tim Gortsema: tgortsema@grbj.com
DIGITAL EDITOR Ehren Wynder: ewynder@grbj.com
ASSOCIATE DIGITAL EDITOR Rachel Watson: rwatson@grbj.com
STAFF REPORTERS Danielle Nelson: dnelson@grbj.com Rachel Watson: rwatson@grbj.com Chelsea Carter: ccarter@grbj.com
STATE LEGISLATIVE REPORTER Capital News Service: freedma5@msu.edu
GRAPHIC DESIGNERS Michaela Bunger: mbunger@hour-media.com Robin Vargo: rvargo@geminipub.com
CONTRIBUTING PHOTOGRAPHERS Michael Buck, Johnny Quirin
ADVERTISING DIRECTOR Jenn Maksimowski: jmaksimowski@geminipub.com
ADVERTISING SALES CONSULTANTS Todd Anderson: tanderson@grbj.com Jessica Laidlaw: jlaidlaw@grbj.com Renee Looman: rlooman@grbj.com Maddy Messerly: mmesserly@geminipub.com
DIRECTOR OF AUDIENCE DEVELOPMENT Michelle VanArman: mvanarman@hour-media.com
MARKETING & EVENTS MANAGER Melissa Novak:
MNovak@hour-media.com
MARKETING & EVENTS COORDINATORS Kelsey Cocke: KCcoke@hour-media.com Drake Lambright:
DLambright@hour-media.com
MARKETING & EVENTS INTERNS Ahmed Aljanabi Dana MacDonald Maryan Toma
CIRCULATION MANAGER Riley Meyers: rmeyers@hour-media.com
RECEPTIONIST/OFFICE ASSISTANTS Elissa Stong Katrina Peshka reception@geminipub.com
TO ORDER ARTICLE REPRINTS reception@geminipub.com (616) 459-4545
CIRCULATION CUSTOMER SERVICE (866) 660-6247
GENERAL EDITORIAL INQUIRIES editorial@grbj.com
GENERAL SALES INQUIRIES advertisingsales@grbj.com
Grand Rapids Business Journal (ISSN 10454055) is published biweekly, with an extra issue in December, by Gemini Media, 401 Hall St. SW, Suite 331, Grand Rapids, MI 49503. Telephone (616) 459-4545; Fax 459-4800. General e-mail: bjinfo@grbj.com. Periodical postage paid at Grand Rapids, Michigan.
POSTMASTER: Send address changes to Grand Rapids Business Journal, 401 Hall St. SW, Suite 331, Grand Rapids, MI 49503. Copyright ©2021 by Gemini Media. All rights reserved.
Grand Rapids Business Journal is mailed biweekly to executives, managers and professionals throughout Metro Grand Rapids and West Michigan. The subscription rates in continental U.S. are: $59 per year; $79 - 2 years; $99 - 3 years. Rates for Canada and U.S. possessions are $84 per year. Subscription rates include the annual Book of Lists and additional special publications. Please inquire for overseas rates. Subscriptions are not retroactive; single issue and newsstand $2, by mail $3; back issues $4 when available, by mail $5. Advertising rates and specifications at www.grbj.com or by request. Grand Rap ids Business Journal does not accept un solicited contributions.
Grand Rapids Business Journal is a registered trademark of GEMINI MEDIA, LLC
PUBLISHED BY GEMINI MEDIA, LLC CEO Stefan Wanczyk PRESIDENT John Balardo
GUEST COLUMN Ryan Diepstra Quantify the risk in your portfolio
Picture this: It is 1981 and you just got married, landed a stable job and found your dream home in the perfect neighborhood. You and your spouse could not be more excited about life considering you just locked in a 30-year mortgage at 16%. What a deal! Just a few months ago, it was 17%, and you just saved $100 per month on your mortgage payment.
The next day, you join your parents for a Sunday supper and your old man gives you some financial advice.
“Son, make sure you deposit any extra savings into a portfolio of 60% stocks and 40% bonds. If you cannot buy bonds, just go to your local bank and purchase a Certificate of Deposit (CD). Once you have $1 million saved, you should be able to retire comfortably and live on the income that your bonds or CDs pay you while participating in the market gains from the stocks.”
Sounds easy, right? Well, those were simple times and it worked well over the past 40 years. Dad had good advice — and, at the time, made sense considering the Dow Jones Industrial Average closed at 875 points that year (compared to 32,500 today as I write this) and the 10-year Treasury note hit an alltime high of 15.84% (compared to 1.5% today). This was during a period where the six-month CD peaked at 17.98% in August 1981. Using that rate, a $400,000 investment paid an investor $35,960 in interest after 6 months. That is not a bad return on investment, and Dad’s advice was hard to argue with.
Fast forward to today and you’ve now reached the million-dollar mark in savings. It is time to start thinking about when to retire, and you recall your Dad’s advice about living off the income from the bonds and CDs. Well, the same six-month CD today is averaging around 0.35%. A $400,000 investment into a 6-month CD now returns only $700. It is a little harder to grow your wealth and retire on that. Combine this bleak computation with the fact that the stock market is at or near all-time highs, and many investors are having a hard time putting 60% of their investments into stocks. This leads to a question that many investors are asking: Where should I park my money for a while until the market settles down?
This is one of the most common questions that I receive, and the answer is not as easy as it used to be. Back in the good old days when interest rates were much higher, investors could ladder a portfolio of income-producing securities and provide a 6%, 7% or 8% return. Today, those same types of securities with similar credit quality and maturity dates offer a measly 1%, 2% and 3% return.
Additionally, the markets are much more complex and volatile. There are more products and choices than ever. According to CUSIP Global Services, there are more than 60 million financial products globally, including stocks, bonds, mutual funds, ETFs, UITs, commodities, hybrids, structured products, and derivatives — just to name a few. When I get a question like this, I often pose the question with another question: What is your time horizon and risk tolerance, and have you ever quantified it?
The answer to the latter question almost always is “no.” This baffles me, because our personal health has been quantified by professionals our entire lives. Why don’t we do this with our personal finances? From the second we are born, nurses are checking vital signs — closely monitoring body temperature, pulse rate, respiration rate and blood pressure. Each annual physical includes a variety of similar tests as well as an opportunity to ask questions of the doctor and discuss any ongoing issues or concerns. If a medical emergency occurs, we are rushed to the hospital and those same vital signs are immediately checked, and a doctor makes an educated and professional decision whether or not surgery is needed.
Our financial health throughout our lifetimes often is a much different experience. Most kids do not talk about cash flow or asset allocation at the dinner table with their families. Schools across the country generally do not teach personal finance. Once we become adults, the topic of personal finance often is foreign. We have a do-it-yourself (DIY) mentality, and key financial vital signs often are misdiagnosed. Unfortunately, many investors make emotional decisions and funds are misallocated based on their own biases or because “that was the way my Dad did it.”
Investors have been stereotyped for decades based on their age and put into a box to identify their risk tolerance — aggressive, moderate, or conservative. Fortunately, this qualitative approach has evolved as technology has helped investors define their needs, wants and wishes. Tools have been developed and the evolution of how to quantify risk can be assessed appropriately and a portfolio can go from cookie-cutter to customized.
I would suggest working with a financial adviser who can help you identify your risk based on your time horizon — a quantitative way to pinpoint how much risk you want and how much risk you need to take to reach your goals, and how much risk you actually have in your portfolio. Working with a trusted adviser can help guide you to quantify your risk tolerance, as well as ensure you stay on course to achieve your long-term financial goals.
Ryan Diepstra is a principal and chief operating officer at Centennial Securities. He can be reached at ryan@centennialsec.com or (616) 942-7680.
GUEST COLUMN Dave Kahle Instruct teams to prioritize accounts
Q: I’ve heard you mention several times the importance of prioritizing and targeting customers. Can you shed some more light on this?
A: This is a key issue with me, as I believe it is one of the ways to make the biggest, most rapid change in your results. Too much quality sales time and talent is squandered on customers who aren’t worth the investment. If I can help salespeople adjust their investment in time so that they are spending more time on the high-potential customers and less time on others, they’ll see an almost immediate improvement in results.
So, over years of trial and error, I have developed a simple but incredibly powerful system for prioritizing and targeting accounts. While I don’t have space here to describe the whole system, I can suggest several things you can do to institute this practice in your sales team’s routines.
First, you’ll need to make sure everyone understands the difference between “potential” and “history.” Too many sales teams prioritize their time on the basis of history. In other words, “A” accounts are those that spent the most last year. In today’s rapidly changing economy, I don’t think it’s wise to make decisions based on the past. A more powerful and useful concept is to make decisions based on the future. So, a high-potential account is one that could buy the most next year, not one that did last year.
Set up some companywide definitions. Everyone should understand what an “A” account is. The same goes for “B” and “C” accounts. In addition, there ought to be some standards for how you define each of these. For example, you might say an A account is one that could buy $1 million of your stuff each year. OK, how do you determine that an account could buy $1 million? Does the salesperson guess? Or do you use some more sophisticated means of coming to that number?
In our system, we account for two variables within each customer. First, what is the QPC of each account? QPC stands for Quantified Purchasing Capacity, and is the answer to this question: If this account bought everything they could from me in the next 12 months, how much would that be?
After having worked, personally and contractually, with almost 330 individual companies, I am continually amazed at how few (less than a handful) actually collect that information. Doesn’t it seem like an elementary thing that every salesperson should be collecting?
The second variable is “partnerability,” which is the measurement of a number of subjective variables,
GUEST COLUMN Renée Branch Canady We are failing our kids on masks, vaccinations
Our children are a reflection of those who raise and care for them. How many of us have referred to our children as our “mini-me?” How often have we heard or seen our children, or children of our friends and families, parrot what we say, repeat what we do, or behave as they see us behaving?
Right now, some Michiganders are behaving badly.
October was Children’s Health Month. As CEO of a nonprofit public health institute, my mission is to work to promote health and advance well-being for all. Public health is not political. Public health has historically served the people of this country as a neutral, data-driven resource to protect the safety and well-being of everyone.
That includes our children.
In September, the Michigan Coronavirus Task Force on Racial Disparities, of which I am a member, issued a series of statements urging school districts to adopt Michigan Department of Health and Human Services recommendations, including universal mask requirements.
The task force members come from public office, higher education, foundations, the state’s major health systems and grassroots organizations. Many of them are on the front lines of fighting the pandemic. These volunteers bring with them years of experience, knowledge and a very clear understanding of how the pandemic has altered all our lives.
We are nurses, doctors, scientists, researchers, elected officials, community organizers, parents, spouses and more. The task force members have dedicated our lives to the health field and protecting those most vulnerable, including children. Together, we urged school districts to adopt Michigan Department of Health and Human Services recommendations to protect our children from COVID-19.
Some are choosing not to trust the public health professionals who have spent our lives serving others. They are choosing not to trust an overwhelming body of research from scientists and doctors. They are choosing not to trust the same people they turn to for help when facing a heart attack or cancer, yet they will not trust us when we ask them to get vaccinated and wear a mask to help us protect our children.
It would seem a very vocal minority of Michiganders are misbehaving, and their actions are contributing to preventable illness and suffering among many, including our children.
I have watched with disappointment the contentious debates surrounding this matter. As the daughter of a career veteran who served during the Vietnam War and the sister of a veteran West Point alumnus who served during Desert Storm, I take great offense at the weaponization of American principles designed to unite us. The Pledge of Allegiance, the Declaration of Independence, or chants of “USA, USA” serve no purpose when shouted in attempts to shame, blame or distance us.
One of our greatest presidents, Abraham Lincoln, once said, “A house divided against itself cannot stand.” In this seminal speech, he pleaded with us to not let disagreement paralyze and destroy us. Similarly, the words of Jesus of Nazareth challenge us that, “If a kingdom is divided against itself, that kingdom cannot stand.” Now is not the time for division to prevail; there is too much at stake.
Our children, often blissfully unaware of politics, will follow the lead of parents, teachers and other adults in the community. What kind of example are we setting for them? Children are adaptable. They are flexible and resilient. And perhaps most importantly, they trust us to keep them safe.
We cannot abuse their trust.
Quite simply, masks work. Our understanding of universal and standard precautions requires the wearing of masks during surgeries and interactions that could unnecessarily expose people to germs and pathogens, and to prevent the spread of diseases. Masks are a critical part of a reliable line of defense against COVID-19. Masks also help prevent the transmission of cold and flu germs. And yet, even as we enter the second and third months of school, many of our children head into classrooms daily without the most effective protection against COVID that is available to them – a mask.
Among the contentious debates I have observed are school boards fighting with principals, parents attempting to arrest public health officers sworn to serve, and city councils at odds with the public health departments they fund to keep residents safe. They argue over public health tools we have used for longer than most of us have been alive: masks and vaccines.
It is naïve to think we will simply come together and set aside our differences in this divisive landscape. But we must. If our children can understand the importance of caring for their friends and neighbors, I must believe we can do the same as adults. I must believe we can set the example for them of how to solve a monumental problem with empathy, science and community.
Come, let us reason together. We are failing our children. They believe in us. We must rise to their expectations and take the necessary steps — masking and vaccination — to keep them safe or risk losing their trust, and their lives.
Renée Branch Canady, Ph.D., MPA, serves as chief executive officer of MPHI, a Michigan-based and nationally engaged nonprofit public health institute dedicated to advancing population health through public health innovation and collaboration. She has over 30 years of public health experience focused on eliminating disparities and fighting for equity at the local, state and national levels.
County program welcomes immigrants
CONTINUED FROM PAGE 3
of a larger initiative called Welcome Plan Kent County, which highlights the importance of new Americans and encourages them to stay in Kent County by providing various support services and fostering a welcoming community approach.
The Gateways for Growth steering committee consists of members from the city of Grand Rapids, Samaritas, West Michigan Hispanic Chamber of Commerce, and the Grand Rapids Chamber. A task force of more than 35 private and public organizations in West Michigan also has offered time and resources to carry out the mission.
Cuevas said Bethany Christian Services and Samaritas, for example, receive immigrants locally and are able to address their immediate needs. From there, they leverage their resources within the welcome plan group and outline what other resources are needed.
“We know that long-term, there’s going to be other resources that we’ll need to tap into, but for right now, there’s some essential needs on housing and mental health, clothing and food,” Cuevas said.
The efforts of the group are seen as an investment into the community with the goal of not only welcoming the individuals but retaining them here.
“We have immigrants that come here with advanced degrees, with skillsets, and when we look at West Michigan, this is from a chamber of commerce perspective, one of our biggest challenges right now is talent. Not only attracting but retaining talent. So, this is a talent pool that we can invest in right now and welcome into our community and have them see that this is a place for them, as well.”
In 2018, Samaritas, the city, Grand Rapids Chamber, West Michigan Hispanic Chamber and The Right Place partnered with the New American Economy Research Fund to compile an economic report of the impact of immigrants specific to Kent County. The report showed immigrants as essential to financial and workforce contributions, and key drivers of population growth.
According to the report, immigrants contributed $3.3 billion to Kent County’s GDP in 2016 and held $943.7 million in spending power. They contributed significantly to federal, state and local taxes — $219.4 million federal, $101.5 million state — and were responsible for 24.1% of population growth between 2011 and 2016. Though making up 8% of the county’s population, immigrants represented 9.9% of the working-age population and 9.9% of those employed in the science, technology, engineering and math (STEM) fields. In manufacturing, immigrants comprise 15.1% of the workforce and make up 11.1% of workers in hospitality and recreation.
A similar report in 2018 by New American Economy found immigrants’ spending power in Kent County had increased to $1.1 billion and of the 55,595 immigrants that called Kent County home, 2,031 identified as entrepreneurs.
“You know, I think there’s a fallacy, a misnomer that immigrants take away, and we don’t want to look at it as a zero gain here because immigrants are part of what creates a great community,” Cuevas said. “They help enrich the culture of what Kent County is today of multi-colors, multi-cultures and experiences that help the vibrancy of what Grand Rapids is, what Kent County looks like today.
“… So, yes, the face of West Michigan continues to change. There’s the demographic shifts, but let’s look at it from an economic perspective. … The immigrants in our community … not only impact the GDP, but even when you’re looking at buying power. We want not only for immigrants to stay here and work here, live here, play here, but also invest. We have immigrants that are job creators, that are innovators. So how can we lean on this diverse experience that is Kent County with immigrants we have from all over the world?”
The plan’s initial call to action was for each organization involved to take ownership and hold themselves accountable for their contributions to the plan. Given the vast resources provided by services and programs offered through the network of welcome plan supporters, however, the group was able to come together to provide the best possible action plan to assist immigrants when and how they need it most.
“GRCC, for example, was doing great work in providing training for builders’ licenses in Spanish. So that’s great, but guess what? If you wanted to take the exam at the state level, you could only take it in English. So, what did we do? We leaned on (the chamber’s) governmental affairs team of registered lobbyists and they went to work and a couple months ago were able to get the state to say yes, all right, this makes sense. Let’s go ahead and move forward with the exam (also) being in Spanish.”
Welcome Plan Kent County is part of the Gateways for Growth (G4G) national initiative to improve immigrant inclusion and integration across the country. G4G provides research support and technical assistance opportunities for public and private sector organizations to jointly apply for various levels of support.
The local effort continues to seek talent, time, resources and investments from businesses and individuals looking to get involved. Those interested can contact Cuevas at omar@grandrapids.org.
University Club nears centennial
CONTINUED FROM PAGE 4
donated during the pandemic to keep the club afloat as its membership numbers dipped.
“There’s a lot of skin in the game for the members,” he said. “We want to make sure there’s a reason they’re coming ‘here’ and not going ‘there.’ We want to be part of the community, but this has to be a special place.”
Canak has been working to create fun events like blind wine tastings, at the end of which, members can order steeply discounted wines not available anywhere in the city. He’s also met with a committee of young professionals who want to establish a young executives club within the University Club.
“We’re going to call it ‘Connecting over Coffee,’ or something along those lines,” he said.
Canak said his No. 1 goal in his new position is to apply his experience as a hospitality professional to create an atmosphere of “worldclass” service, food and member experiences that instill a “fear of missing out,” aka FOMO, to help it to grow its membership rolls.
“We have an amazing team here, and that’s my commitment to the club and to the members, is to bring them to that next level.”
Instruct teams to prioritize accounts
CONTINUED FROM PAGE 17
all having to do with the likelihood that this account will develop into a signifi cant, committed customer sometime in the future.
With those two variables in hand, we can rank every prospect and every customer by their potential.
Addressing these issues is the fi rst step, and often can set o lightbulbs in the salesperson’s heads all
by themselves.
Once you’ve created the criteria and defi nitions, train the entire group in the use of those concepts. Require that, by a certain date, they have analyzed and rated all of their customers. You may even develop some forms, electronic or hard copy, that everyone uses.
This process can also be an eye-opener all by itself. When you help salespeople analyze the potential in their accounts and then examine their accounts from that perspective, you (and they) will be amazed at how much time is spent on accounts that just aren’t worth it.
Now, legislate that everyone should spend the largest portion of their time with the A accounts. My rule is 50% of your time is with the A accounts, and 50% of your time with everyone else.
Manage the implementation. Every time you ride with a salesperson, discuss it and look for evidence that indicates the salesperson is following through on using the system. Make it an issue in sales meetings and in evaluations.
When salespeople actually spent more time on those accounts with greater potential and less time on those with little potential, they discovered a dramatic improvement in their productivity.
The reason I have so much material on this subject is that I believe it is one of the key behaviors for sales success. Everyone should be using it.
Dave Kahle is an author, consultant and speaker who has presented in 47 states and 11 countries, improved the performance of thousands of B2B salespeople and authored 13 books. Receive his insights on a regular basis here: https:// www.davekahle.com/subscribe-davese-zines/.
EXCELLENCE
HAS A NEW NAME
Upholding our legacy of innovation, we deliver progressive healthcare to our patients that best serves our community. As part of one of the nation’s top-rated health systems, Metro Health – University of Michigan Health is now University of Michigan Health-West.
UofMHealthWest.org
CONGRATULATES
CAMERON YOUNG & PATRICK PARKES
on being named 40 Under 40 Business Leaders!
Interested in learning more about our Absolutely Accessible Kent program and making our communities accessible for all? Contact Patrick at 616.949.1100, x222 or Patrick.P@dakc.us
CAMERON YOUNG, former Board
President and Current Co-Chair of our Building Opportunities, Creating Independence Capital Campaign
