The easiest way to eliminate today’s “to do list” is to put off items for another time. Be it a simple task like mailing some thank you cards or a life changing decision like planning your retirement options, it is much more simple to push it back rather than sitting down and working on it. Procrastination often occurs when a task is either too menial to matter, or is so daunting you don’t know where to start.
It is the latter that hurts people more in the long run. A common complaint among today’s banking industry involves providing merchant services for small businesses. Although many bankers report being unsatisfied with their current merchant services provider, there is little turnover. Starting the process of finding another provider or fearing the result from confronting them prevents many from finding a provider they like. Similar scenarios are found in all professions, and all have negative results, the most common being merchant attrition and reduced income. So how can procrastination be overcome? When dealing with this problem it is important to examine the products and services offered to your clients. Are these products innovative? Does each member of your company have a thorough understanding of these products? Is your provider staying on top of the industry? These are all questions that should be addressed on a regular basis. Reviewing your portfolio is your next step. Knowing the state of your portfolio at all times is key. Is it growing or shrinking in terms of total revenue and your total number of merchants? One simple way to find out where your portfolio stands is to conduct a portfolio check up. This will help you keep your finger on the pulse of your business. Aggregation of information is the next huge hurdle. With so many sources to choose from, most wonder why they should even start. However, quality information can often come from individuals you already know. In the case of our banker friends who can’t find the right provider, starting information would actually come from the provider they’re currently using. Your merchant services provider should have all of your pricing information at their finger tips, including your Schedule A. They should also be able to provide you with a current profitability report.Your own team members are a good source to determine exactly how well you’re doing in your own market. Are you adding merchants at a rapid pace? Are your products competitively priced? Answering these simple questions takes little effort, and will jump-start your work on what has previously been an undesirable task.