10 Simple Ways to Ask for Business

1. Put out feelers.

After years of low interest rates, we are now in a world where the Federal Reserve has been steadily raising rates. This is good news for savers, but bad news for people with variable-rate debt, like mortgages. (Credit cards, too.) To prepare, do some research and learn the cheapest rate your firm will lend money, assuming the borrower has perfect credit. It might be a 20-year fixed mortgage rate between 6% and 7%.

Someone asks “How’s business?” You might reply: “It’s good. With the rising interest rates in the news, I cannot believe we are still lending money at just over 6%.” Stop talking. They might say: “I am happy for you.” Change the subject. Or they might ask if that rate is on mortgages or credit cards. When they are done, you could reply: “I think I might be able to save you money. Why don’t we talk tomorrow…”

Logic: You are promoting the liability side of the balance sheet. Their response indicates whether they have an immediate interest.

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