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Factoring Broker: Daily Routines

New Factoring Broker List Building

Daily Routines as a Factoring Broker

For many, it can be difficult to fully understand what the daily routine and work flow looks like for a career-oriented freelance factoring consultant.  In the short lesson below, we provide some ideas and examples.  Understand, everyone works differently.  Some factoring brokers will focus more heavily on networking.  Some, in fact, invest their marketing time 100% towards networking.  Others, and especially those with limited experience with social media or who are in more rural areas without a lot of networking opportunities, will focus more heavily on direct marketing.  We try to give a balanced example below for an average broker that utilizes both networking and direct marketing for lead generation

Marketing Tip 1

One of the first tasks as you begin your career is to research upcoming networking opportunities right in your local community.  Visit the websites of your local Chamber of Commerce, SCORE office, and the nearest SBDC to your location and view “Upcoming Events”. 

Marketing Tip 2

Pipedrive provides you with a complete “Business Management System”.  Get completely familiar with all of it’s powerful features.

Daily Routines for Freelance Brokers

All brokers will generate leads uniquely and much depends on their “soft skills” and how well they are developed.  Below we provide an example of an average daily workflow for a successful broker.

  • LOGGING INTO PIPEDRIVE:  This is typically the first thing that is done each and everyday is to log into your CRM.  In Pipedrive, you will check your Sales Pipeline to see if any leads have been generated to your “Application / Lead In field.   You should check for “leads in” at least twice a day.  If you have a lead in from one of your Pipedrive Forms, follow up on it immediately with a call.  (See phone scripts in the Annex for examples)
  • WEBMAIL:  Log into your domain-related email provided with your Factoring 101 website.  Check the subscriptions@ email box for important bulletins from factors and lenders.  This is the box that receives all notices from the factor’s websites you subscribed to when building your personal lenders database.
    • Look for notices of Contests and Bonus Commission opportunities
    • Articles about marketing you can learn from
    • “Tombstone Ads” that provide examples of recent deals funded (Gives you list building ideas)

Additionally, be on the lookout for notices from SCORE, your local SBDC, your Chamber of Commerce, or any other incubator or business support organization that might be scheduling face-to-face networking opportunities in the form of after hours get togethers, luncheons, live seminars, etc.  When you find upcoming face-to-face networking opportunities, ALWAYS make room for them on your daily calendar.  Plan other marketing campaigns around them.  They are too important to miss.

Making Your Daily Follow Up Calls

  • FOLLOW UP CALLS:  Click on to “Organization View” in Pipedrive and view the “Labels” column.  Any business name with an empty Label Field is one that you have yet to contact and represents work for the day.   Practice your call script until you’re comfortable and begin your follow up calls.  Your goal is to…
    • Follow up with direct owner contact. Fill in the empty fields 
    • Gather email addresses of owners if possible for a drip campaign
    • Give away your FREE booklet or case study offer to generate additional interest

Follow up calls to your mailings are essential and are “qualifiers”.  When you find there are fewer and fewer empty label fields, it’s time to generate another mailing to 60 – 120 new businesses.  Always try to maintain a workload of 50 or more suspects at a minimum to call for follow up.  When the number falls below that, it’s time for another mailing campaign.

When you make a call and find the owner rude and obviously not interest in any further follow up, label the business as a “pit” and delete the record from your Avery mailing list.  Keep the record, however, in Pipedrive and do NOT delete the business name.  This will keep you from adding that business into your compiled list at a later date.  

Make it a Rule to Never Eat Alone

Although it will take a little time, build a network of local bank loan officers.  You will meet them through the Chamber of Commerce events you attend and through LinkedIn.  Local bank loan officers are the number one primary source of great clients for you.  As you develop that networking list, try to get together for lunch about once a month to help build a solid relationship with each individual.  Having lunch by yourself is non-productive.  One your goals as a broker is to “never eat alone”.  

After Hours Opportunities

Just as eating lunch alone is non-productive, not investing time in after hours networking can be looked at exactly the same way.  Fill calendar space up as it presents itself. 

  • Always attend after hours events promoted by the Chamber of Commerce, your local SBDC, or SCORE.
  • If you find too few high quality after hours events to attend, it’s time to join a community fraternal organization such as Rotary, Lion’s Kiwanis, etc.  These organizations are a good source of clients but be particular in which you join.  These organizations do great community work but are also there to assist you in your networking efforts.  

Writing and Posting Blog Articles

Evenings are typically the time for writing articles for your blog and networking on social media.  Blogging is fast becoming one of the most productive methods of lead generation and you should try to get an article out about once every week.  Post your articles on social media to drive visitors to your website.  You can typically get great ideas for your articles from the emails, bulletins you receive from the many factors whose newsletters you subscribed to when building your lenders directory.  The more visitors your website has, the greater likelihood you will generate a form response from a small business owner as a lead.  Building a blog following does not happen overnight.  In fact, it will take many months before you begin to see results.  But the earlier you start, the sooner you will begin to see the leads trickle in.