People Give to Those Who Give Back

The best way to continue to succeed as consultant is to always give something back to those who have helped you along the way. Tom Hopkins, the well-known sales trainer and author, calls this the favor bank in How to Master the Art of Selling (1982). In every relationship, there is something called a favor bank. Whenever you do someone a favor, you are making a deposit in this bank. Whenever you ask a favor from someone, you have made a withdrawal. Tom’s advice is for you to make sure that the balance in all of your favor banks is well on the plus side.

 

No matter how talented you are as a consultant, or how skilled a salesperson you may be, you simply cannot succeed without the help of others. You cannot go anywhere without their continued business, their referrals, their advice, and their high regard for you as a person. Always pay back a favor. Many consultants take referrals for granted. They may feel that if they have done a good job for someone, that person has an obligation to serve as their reference until the end of time. Guess again! Folks have more important things to do. When you ask clients to provide you with a reference, you are asking them for a favor. Be prepared to return that favor, and return it quickly. Send them a thank you card. If you were selected for the project, sending a basket of fruit would sure be nice. This is how you keep on the plus side of your favor bank.

 

Better yet, why wait until you have made a withdrawal from the favor bank before you make a deposit? I recommend that you develop a consistent savings plan. Consistently help others. Look for opportunities to do favors for people, and do these with a full heart. Do not expect to be reimbursed immediately. In fact, it is better if you are not reimbursed quickly. That way the favor bank is always nice and full. You can be sure that a favor will be there when you need one.