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Prospect Bank Account

Written by: Marshall W. Northcott

Article Overview: Does your prospect bank account have insufficient funds or are you solidly in the black? Learn how a healthy prospect bank account works in your favor and why you need ample opportunity on the go all the time!

Prospect Bank Account

Ever been guilty of having non-sufficient business opportunities? Could you write a cheque right now based on the current status of your prospect bank account that would clear without going into overdraft or returning N.S.F.? If your sales (bank) manager reviewed the status of your prospect bank account would they be willing to finance you or would they declare you to be bankrupt? A healthy prospect bank account is a true indication of future prosperity. In professional sales, it's as good as cash in the bank.

The majority of business people have feelings of animosity, fears or complacency regarding prospecting. Sales professionals know you must consistently engage in prospecting activities. Somehow, something goes wrong between knowing what you should be doing and actually doing it. It is human nature to procrastinate until you are at the point of absolute desperation. By this time it is too late and you will definitely suffer for your lack of professional discipline. If you're employed in a commission based career, without a continual influx of prospects your income stream will never be predictable. You will continually ride a financial roller coaster filled with peaks and valleys. Most of you will experience this at some point in your professional career. If you are paying attention, you will resolve to never find yourself in this position again. One area where most businesses and individuals fail is in consistently uncovering and creating new business opportunities.

In an idle position, a boat sits with the entire bottom and the sides to some degree touching the water. As the boat initially propels forward it will be bogged down. As it gains momentum it will eventually lift itself up out of the water and begin to cruise smoothly along the surface. At the point you feel bogged down you are required to exert a significant quantity of energy. Your frustration level can be extremely high and the results from your efforts can seem miniscule. When watercraft are riding smoothly on the surface of the water having minimal friction they refer to this as hydroplaning. As you begin to hydroplane less energy is required to generate greater results. You are more relaxed, experience less resistance from your prospects and don't mind when you hit roadblocks or delays. To experience this effect in sales, your prospect bank must be filled to capacity and then remain that way as you are guiding your accounts through the sales process. Only when you have mastered this vital component of professional selling will you be fully content with a professional sales career.

When the prospect bank is full, you are confident. You know sales are going to occur naturally. Your mind is at ease and you are comforted by the options available to you. You don't worry and you will not be victimized by feelings of panic or anxiety. It is easy for you to project your business expectations and you know your income is secure. When the prospect bank is depleted, you know that a dry spell is coming and you feel distressed and helpless. If a business transaction falls through or becomes stalled then it can have a drastic impact on your attitude, emotions and financial stability. Most of you have been or are guilty of saying "I don't have time to prospect." This is an excuse for not doing what you know is a must. The truth is, you can't afford not to prospect because eventually it will catch up to you.

"Most people are willing to change, not because they see the light, but because they feel the heat."

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Article Tags: animosity, cheque, complacency, current status, desperation, financial roller coaster, frustration level, human nature, income stream, influx, new business opportunities, overdraft, paying attention, peaks and valleys, professional career, professional discipline, professional sales, prosperity, sales professionals, true indication



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Re: Interrealtionship between financial statements - Hi there, It is not necessary to post each transaction in all of the separate financial statements. In any given transaction, you will post an equal amount of debits and credits to the associated accounts. An example would be if you were to write a check for $500 to office depot for office supplies. The posted transaction would be: DEBIT Office Supplies $500.00 CREDIT Bank Account $500.00 Once the transaction is posted, it will automatically show up on the appropriate financial statement report. In the above example, you would find the Bank Account transaction on the balance sheet and the office supplies transaction on the profit and loss statement. I hope this is clear! Please let me know if you have any other bookkeeping questions. I would be happy to help, Stephanie Horne
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