How Deposits in Your Favor Bank Yield Big Returns

The concept is simple: Whether you’re a manager or a salesperson, when you help someone, you create a favor debt. The person you have helped is (unconsciously) ready to repay that debt. Here’s the catch: Within a reasonable time frame you have to ask for a favor back.

By opening a favor account with the right people you can actively reach for your own goals. Like all high yield accounts, there are rules to follow in opening, maintaining and withdrawing from your favor account.

To Open The Account

First select a suitable bank. It’s little use opening an account with a person who has no real connection to your sales goals. Look for people who have power and influence over your sphere of operations. Examples include sales managers, vice presidents, area sales directors, purchasing agents and so on. Once you have selected your bank or banks (multiple accounts may be safer than a solitary nest egg), you must apply for the account by making your initial deposit.

This can take any form suitable to the situation. For example, bringing apples to your 5th grade teacher may have worked well in grade school but bringing doughnuts to your sales manager could be seen as an obvious attempt at manipulation. You may try, instead, offering your ideas to solve a problem which you know is troubling him.

Maintaining Your Account

All high interest bearing accounts require a minimum balance to remain active. Your favor account is no different. Favors are quickly forgotten if there are no withdrawals made or if your withdrawals are too large or too frequent. Good account maintenance will insure cooperation from your banker as well as building your favor credit rating. Once your banker feels comfortable with your credit worthiness he or she will likely grant you favors over and above those you have currently invested based on the knowledge that they will be repaid. Follow these rules to maintain a healthy account:

Except in emergencies maintain a positive balance. Make sure you do more for your banker than he does for you.

Leave a suitable period of time between withdrawals, the larger the withdrawal, the longer the interval.

Always be sure and tell your banker you are making a withdrawal by saying: I need to ask you a favor…

Whenever your banker asks for a favor you have a chance to deposit. Always smile and accept the opportunity.

Withdrawing Favors

This is an art in itself. Ask for a favor the wrong way and you will be turned down flat and likely lose your current deposits as well. When you must ask a favor make sure it meets one of these criteria or it probably isn’t worth asking: Will it advance your goals? Your daily goals can be positively affected by a small favor. Will it solve a problem beyond your ability to resolve? Do you lack the essential training to complete the task? Is it time related? Can it be repaid with relative ease? Don’t ask for a week’s vacation and expect not to work your tail off when you get back. Tailor the way you word your request to the individual you are asking. It is no use asking someone to help you when he is embroiled in a task of his own. Try these scripts:

“I wonder if you can help me with something, I think you know more about this than I do.”

“Remember the day I helped you with…? Well, it’s payback time! Can you please help me with this?”

“If I asked you very politely, do you think you would help me out with this problem?” Give the person an opportunity to appear magnanimous by graciously agreeing to a gently phrased request. Your tone sets the stage for future requests you might make. Next time someone asks you for a favor, don’t cringe. Instead, smile and go for that deposit in your favor account.