Lehman Bros Files For Bankruptcy

Written by Sean McPheat | Linkedin thumb

Busy stressful woman secretary under stress in the officeLehman Bros Files For Bankruptcy….

….what does this mean for you as a sales person?

With the sad news that Leham Bros’ headquarters had been corndoned off as staff left carrying cardboard boxes with their personal belongings it got me thinking as to:

A. What the UK media will make of this
B. What it will mean to you as a salesperson

Well, we all know what the answer to A will be. The UK media will lap it up. They love bad news because bad news travels quicker than good and it will sell more papers. And because of the media coverage business owners and corporations alike will most likely take a more conservative stance when it comes to spending money so they can “see what happens” with the fall out from the Leham Bros collapse.

So what does this mean to the salesperson?

Well, in my view you now need to work harder than ever before. Not in terms of the number of appointments you make or the way you churn your numbers. When I say work harder I mean that you need to work harder on improving and honing your skills and you need to formuate a response to the objectives that you know are going to come – PRICE and ALL EXPENDITURE IS ON HOLD

The business will be out there for you.

Let me repeat that – the business and the money is out there for you even if it has been reduced.

You just need to make sure that when they open their purse strings that they give you the money instead of to your competitor.

Here are 4 questions for you to look at and answer:

– What makes you, your company and your products/services stand out from the rest?

– Why should I use you instead of your competitor?

– “You are too expensive and we cannot commit to that amount in the current climate?” How will you respond to that question?

– “Everything is on hold at the moment” How will you respond to that question?

So, it’s time to regroup and to evaluate where you are now and where you need to be.

No matter what the Lehman Bros fall out will be there will still be the money out their for what you offer – just make sure it comes to you!

Happy Selling!


Sean McPheat
Managing Director

MTD Sales Training | Sales Blog

450 sales questions free report

Originally published: 15 September, 2008