BMSA Bulletin October 2018

The scam started simply: Someone took the information of a Canadian company that had been inactive for several years, renamed it and began placing orders with building supply companies. But whoever placed the orders never intended to pay for them. Before anyone realized what was going on, the scammer had ordered from more than 180 suppliers and run off with $9 million worth of products.

This sort of fraud isn't as unusual as you might think. According to a recent survey, 19% of all online B2B inquiries are fraud attempts, and 77% of businesses have lost money due to fraud. B2B fraud can take many forms, including account takeovers, business identity theft and even shell companies set up for the sole purpose of committing fraud.

Fortunately, with a combination of deep risk expertise and the right technological tools, B2B companies can protect themselves from rising levels of fraud.

Read more here.

(Source: MLA News, September 2018, BlueTarp Financial, August 23, 2018)

The Outside Sales Rep (OSR) is as much an American institution as jazz and baseball. And like those two pursuits, it's changing in ways that will elevate some players into stars and cast aside others as has-beens. We've entered an era in which dealers' sales reps are evolving into a cyborg-like combination of human and machine. There's less emphasis on emotional intelligence and a dramatic upgrade of the OSR's personal database, with new technical skills and a lot more product and systems knowledge.

To flourish in the future, experts say, OSRs will spend far less time pushing product, with actual order-taking shifting to inside reps and online markets. Your job won't be to sell things. Your job will be to solve the customer's problems. As veteran marketing and sales consultant Bill Rossiter puts it: "Your customer or prospect will ultimately judge you not on how well they did fishing with you last fall, but more on how you help their business perform."

Read full article here.

Last week I was walking into a classy hotel in Minneapolis for the Greg Brooks Executive Round Table. While thinking about topics to be covered, I met Roy; the doorman, valet and luggage porter. I was impressed with his energy, enthusiasm and communication skills. Unlikely to be a college student, being it was a Tuesday morning and he was working, I was intrigued as to his story. He revealed that he is now 28 years old, had graduated from high school in 2008 and assessed that taking on a large college debt at that time didn't make sense. He had watched an older sister go to college only to be burdened by a heavy debt load for a degree that was not benefiting her current career. His girlfriend now graduating from college, Roy is hoping to get married and buy a home soon; considering what direction to take his career, he looked to me for advice. 

His current compensation as a bellhop is $20,000 in hourly wages, he receives another $25,000-30,000 per year in tips, bringing his total income to $45,000- $50,000. His present need for greater financial security demands a career that will enable him to grow and advance.  His position at the hotel, while stable, offers no career growth opportunity. He mentioned the steamfitter and electrical trades as respectable options. The irony was shocking to me. I was preparing to help some 50 presidents solve their recruiting challenges - they all walked by Roy, likely tipped him as he carried their bags or valeted their cars, never even considering that he could be the solution to their problems. An eager, smart and hungry 28-year-old with a proven history of success delivering best-in-class customer service and an income that is over 50% commission-based. Hiring Roy as a junior outside salesperson and watching him command and conquer is where I would place my bet.