Part 1
by Ellen A. Kaye
“What’s in your wallet?”
Capital One made that phrase famous and business people should take it to heart. Your wallet – both its exterior appearance and its contents – speaks volumes about you, your capabilities and your attention to detail. Whether you realize it or not, every time you pull out this ubiquitous item, you are making a statement about yourself – and you are being judged by it. Successful business people take great care in every aspect of their appearance, making sure their clothing is immaculate and perfectly pressed, their hair is groomed and current, and their shoes are well-heeled and polished. Very few people, however, pay much attention to their wallets – and that’s a problem when you’re trying to make a great impression.
Consider this scenario. I was at a networking function not long ago and met a sales rep for a local company. He was well dressed, well spoken and eager to set up an appointment with me to explore whether he might be of service to my business. I agreed to call him – until he pulled out his wallet to hand me his business card. In his hands, he held a crushed, frayed billfold with the binding coming apart in several places. Furthermore, bits of paper and old receipts were spilling out from every opening. When I asked how long he had owned the wallet, he proudly told me he’d had it for 15 years.
A bus pass fell out, which is unusual in the Phoenix area since everyone drives. When I remarked on it, he said he takes the bus because he can’t afford a car. By admitting such financial hardship, he was essentially admitting that he wasn’t a very good sales person. And that did it – I decided right then that this wasn’t someone with whom I wanted to do business.
Are potential clients making the same decisions about you because of your wallet? Take it out now and ask yourself the following questions. Then follow my recommendations to ensure your wallet sends the right message about you and your business acumen:
1. Is your wallet new and clean? Your wallet should receive the same attention you give your shoes. You wouldn’t do business in shoes that weren’t shined or in heels that were scuffed, right? Nor should you carry a wallet that’s not in tip-top condition. Long before your wallet starts to fray, fade or look old, even if it’s in just one small spot, replace it. And don’t relegate old wallets to “weekend” status because you never know when you’ll be at a weekend function standing in line next to someone on whom you want to make a great impression. Empty out the old one and give it away to the Salvation Army. An old wallet says: I’m not aware, I don’t care or I can’t afford something new.
2. Is your wallet a name brand? Just as you wouldn’t buy a no-name, generic cell phone, don’t settle for a no-name wallet. You don’t need to drop thousands of dollars, but if you can afford it, it’s worth it to spend a couple hundred dollars on a beautiful Gucci, Prada, Ralph Lauren or Armani billfold. Coach has some great products as well – just be careful not to select anything too casual. If three figures is beyond your wallet budget, look for an upscale-looking wallet with clean lines and a designer look. For women, something in cranberry or burgundy is always classic and professional. For men, stick with brown or black.
3. Are you carrying too many credit cards? No, I’m not worried about your credit rating – I’m worried about the thickness of your wallet. People who carry too many credit cards wind up with a thick, awkward-looking bundle that’s tough to fit into a pocket, briefcase or handbag. Pare down to one or two, maybe your corporate credit card plus a personal card. Keep that pile of your favorite store cards in a wallet-ready envelope in the safe at home. You can grab them for weekends and shopping sprees.