You Close The Sale Before The Sales Process Begins
YOU WRITE THE END OF THE STORY AT THE BEGINNING OF THE PROCESS
As an adolescent, I had a dream of becoming an actor. There was no true purpose, direction or vision behind the dream, the dream was based mainly on the fact that I had seen a lot of A-list celebrities on television and they always seemed to have had the world in the palm of their hands. During my time studying and performing as an actor, I also learned a little bit about the sequence involved in writing a screenplay. It was peculiar to me at the time to note that a lot of the best writers would always write the end of the story at the beginning of the process. At the time, I thought to myself: “How can you establish an ending without first establishing a beginning?”
IT DAWNED ON ME
As I grew older I changed my dream from becoming an actor to becoming a successful B2B sales rep. As I got deeper into my commercial finance B2B sales role, it finally dawned on me as to why those screenwriters wrote the end at the beginning, and it was because the engagement of any process is the journey to the destination, not the destination itself. However, for the journey to be engaging, we must first establish a destination for which the journey is based upon, then fill the journey with a variety of ups, downs, twists, turns and character growth as we arrive at the end.
B2B SALES IS SIMILAR
The profession of B2B sales is similar, especially when it comes to the selling of financing, whereas discussion and debate over how the ending should look, should be done with the merchant upfront (during the pre-qualification stage) as well as discussion on the journey (underwriting process) to the destination.
When it comes to B2B sales, especially the selling of commercial financing, I believe you “close” at the beginning, that is, I believe you write the end of the story at the beginning of the process, not at the end. If I cannot come to an agreement with the merchant on the “ending,” such as the realistic potential terms (even if it’s just a range), then the sales and underwriting process should never begin, and we both walk away.
STOP WASTING RESOURCES
Some brokers choose to keep the potential terms a secret until the end, and hope that the deal doesn’t fall apart when the time comes to finalize everything. Why keep the potential terms a secret and have the merchant fill out apps, fax over statements, have my funder key in the data, spit out approvals, only for the merchant to eventually tell you that the numbers aren’t what they had in mind? That makes absolutely no sense.
I believe that by the time I submit the deal to my funder, it should be already closed with the merchant, and all I have to do at that point is close the funder in approving the deal I proposed to the merchant from the beginning.Last modified: January 22, 2016
John Tucker is Managing Member of 1st Capital Loans LLC, as well as an M.B.A. graduate and holder of three bachelor's degrees in Accounting, Business Management and Journalism. Tucker has nearly 9 years of professional experience in Commercial Finance and B2B Sales. Connect with Tucker on LinkedIn by clicking (here), or contact Tucker at Tucker@1stCapitalLoans.com or at 586-480-2140.