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Recap:
On our Sales Process map, if each Stage is a mile marker on the highway to Funding, the roadways in between the markers are the Phases.
Here are all the Phases:
- Phase 1 – The Prospecting Phase
- Phase 2 – The Consulting Phase
- Phase 3 – The Application Sending Phase
- Phase 4 – The Application Reeling-in Phase
- Phase 5 – The Submitting Phase
- Phase 6 – The Closing Phase
- Phase 7 – The Contracting Phase
- Phase 8 – The Contract Reeling-in Phase
- Phase 9 – The Closing Stip Reeling-in Phase
- Phase 10 – The Funding Phase
Each one of these Phases has specific steps to complete to get to the next Stage, and there are Key Steps to take in each Stage to accelerate your sales cycles and closings.
This is what it looks like when we put it all together:
- Stage 0 – Start:
How do I know for sure I am at this Stage?
- We have prepared and are ready to engage our Lead, pick up the phone and make contact.
Next: Phase 1 – The Prospecting Phase
- Stage 1 – The Prospected Stage:
How do I know for sure I am at this Stage?
- The Lead has been pre-qualified and confirmed to be a Prospect worth pursuing.
Next: Phase 2 – The Consulting Phase
- Stage 2 – The Consulted Stage:
How do I know for sure I am at this Stage?
- The Prospect has been consulted about their goals/needs/obstacles, how our solutions can help them achieve their outcome, and has confirmed they want a quote.
Next:Phase 3 – The Application Sending Phase
- Stage 3 – The Application Out Stage:
How do I know for sure I am at this Stage?
- The Application has been sent to the Prospect, and it has been confirmed it was received.
Next: Phase 4 – The Application Reeling-in Phase
- Stage 4 – The Application In Stage:
How do I know for sure I am at this Stage?
- The Application is in with all supporting paperwork.
Next: Phase 5 – The Submitting Phase
- Stage 5 – The Submission Stage:
How do I know for sure I am at this Stage?
- The Funding Package/Application has been submitted to Underwriting.
Next: Phase 6 – The Closing Phase
- Stage 6 – The Pitched Approval Stage:
How do I know for sure I am at this Stage?
- The Approval(s) have been pitched and sold to the Prospect.
Next:Phase 7 – The Contracting Phase
- Stage 7 – The Contract Out Stage:
How do I know for sure I am at this Stage?
- The Prospect has demonstrated intent to fund, requested contracts and we have sent them out.
Next: Phase 8 – The Contract Reeling-in Phase
- Stage 8 – The Contract In Stage:
How do I know for sure I am at this Stage?
- The signed Contract is in.
Next:Phase 9 – The Closing Stip Reeling-in Phase
- Stage 9 – The Closing Stips In Stage:
How do I know for sure I am at this Stage?
- All closing stips UW need to fund are in.
Next: Phase 10 – The Funding Phase
- Stage 10 – The Funded Stage – End:
How do I know for sure I am at this Stage?
- The deal has funded, great work!
*Phase 9 – The Closing Steps In Phase*
This Phase is the set of steps between Stage 9and Stage 10. It is the last phase in the Sales Process.
*Key Step #1: Once signed contracts are in, let Underwriting know you have them and are working on the closing stips.*
Why is this important?
Getting the signed contract in and getting the closing stips/items are crucial to close the deal up and fund, but getting both in at the same time is often a challenge.
Many merchants are wearing several different hats and busy running their businesses - many times, getting the contracts signed and sending over the list of closing stips overwhelms them for this reason, so... they send everything piecemeal.
It is key to get the signed contract in first, this will be enough leverage to continue to drive the merchant getting you the rest of what is needed.
It is also key to inform Underwriting that docs are in and you are now working on reeling in the closing stips - if pushback or delay is taking too long, it may give you enough leverage to get a stip or two waived to get the deal done and funded.
Happy Funding!
-FundingStrategist
https://fundingstrat.com
