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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 6 – The Closing Phase*
This Phase is the set of steps between Stage 5 and Stage 6.
*Key Step #1: Present (pitch) the options and advise which one will help the most with achieving their goals.*
Why is this important?
You've touched base with the merchant before the pitch to gauge expectations and see how consistent they've remained since qualification.
You've reinforced they intent to fund by eliciting their Key Business Objective again - what they want to achieve with the funding.
And, you've implicitly checked in to see if there's been any shopping or competition to already present options for the merchant.
Now its time to pitch. Before getting to any ask, this is the time to present options in the best light possible by explaining how they work, why the merchant qualified for them, and how they help the merchant achieve their objective.
Explaining how these funding options work is vital - you may have gotten them approved for a product the merchant has not used for financing before. Being upfront and informative is very important for all parties to win.
But then tying this into why the merchant qualified for what they were approved for is the crucial next step. Explain what underwriting factors led to the options they qualified for, so they have a better understanding of how small business funding and risk profiling works - it is much different than consumer lending or anything else the merchant my be more accustomed to.
Then you really have to consult the merchant on how these options can help them achieve their objective, and if you more than one option, there should be one you are advising them towards more than the others - because you've done your homework, you've been a great listener, and as their Trusted Advisor you're cutting through the noise and directing them towards the best decision for their business at this time.
These key components to your pitch must be presented effectively before you get to any ask.
Hope everybody had a great Thanksgiving!
-FundingStrategist
https://fundingstrat.com
https://fundingstrat.com/sales-phase-6-key-step-2/
