Sales Phase 10 - Key Step #1

[FundingStrategist]

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 10 – The Funding Phase*



This Phase is the set of steps between Stage 9 and Stage 10. It is the last phase in the Sales Process.



Key Step #1: Follow up with Underwriting until you get the Funding Notice.

Why is this important?

Speed and efficiency is the name of the game here. Assuming everything is all set gets us in trouble. The goal is not to be a pest, but to make sure to deliberately ask the Underwriter if they have everything they need to fund.

We’re trying to avoid getting to the end of the day and then learning one stip or signature was missed and now it has to be fished. Merchant won’t be happy – time kills deals.

Follow up is crucial for everyone we’re dealing with in the Sales Process – assume nothing and stay on top of everyone until you get the Funding Notice!



-FundingStrategist

https://fundingstrat.com