FundingStrat

 

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*

Keep on Reading!

Ex.

 

Here’s a list of businesses started during depressions or economic crises:

 

Fortune Magazine (ninety days after the market crash of 1929)

 

FedEx (oil crisis of 1973)

 

UPS (Panic of 1907)

 

Walt Disney Company (After eleven months of smooth operation, the twelfth was the market crash of 1929.)

 

Hewlett-Packard (Great Depression, 1935)

 

Charles Schwab (market crash of 1974-75)

 

Standard Oil (Rockefeller bought out his partners in what became Standard Oil and took over in February 1865, the final year of the Civil War.)

 

Coors (Depression of 1873)

 

Costco (recession in the late 1970s)

 

Revlon (Great Depression, 1932)

 

General Motors (Panic of 1907)

 

Proctor & Gamble (Panic of 1837)

 

United Airlines (1929)

 

Microsoft (recession in 1973-75)

 

For the most part, these businesses had little awareness they were in some historically significant time of economic tragedy.

 

Why?

Keep on Reading!

 

What does it sound like?

 

“What date can you put this funding to work?”

 

How it works?

 

This is a combination of the Assumptive and, you guessed it, Utility Close.

 

It is best used with you’ve narrowed Approvals down to one option the merchant is leaning towards.

 

After describing the terms of the approval (features of the product), and how it helps the merchant (Business Pro) achieve their goal/project, you must make the ask.

 

The Utility Close is all about eliciting intent – how the merchant will put the capital to work, funding their project, achieving their Key Business Outcome.

 

The Assumptive Close is best used as a rebutting question when objections arise.

 

If you’ve done a great job eliciting intent earlier in the Sales Process, you can eliminate a step and combine these two closes.

Keep on Reading!

 

 

The very unique year of 2020 is coming to a close.  Here are this year’s Top Posts:

 

Is There a Chance?

 

Beating the odds starts with a certain mindset.

 

Compelling Event! Extension Deadline

 

Understand the trigger events that compel merchants to apply for funding.

 

Objection!! “Call me in 2 weeks”

 

Get beyond the brush-off.

 

Zach’s Cold Call Basics – Breaking it Down

 

Breaking down a heavy-hitter’s swing.

 

Start with the End

 

Slow down, get clear with the target you’re aiming at.

 

And if you missed 2018 and 2019’s, here they are!

 

2019 Top Posts

 

2018 Top Posts

 

 

Happy and Healthy Holidays to all!

 

-FundingStrategist

https://fundingstrat.com