What does it sound like?
“I already got my PPP (EIDL) funding.”
Where does it typically show up?
Prospecting Call: making contact with a lead for the first time.
What do we do with it?
Turn around. Key Objective: to turn around the objection, engage the lead further, and continue to guide the lead through the sales process to ultimately close and fund!
How do we turn it around?
“That’s great, congratulations. What other projects are you working on this quarter?”
Why do we say it?
The U.S. government deployed funding to small businesses through their Paycheck Protection Plan (PPP) and Economic Injury Disaster Loans (EIDL) earlier this year to assist and save many of them during the Covid crisis we are still working through today.
The lockdowns small businesses have had to face then and now have really disrupted revenues and operations as well as flat-out put many of them out of business.
These government programs have extended unique terms and done so at such swift speed, it is unlike anything we’ve ever seen the government do. Unusual circumstances call for unusual measures.
Many businesses have put these programs to work to save themselves from sinking, others used the funding to stem the tide during the lockdowns and are now back in full swing as many local economies are recovering. Some SMBs got the funding and they’re still not going to make it.
This pandemic forced many SMB’s to temporarily shut down to fault of their own, it made every bit of sense for the government to deploy aid and make terms as flexible as possible.
Many reps have taken a look at these terms and felt, “how is anything I have to offer going to beat that?”
And, when many reps get hit with this objection, they figure why bother continuing the conversation when the merchant has already been funded, and by an almost completely forgivable product no less!
The truth is that these programs were put together hastily because there wasn’t much time to waste. Many businesses got funded and have all the capital they’ll need to execute every objective they’ve laid out for the next several months, possibly quarters. But many businesses have also been funded by these programs, and its not enough. They will still need their Funding Pro now or in the wings because the business still does not have enough cash to achieve every outcome or solve every problem that needs solving.
Some merchants are so focused on getting back to where they were before the pandemic, they don’t know they’ll need their Trusted Advisor yet.
And while these programs have worked great for many, there are still rules and limitations on how the funding can be used in order to be eligible for forgiveness. This is an ever-evolving process.
Don’t stop the conversation, continue it by getting the merchant to tell you what they’re working on (and how you can possibly assist).
How are they using their PPP/EIDL?
How much is left?
What are they projecting for the next several weeks/months?
What current problems are they working to solve?
What new challenges has Covid presented?
What new opportunities has Covid created?
If you can’t help them now, you need to get a great feel for the best timing for an effective follow up.
Every business uses capital constructively for whatever its achieving 24×365. Serve prospective clients by asking strategic questions about present and future projects, and stay in front of them to be the one to advise them at crucial time-points.
Always Be Building Pipeline!