FundingStrat

 

The late Dr. Stephen Covey synthesized the common patterns in the leaders he studied and worked with in his 1989 best-seller, 7 Habits of Highly Effective People.

 

At the core of his message is the belief that the way we see the world is entirely based on our own perceptions.  In order to change any given situation, we must change ourselves.  And, in order to change ourselves, we must be able to change our perceptions.

 

Put simply, in the context of this crisis:

 

In order to change/improve the state of things during this crisis, we must change/improve ourselves first.

 

In order to change/improve ourselves, we must change/improve our perceptions.

 

“The way we see the problem is the problem.”

-Covey

 

To undergo a paradigm shift and upgrade ourselves fundamentally, we must go beyond the surface level and alter our behavior for the long-term.

 

This is where the habits (7) come in:

1. Be Proactive
2. Begin with the End in Mind
3. Put First Things First
4. Think Win-Win
5. Seek First to Understand, Then to Be Understood
6. Synergize
7. Sharpen the Saw

 

7.  Sharpen the Saw

 

Quick Hits:

Keep on Reading!

 

What is a Compelling Event?

 

A Sales Compelling Event is a customer’s business pain that needs to be solved/opportunity that must be captured by a certain date, or else.

 

In other words, a compelling event has an economic owner, a defined date and is a direct response to a business pressure.  The action to deliver a significant business result, either to capture opportunity or to reduce pain.  The event itself defines the reason for the economic owner to act now.

 

Why are Compelling Events important?

 

Merchants have many compelling events (business pressures and opportunities) that are routinely spread across every calendar year.  Some are variable (showing up almost unexpectedly) and some are fixed (consistently and predictably occurring at various date-points).

 

Compelling events trigger buying decisions – drive funding decisions.

 

Knowing your way through the compelling events that are driving the funding decisions on the specific deal you are working on, as well as those that affect all of your prospects and customers routinely, allows you to consult them that much more effectively as their Trusted Advisor.

 

This in turn drives your efficiency on shortening sales cycles and helping more customers get funded.

 

Tax Extension Deadline

Keep on Reading!

 

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!

 

What is a Compelling Event?

 

A Sales Compelling Event is a customer’s business pain that needs to be solved/opportunity that must be captured by a certain date, or else.

 

In other words, a compelling event has an economic owner, a defined date and is a direct response to a business pressure.  The action to deliver a significant business result, either to capture opportunity or to reduce pain.  The event itself defines the reason for the economic owner to act now.

 

Why are Compelling Events important?

 

Merchants have many compelling events (business pressures and opportunities) that are routinely spread across every calendar year.  Some are variable (showing up almost unexpectedly) and some are fixed (consistently and predictably occurring at various date-points).

 

Compelling events trigger buying decisions – drive funding decisions.

 

Knowing your way through the compelling events that are driving the funding decisions on the specific deal you are working on, as well as those that affect all of your prospects and customers routinely, allows you to consult them that much more effectively as their Trusted Advisor.

 

This in turn drives your efficiency on shortening sales cycles and helping more customers get funded.

 

Fiscal Year-End

Keep on Reading!

 

Once while at sea on a naval mission during the Peloponnesian War, the Athenian general, Pericles’ fleet of 150 ships were left in darkness by a solar eclipse.

 

This confusing event left many of his crew surprised and thrown into a state of panic and fear.

 

Undaunted, Pericles walked up to a lead steersman, removed the cloak he was wearing and held it up in front of his own face.  He asked the man is he was scared of what he saw.

 

“No, of course not.”

 

“So what does it matter when the cause of the darkness differs,” replied Pericles.

 

He then went on to explain to his men that this phenomena occasionally happened at periods when the body of the moon interposed between the sun and earth.  And with that, he freed his people from their hear by truth of reasoning.

 

Perspective is everything.

 

When you can break apart something and look at it from a new angle, it loses power over you.

 

Fear can be debilitating, distracting, tiring, and often irrational.

 

As human beings, we often choose the ominous explanation over the simple one, to our own detriment.

 

If we are afraid of the obstacles that present themselves, its time to change perspective.  As Pericles showed, its not about giving in to or ignoring fear.  Its about breaking it down and explaining it away from another perspective.

 

We all choose the way we look at things.  We can’t change the obstacles themselves – that part of the equation is set – but injecting a new perspective can change how the obstacle appears.

 

“If you change the way you look at things, the things you look at change.”

-Wayne Dyer

 

How we approach, view, contextualize an obstacle, and tell ourselves what it means, determines how successful we are at overcoming it.

 

Many times, we can allow ourselves to become consumed and overwhelmed with something that ends up being actually quite small.  But the right perspective has a strange way of cutting obstacles – and adversity – down to size.

 

This pandemic, recession and resulting socio-economic damage have presented many obstacles and much adversity for most.

 

But it is not some un-explainable omen that cannot be overcome, like Pericles’ crew must have felt when first thrown into the darkness of the eclipse.

 

There is a lot of ugly out there right now, but there is also a lot of good.  There is also a lot of opportunity in this adversity.

 

Whatever you look for, you will find.

 

Break down what is in front of you, set a new path, capitalize on the opportunities hiding in plain sight, but most of all, keep moving forward.

 

-FundingStrategist

https://fundingstrat.com