When to use it?
After deploying the Utility Close and hitting resistance because the merchant is unsure of how he’ll put the funding to work.
What does it sound like?
“Once you get the funding in place and you get that (insert Key Business Outcome), what’s the impact on the business you’ll drive?”
“Once you get the funding in place and you buy that piece of equipment, what’s the impact on the business you’ll drive?”
How it works?
You’re getting the merchant’s mind off the deal and forwarding them to what the funding is for in the first place.
Many times, the merchant’s response to this close is: “Huh??”
This allows you to use more clarifying questions like:
“What is your goal with buying that piece of equipment?”
“How will buying that equipment grow the business?”
Wait a second!! Isn’t buying the piece of equipment their end-goal?
Funding = Vehicle Goal
Obtaining the funding now allows the merchant to buy that piece of equipment.
Purchase of equipment = Destination Goal (Key Business Outcome)
Equipment allows them to take on a job that increases revenue for the quarter by 25%.
25% revenue increase = Business Impact
You want to get them to tell you what objective the funding will drive and more importantly what kind of financial impact that will have for the business.
Why it works?
The funding is not the end in itself, it is the means to an end. As Funding Pros, we must always uncover what those ends are. And, when we know the ends, we must always help the merchant tie that back to how it will help grow the business.
Maybe they’re targeting:
A specific amount of revenue
A specific amount of profit
A specific amount of market share
A specific amount of customers
A specific amount of transactions
That one big opportunity they would not be able to take on without it
These business impact targets, when elicited from the merchant, allow you to help the merchant figure their ROI on the funding, and when you can now mutually talk about the potential upside – closing and funding smoothes out.
There are many times when the merchant has truly no idea what business impact they want to drive, they’re stuck in the gross generalization of “I just want to grow the business.”
As their Trusted Advisor, consult them through this and dig deeper with strategic questions. Help them convert the vague into specifics – help them project specific numbers.
When merchants have their targeted upside in their crosshairs, they are better equipped to make an intelligent and swift decision in your direction.
Put the Sharp Angle Close to work and Fund On!