When to use it?
(Going into Spring 2021.). When receiving an indecisive response to the Assumptive Utility Close where the merchant is trying to figure out what they’re going to say next:
“Uh, I don’t…know, um…”
What does it sound like?
“Well, once this funds, what are you planning for the fully reopened economy?”
How it works?
With vaccinations on the rise and case counts and deaths thankfully on the decline, the economy looks to be well on its way to fully reopening across all 50 states.
The bond market is pricing in more inflation and a red-hot economy that is driven by pent-up demand and stimulus. We’ll see what the Q4’20 GDP print ends up being shortly, but it finally looks like the light at the end of the tunnel for many small businesses is within reach.
You’ve already qualified the merchant before you were able to get their file submitted and approved. You know what project they’re looking to fund, what objective they’re trying to achieve with your help. But maybe they haven’t shared with you what they’re envisioning after the economy fully reopens.
The truth is, they probably haven’t been able to give themselves the time to fully think it through themselves.
This question serves the merchant by getting them focused on possibility and opportunity.
When there is indecisiveness and hesitation that is is making the merchant linger on the phone for a few awkward seconds, cut in with a strategic question that can help reframe how they’re thinking about this decision.
Why it works?
If a merchant is hesitating on the phone and can’t give you a straight answer within 1-2 seconds, this person is either struggling with the decision-making process on the phone with you or they have an answer they don’t want to necessarily share with you now.
Either there’s pertinent information missing (not necessarily from you) to make the decision, the merchant is not crazy about the terms, or both.
Now that the economic and business landscape is set to change in a seemingly positive way within the next few months, this is a good time to direct your client’s focus to how they are planning to capitalize on lockdowns being lifted, pent-up demand and forever-modified consumer behavior.
Powerful questions can get people’s thought patterns unstuck and reframe situations to a perspective where now things click.
Sometimes, we can all get overwhelmed in the details and cross-talk of different issues/priorities in our head and its hard to see the forest for the trees. Ask about the outcome – where the business going, not just for this current project/objective, but how is the merchant going to take advantage of the months to come.
After all, you are their Trusted Advisor, their Funding Pro there to consult them and provide the fuel for their endeavors.
Hear them out, they may not have spoken to anyone except for you about this yet. Once they’ve reinforced their objectives and the kind of measurable impacts they will create for the business (and them), working out the details of the current deal with you becomes much easier.
Put the Reopening Close to work and Fund On!