- 12 Jul
Do You Need An Invoice Finance Sales Visit?
Times have changed, when I worked for the invoice financing arm of Barclays, our sales people always visited new prospective clients, and these visits were the conduit to acquiring new business.
The titles of the sales team vary between organisations, for example, "Business Development Manager", "Business Development Director" and "Sales Manager/Director" are often used interchangeably - but the role was generally always the same. Visit the customer, at least once, build a relationship and smooth the transition to becoming a client.
Do You Need An Invoice Finance Sales Visit?
Now there are some invoice finance companies that do not always insist upon a salesperson visiting the prospects. This can have positive and negative consequences.
The Benefits Of Using The Phone
One of the key reasons cited for not visiting prospects is the additional speed of delivery which can be achieved. The idea is that the salesperson gathers all the information they need over the phone. This gives them a first mover advantage over their competitors that have to book meetings, sometimes several days in advance.
A phone based service also gets over the geographic constraints of visiting prospects all over the UK. Many providers have satellite offices around the country, but some of the smaller providers operate from just one or two locations. This can make the geography difficult.
Convenience for a busy client is another factor that should not be overlooked. Booking meetings can be difficult, so the phone can be a quicker, more efficient option.
The Argument For Visiting
The downside to not having a sales visit is the greater difficulty of building a relationship with a prospect, over the phone rather than in person. When much of our communication is non-verbal, this is lost if you don't have a face-to-face meeting.
As with so many things in our industry sector, different parties take a different approach. Perhaps having the ability to make some visits, whilst not having to visit every customer, could be a reasonable compromise the position.
Even within the invoice finance broker market, there are some brokers that still insist upon a personal visit. Again this may be used to in "add value" and build the relationship, but it can also lead to delays. Our approach has always been that as far as the broker service goes, whilst we would love to have a face-to-face meeting with customers, it is the sales people from the invoice finance companies that are best placed to progress the customers enquiry. Therefore, our service tends to be telephone based, but with the emphasis on introducing a salesperson from an invoice finance provider as soon as possible.
Whether or not the salesperson visits should perhaps be driven by the needs of the client, rather than organisational efficiencies. Both options are available, so the choice is in the hands of our clients. Please call Sean on: 03330 113622 for help arranging a meeting, or a call with a saleperson from an invoice finance company that can provide the funding you need.
- 31 Jan
Producing A Business Plan To Support Your Finance Application
We were just talking about the number of new applications for business finance that we are seeing but commented how suprising it is, the number of companies that apply for facilities of £250K+ or more, without providing any kind of business plan.We regularly see applications without a business plan, financial projections or forecasts being provided to the finance company that the prospect are...
- 30 Dec
Invoice Finance Termination Guide
Termination is the process by which either an invoice finance company, or their client terminates the receivables finance facility that exists between them. The circumstances under which termination occurs can vary, and are explained in this guide to invoice finance termination.This invoice finance termination guide is intended to help companies that have been given notice of termination by...
- 12 Aug
Factoring Can Improve Profitability
Most people may assume that invoice factoring will come at a cost, and hence will reduce your profitability, however the opposite may be true.Using factoring may actually increase your profits and business' profitability. I noticed an interesting post the other day, suggesting that factoring can actually help your company become profitable, so I wanted to set out how that might work.This is...
- 29 Apr
Guide To Moving Invoice Finance Companies
Moving invoice finance companies is something that clients can be very cautious about, often because they anticipate a lot of hassle and paperwork. That will not necessarily be the case, especially if you don't have hundreds of customers, but we have researched what customers often fear might happen when they move providers, so that we can put those fears to rest.We have also put together this...
- 20 Feb
Invoice Finance For Security Companies
Security companies that are providing manned guarding services often have significant payroll obligations to meet in order to pay their staff, in many cases before being paid for the jobs that their staff are undertaking. In some cases staff have to paid weekly, whilst customers expect to enjoy credit terms of 30 days or even more.The gap between having to pay staff and getting paid by customers...
- 19 Aug
Invoice Finance Or Factoring With No Minimum Criteria
In the past, there were minimum size criteria applied to businesses that were seeking invoice finance or factoring. Different providers would set the minimum size criterion at different levels, but used to reflect a fairly substantial volume of turnover, in order to make a facility viable.This practice is no longer the norm in all cases, with the emergence of selective invoice finance. A...
- 16 Jul
A List Of All The Methods Of Funding A Business
If you are starting a business, or you need more capital to expand an existing business, you may be interested in understanding the full list of all the funding options that are available to you. Below I have compiled a list of all the methods of funding a business in the UK.FIND OUT ABOUT THE OPTIONS WE CAN HELP WITHThere will be many products that fit under each of these categories, however I...