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When to use it?

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After deploying the*Utility Close*and hitting resistance because the merchant is unsure of how he’ll put the funding to work.

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What does it sound like?

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"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?"

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Ex:



"Once you get the funding in place and you buy that piece of equipment, what's the impact on the business you'll drive?"

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How it works?

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You’re getting the merchant’s mind off the deal and forwarding them to what the funding is for in the first place.

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Many times, the merchant’s response to this close is:*“Huh??”

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This allows you to use more clarifying questions like:

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“What is your goal with buying that piece of equipment?”

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“How will buying that equipment grow the business?”

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Wait a second!!* Isn’t buying the piece of equipment their end-goal?

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Funding =*Vehicle Goal

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Obtaining the funding now allows the merchant to buy that piece of equipment.

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Purchase of equipment =*Destination Goal (Key Business Outcome)

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Equipment allows them to take on a job that increases revenue for the quarter by 25%.

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25% revenue increase = Measurable*Business Impact

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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.

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Why it works?

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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.

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Maybe they’re targeting:

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A specific amount of revenue

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A specific amount of profit

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A specific amount of market share

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A specific amount of customers

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A specific amount of transactions

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That one big opportunity they would not be able to take on without it

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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.

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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.”

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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.

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When merchants have their targeted upside in their crosshairs, they are better equipped to make an intelligent and swift decision in your direction.

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Put the Impact Close to work and Fund On!

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-FundingStrategist

https://fundingstrat.com

https://fundingstrat.com/the-impact-...-why-it-works/
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