How many times do small business owners spend significant time going back and forth with equipment specs, only to find out they’ve spent virtually no time preparing the financing? Unfortunately, this is all too common for manufacturers, dealers and vendors. The lack of up-front preparation for the finance process can lead to frustration on both ends of a transaction and a difficult experience. There is a simple solution that can better position your sales team for success.
We are all familiar with the “pre-qualification” process of home ownership. Because of the complex nature of mortgages, it only makes sense to have a firm grip of how the asset is going to be purchased before you spend too much time in the purchase process. The process for acquiring financing for commercial equipment can be drastically simpler, but by establishing a fast pre-qualification process you can dramatically improve the efficiency of your sales process.
A quick pre-qualification program can:
- Help your sales team work with more qualified buyers
- Focus the customer on only the equipment they can afford, rather than wishing.
- Open the eyes of the customer to more equipment once they see how affordable one item might be.
- Give your customer confidence in the buying process
- Keep your sales team away from “maybe laters” and “what ifs”
How to establish a pre-qual program
To establish a reliable an effective pre-qualification program, you should lean on your finance partnerships to carry this important responsibility. Their expertise with the financial side of the equipment business can guide the client in the right direction, insulate you from confidential and challenging conversations while allowing you to keep your focus on the equipment. It is also beneficial to partner with an equipment financier that has access to a wide range of offerings—from good credit to challenged credit—that can offer more customers a better chance for success through financing.
At SLS, we help manufacturers, dealers and vendors with finance programs that grow sales and make things downright uncomplicated. If you would like to discuss how to establish a pre-qualification program for your equipment sales, contact us today.