If you are involved in business development in the equipment finance / commercial lending world ~ your job should be funding business loans & leases – approximately 6-8 per month at minimum. Not only that, your job entails growing your business month-after-month, and year-after-year. This will be important through both good and tenuous business cycles. Furthermore, every economic environment offers opportunity ~ Part of your job is finding it! The rewarding part in all of this is that when you are doing your job, you are helping more people grow their business. It should be very clear to all of us in the smaller ticket lending business development world that we need to be funding $5M or more annually. If you are not… you need to do your job. Let us demonstrate what that looks like.
Identify Opportunities & create a systematic plan of action with specific and honest goals that you intend to keep. That being said, intentions are not the issue… results are. Nothing else matters. Need a mentor? Call the NAELB and see if they can put you in touch with the BEST AND BRIGHTEST ONLY. (You can find them here: https://www.naelb.org/home)
Here is how to get started in professional manner.
Create your Top 100 List. Think about what you are doing here. Look at ticket size, industry, collateral, etc. Create your future… 100 contacts at a time.
Call the President or the CFO of the companies on your list and set an appointment for a scheduled meeting. Let’s look at that again: The goal of this initial call is to schedule a meeting. This methodology accomplishes a pattern interrupt (because it is different) as compared to traditional sales & eases the mind of the person on the other end. Compare this to trying to engage during the first call. Our approach accomplishes two things: 1) it allows you to begin a dialogue and thus build a relationship and 2) it sets you apart as a more professional commercial lender.
Having trouble cold calling? Get Motivated and do your job. These stories are all over the internet. Take a look: https://www.businessinsider.com/cold-call-how-to-get-anyone-to-talk-to-you-2017-9
The script may go like this:
Good Morning my name is Ima Lender and I’m an Officer / Account Manager / Lender with a National Commercial Lending organization. Today I am calling, simply put, to explore the opportunity of adding your company to my portfolio. In short, ABC Equipment is in my Top 100 ‘want to work with companies’ and is also in our target market. With that as a backdrop, would you mind helping me see if I can help you by scheduling a 5-10 minute meeting with you (and hold me to that) on Thursday or Friday of this week?
Now just listen…
They will either get you off the phone or you schedule an appointment. If you schedule, send them an evite on outlook or otherwise, shortly after you hang up. If not… you should send them an email that thanks them for the time and offers them the insight & VALUE of commercial lending as found in our Undisputed Flyer (you can obtain that from SLS if you are an approved Broker… give us a call!)
Now keep their email and continue to call and email over the next year, IF you think that there is an opportunity. That’s an Important Point. You want to work with companies that are currently selling products that require financing and that already offer financing. The reason for this is that they know the value of your service.
Next point: Remember ~ RELATIONSHIPS ARE BUILT BY VERBAL CONTACT ~ not emails. Emails are marketing tools and can never supplant meetings & discussions that should ultimately develop friendships.
Now on to the to the meeting:
Start Simple. Tell them something short about yourself. Here’s an example:
Thanks for taking my call Ralph ~ first, to connect a bit … I’m a big golf player ~ do you have any hobbies? (Take the time to list and discuss.)
And now ~ I have a timer and will keep our conversation to 7.5 minutes, or less, unless you decide that we should continue. So, let’s get started.
Do you have any known commercial lending needs? (Listen…)
For the future … we provide business lending of most all types, equipment, working capital, AR Financing, Commercial vehicles, leasing and loans, etc.
I know you sell equipment ~ is financing part of that strategy?
Where are the rates? Who is the lender that you use? Do you see any opportunity for me in that part of your business?
Do you have any questions for me!?
(Now you have assessed the need and hopefully have begun a relationship.)
The final question is: If you were me … what you do going forward in hopes that I would have the pleasure of working with you?
Now follow their instructions.
Lather, Rinse, Improve and Repeat… Do your job with constant, never-ending improvement.
Raise your standard: https://www.youtube.com/watch?v=l1XNgjTO3j4
If you have any questions about working with SLS Financial Services, here are a few key contacts for our broker division:
Doug Fuller | 816.423.8021 | email@example.com
Brian Kirlin | 605.444.1102 | firstname.lastname@example.org
Nicole Hall | 816.605.1204 | email@example.com