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Want To Offer Customer Financing Programs? 3 Things You Need To Consider A Vendor Equipment Program
| Guest post by: Stan Prokop |
Article Overview: Information on why Canadian firms should consider and offer customer financing programs via a vendor leasing initiative . Increase sales, cash flow and reduce your sales cycle with a customer finance offering.
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Free Download - Can ABL Financing Be Your Business Finance Peace Of Mind ? Getting Comfortable With A Revolving Credit Facility By Stan Prokop |
Want To Offer Customer Financing Programs? 3 Things You Need To Consider A Vendor Equipment Program
We're all for an ' edge ' in Canadian business, that’s why we're quite
sure that clients that offer customer financing programs via vendor leasing to
their customers are probably doing better .. than you! Let's examine why, and
how you too can get the sales edge via a vendor finance program. Oh and by the
way, total cost = zero! That’s our kind of pricing!
If you speak to sales people they are the first ones to tell you that the
sales cycle on many products can be a long one. But what if your firm could
offer a tool that allows your potential customers to acquire your products and services
in a way that removes a very large obstacle: you’re pricing! And doesn’t it go without saying that if you
could in fact shorten that lead time in the sales cycle you would be closing in
on the competition a lot more? We thing so, and lets examine 3 basic areas that
you need to consider to set up a customer financing program.
So, consideration # 1. Have you got what it takes? If you firm are medium
size to larger then you actually might want to give consideration to setting up
an internal vendor finance division. Naturally that takes management expertise,
as well an implied investment in operations and infrastructure. Have we
forgotten anything? Oh yes, capital! As we said you can set up and offer a
customer financing program for a lot of cost, or no cost. The reality is that
this type of offering needs to be thought out in terms of what your customers
are looking for. Things like the overall
credit quality of your customer base are important.
Consideration # 2- If you choose not to develop of invest in a major
program such as this what in fact are your options. I guess if we had to be totally honest (that’s
our preference by the way) we can safely say that you retain most control if
you set up and fund your own program. However, that just isn’t possible for
thousands of firms who want to offer vendor leasing and finance, but don’t have
the resources. By working with a select
partner or Canadian business finance and lease advisor you can very easily ' outsource ' the program, all the while
developing it for your own needs. You benefit from professional input,
marketing assistance, and, oh yes, all the capital you need without any cost to
your firm.
Consideration # 3 - You need to determine at the outset what you want to
achieve from the program. Some key points to consider are simply how you will achieve
the maximum benefits of the program from a short sales cycle, customer
satisfaction, and positive cash flow. That positive cash flow is of course your
benefit, as in all vendor financing your firm is paid 100% up front as soon as
the customer signs off on your product
as received, installed, accepted, etc.
So whats our bottom line. It’s pretty simple today, yet quite
powerful. If you choose to offer
customer financing there are significant benefits to be achieved. Examine the
reasons you want to offer vendor leasing and finance, and then speak to a
trusted, credible and experienced Canadian business financing advisor on how
you can achieve these benefits to enhance your sales and cash flow. It’s as
simple as a phone call away.
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About the Author: Stan Prokop RSS for Stan's articles - Visit Stan's website Stan Prokop is the founder of 7 Park Avenue Financial . The firm specializes in business financing for Canadian companies in the areas of working capital , asset based lending, SR & ED tax credit financing, equipment financing, franchise financing and banking .
Click here to visit Stan's website   Does my Business need a Revolver Canadian Asset Based Finance Has All The Best Ingredients For A Business Line Of Credit Business Receivables Financing Inventory Financing Purchase Order Financing in Canada Asset Based Lines Of Credit Canadian Solutions Canadian Film Tax Credit Financing |
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To add to your thread, I'd like to recommend Jonathan Tisch's "Chocolates On The Pillow Aren't Enough: Reinventing The Customer Experience".
Tisch's book includes content on "Welcoming Customers", "The New Art of Customization", "The Challenges of Customer Diversity" and "Offering Something Extra to Your Customers" to name a few.
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- Everyone has the right idea here. Depending on your business, there are different techniques that you could use. For consultants and sales heavy businesses, there are three tactics that I have found especially useful in my business:
1. Attend Networking Events
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Visit ttc.ca for info on the Vendor license to operate on TTC Property only. If you plan on not operating on TTC property you will not need this.
I would recommend Nathan Philips on Friday afternoons to catch the Lunch time crowd - Tell me when you plan on performing - I will attend as i work right beside Nathan Philips.
I forgot about Yonge/Dundas Square - This place is packed everyday during lunch and after work hours.
I can attend to watch you there 'cos I work close to that area as well.
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Patrick Ohara, Financial Consultant
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