Rfg Startwitha Good Daily Plan


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Rfg Startwitha Good Daily Plan

  1. 1. Start with a Good Daily Plan Making the most of each day
  2. 2. Establish a goal for each day (How much money do you really want to make?) Consider: <ul><li>How many phone calls, how many face-to-face visits, how many </li></ul><ul><li>sales… </li></ul><ul><li>If you make at least 200 to 250 calls per day or </li></ul><ul><li>If you secure a minimum of 50 business cards daily </li></ul><ul><li>If you establish a minimum of 12 interested customers per week </li></ul><ul><li>If you ensure a minimum of 4 statements per week </li></ul><ul><li>If you secure a minimum of 2 submissions per week </li></ul><ul><li>This generates at least $50,000 per week, in funding. (average advance size $25K) </li></ul>
  3. 3. It’s the start that stops most people. Start your day in the morning by: <ul><li>Following up by phone with prospects from your business cards, leads, etc. </li></ul><ul><ul><li>Your plan should be several hours, twice weekly. </li></ul></ul><ul><li>Request statements are faxed to you (prior to confirming appointment times with prospects, if planning a face-to-face meeting). </li></ul><ul><ul><li>Advise the merchant that you are not authorized to visit without the statements. </li></ul></ul><ul><ul><li>Advise the merchant the statements allow you to determine the amount of money that is available to the merchant, based on the Visa/MasterCard volumes. </li></ul></ul><ul><li>If you plan to conduct a face-to-face meeting, cold call prospects that are in the same general location as your current appointments. </li></ul><ul><li>Create and write down a strategy for follow-up calls with prospects not initially interested. </li></ul><ul><ul><li>Maintain a master calendar at all times and keep it up to date. </li></ul></ul><ul><ul><li>Place callback timelines based upon a 2 to 3 week increment; consider the merchants level of interest. </li></ul></ul><ul><li>If you plan to conduct face-to-face meetings with the merchant, keep in mind the value of the afternoon, face-to-face cold call. It’s a target rich environment. </li></ul>
  4. 4. Summary: <ul><li>Successful people will develop a plan to hit their goals. If you have only two deals in your pipeline and you are fortunate to close 100% in the month, you still only have 2 deals. Keep the pipelines full of prospecting, follow-ups and asking for referrals. </li></ul>
  5. 5. Cold Call Prospecting <ul><li>Direct contact marketing works the best by far. </li></ul><ul><li>Face-to-face and telemarketing used in the proper mix will bring the best results. </li></ul><ul><li>This is a relationship sale, follow up is critical to your success. </li></ul><ul><li>Consider the following… </li></ul>
  6. 6. Approach <ul><li>Gather contact information for future follow-ups: phone, fax, email and mailing address. </li></ul><ul><li>Ask everyone for referrals- Generate referral partner network. </li></ul><ul><li>Follow-up Prospecting. Frequency of contacts = success. </li></ul><ul><li>Follow-up with key prospects every 2 to 3 weeks. </li></ul><ul><li>Use direct contact approach as often as possible. </li></ul><ul><li>Ask for referrals. </li></ul><ul><li>Other keys to successful prospecting. </li></ul><ul><li>Dressing for success will ensure trust with the business owner. </li></ul><ul><li>Work different hours. Many business owners work afternoons, evenings and weekends. </li></ul><ul><li>Prospect while you are out dining or shopping. Being the customer give you an advantage. </li></ul><ul><li>Don’t waste your time on those who say, “No”. Use the Reverse Selling Technique. </li></ul><ul><li>Lead Sources </li></ul><ul><li>Your Yellow Pages. Open it up and start calling prospects. </li></ul><ul><li>Your nearest shopping center. Drive in and visit some prospects. </li></ul><ul><li>The internet. </li></ul><ul><ul><li>www.YellowPages.com </li></ul></ul><ul><ul><li>www.CitySearch.com </li></ul></ul><ul><ul><li>www.Goleads.com </li></ul></ul><ul><li>Continue… </li></ul>
  7. 7. Lead Sources Continued… <ul><li>Chamber of Commerce </li></ul><ul><li>Trade Associations </li></ul><ul><li>Networking clubs and banks </li></ul><ul><li>Accountants </li></ul><ul><li>Other B2B vendors </li></ul><ul><li>ALWAYS ASK FOR REFERRALS! </li></ul>
  8. 8. Summary: <ul><li>Proficiency in use of the Return on Investment Approach </li></ul><ul><li>BE PERSISTENT! </li></ul>
  9. 9. Cold Call Prospecting-More Advice: <ul><li>Just as with media advertising, your first words must create interest. </li></ul><ul><li>Introduce yourself and continue with a short interest-getting statement such as: </li></ul><ul><li>I’m Bob Jones with RFG. We help business owners get money for their business. </li></ul><ul><li>If I could help you obtain some additional working capital, could you improve your business? </li></ul><ul><li>I was in the area for an appointment, but I wanted to take a few minutes to see if you could use some money for your business. I know you are busy, why don’t we meet at a future date? I could work you on (Date). </li></ul><ul><li>I’ve got $100,000,000 to invest with business owners like you. Let me show you how much you can get. </li></ul><ul><li>We are a national funding company; we provide cash to help businesses grow. What could you use the money for? </li></ul><ul><li>I’m opening an office locally to allow me to focus on the Economic Development of this community by providing owners with working capital to help grow their business. Let’s sit down for 5 minutes, I’ll show you how much you can get. </li></ul><ul><li>To keep the conversation rolling, you could then ask questions: </li></ul><ul><li>How long have you been in business? </li></ul><ul><li>How much volume do you do with Visa/MC monthly? </li></ul><ul><li>How much money could you use to grow your business? </li></ul><ul><li>What would you do with the money? What projects could you consider? </li></ul>
  10. 10. Questions and Objections <ul><li>Your initial goal is to convince the merchant to show you their Visa & MasterCard processing statements. Here are some suggestions using a trial close technique by simply asking for the merchant’s processing statements. </li></ul><ul><li>Q: What is the interest rate? </li></ul><ul><li>A: Our program is similar to factoring; therefore there is no set interest rate, only a set cost. Because you mentioned interest rate I am assuming you think that we are a bank, is that correct? (If so, explain factoring) </li></ul><ul><li>Q: How does it work? </li></ul><ul><li>A: We provide you funds using your future Visa/MasterCard sales volumes. We then take a small percentage of your V/MC processing daily. You will keep all Amex, Discover, Diners, Cash and Checks. Qualification is determined by reviewing V/MC statements. – exception to this is if we will add AMEX sales to the repayment- </li></ul><ul><li>(Note: Goal to the sale is to move the prospect to provide statements and to define what the customer will want to do with the money.) </li></ul>
  11. 11. Questions and Objections (continued) <ul><li>Q: How much do I get? </li></ul><ul><li>A: If you provide us with your V/MC statements, I can tell you what you may receive OR $5,000 to $600,000 per business entity. </li></ul><ul><li>Q: How do I pay back the money? </li></ul><ul><li>A: We take a set percentage from your V/MC sales daily. </li></ul><ul><li>Q: Do I need to change my Processor? </li></ul><ul><li>A: We offer several solutions. You can either change your processor to one of our processing partners or we offer virtual split funding, ACH, or, we may already have a working relationship with your existing processor. </li></ul><ul><li>Q: What if I don’t want to change my processor? </li></ul><ul><li>A: That’s Fine- We have alternatives </li></ul>
  12. 12. Questions and Objections (continued) <ul><li>Q: How long does it take to get the money? </li></ul><ul><li>A: Ten to fourteen business day. Provided that you complete the paperwork and provide the necessary documents to me today. </li></ul>
  13. 13. Step 1: Strong Opening: Start with (A) or (B) or both. <ul><li>Good Morning Mr. Merchant… </li></ul><ul><li>(A) Deliver a Compelling Reason: Choose only one. </li></ul><ul><li>My company RFG, provides cash for independent business owners (or industry specific). </li></ul><ul><li>(Choose only one) </li></ul><ul><li>1. Pre-qualified in 48 hours. </li></ul><ul><li>2. We can advance you within 10-14 days. </li></ul><ul><li>3. Anywhere from $5,000 to $150,000 </li></ul><ul><li>(B) Get Permission: Choose only one. </li></ul><ul><li>1. Do you have a minute to talk about receiving cash in the next 15 days? </li></ul><ul><li>2. Do you have a minute to talk about getting cash for your business? </li></ul><ul><li>3. Do you have a minute to go over how I can wire you $5,000 to $150,000 into your business account? </li></ul><ul><li>4. Do you have a minute on how I can get you pre-qualified from up to $150,000 in 24 hours. </li></ul>
  14. 14. Step 2: Conduct Analysis: Choose one only. <ul><li>1. What projects are you working on that could use some additional working capital? </li></ul><ul><li>2. If I could get you cash from $5,000 to $150,000, what would you use the money for? </li></ul><ul><li>Note: This is the most critical part in the conversation. Discovering or creating the need. Ask questions, so they can talk about their business!! The more they talk about their business, the more they like and trust you. </li></ul><ul><li>Rep: Tell me about your business: </li></ul><ul><li>Key Point: (Change pitch in your voice to gain likeness) Example: WOW, that’s awesome! </li></ul><ul><li>Rep: So Mr. Merchant, How will that (use of money) help grow your business? That’s GREAT!!! </li></ul>
  15. 15. Step 3: Return on Investment: <ul><li>Mr. Merchant, How much do you think you would profit monthly by (use of money)? </li></ul><ul><li>Note: Make sure to get a dollar figure. </li></ul><ul><li>So, you’ll bring in about $( ) in 2/3 years. </li></ul><ul><li>WOW, that’s EXCELLENT! </li></ul><ul><li>Rep: So, when do you need the money?? </li></ul>
  16. 16. Step 4: Confirm Next Step. <ul><li>Rep: Do you have a pen? (Get them moving toward a “yes”) Okay, write this fax number down. </li></ul><ul><li>Rep: The 1 st step in the process is to verify your V/MC volume. So, I will need you to fax your statements to: (provide the fax number) </li></ul><ul><li>Customer: Why do you need to see my statements? How does it work? </li></ul><ul><li>Rep: We purchase a portion of your business future V/MC credit card sales, giving you working capital today to help the merchant build his or her business and manage unexpected cash flow needs. So, we need to verify your V/MC statements to determine what program fits you best. </li></ul><ul><li>Rep: So, when before 3 o’ clock can you fax your statements? </li></ul>
  17. 17. Step 5 & 6: Statements Received/ Closing Part 1 (This dialogue is for face-to-face/telesales sales process) <ul><li>Rep: </li></ul><ul><li>Thank you Mr. Merchant. I have received your statements. Mr. Merchant it looks like you have a great project that’s going to help you grow your business. Tell me again how much additional income you are going to make each month. (Let the merchant say the $ amount). You are talking about $ in 2 years? (Wait for an answer) WOW, THAT’S GREAT! You are exactly the type of customer we want to do business with. </li></ul><ul><li>Now, the next 3 questions, I will need just a yes or no response. However, I want you to keep in mind your response will only help us to determine which program fits you best. Is that fair? (CRITICAL STEP TO FLAG FOR ISSUES) </li></ul><ul><li>1- Are there any bankruptcies’ (personal or business chpt. 7, 11 or 13)? </li></ul><ul><li>2- Are there any tax liens or judgments? </li></ul><ul><li>3- Are you current with your landlord? </li></ul>
  18. 18. Based on your Visa/MC sales volume, it looks like you might be able to receive $____ to invest in your (name project), at this point. (RFG Will have provided you with a Quote at this Stage) <ul><li>For your $____(funding amount), it is going to cost you $____ (the difference in the funded amount and the payback amount). </li></ul><ul><li>Now, in order to get you this $____, there will be a 20% daily collection from your Visa/MC sales. This means that you will keep 80% of your Visa/MC sales, plus all cash, checks and American Express and Discover sales. You will keep 90-92% of your monthly gross revenue. </li></ul><ul><li>That’s going to grow your business, right? </li></ul><ul><li>Great! The process requires me to get additional information from you. (Fill out the paperwork and fax to merchant or present to merchant face-to-face). </li></ul><ul><li>Continued… </li></ul>
  19. 19. *** If the answer is “no” to the “grow your business” question, use the rebuttals provided to you.*** <ul><li>If he/she responds: “Cost is too much” or “It’s too expensive”… </li></ul><ul><li>Rep: Compared to what? </li></ul><ul><li> How much would you pay for the money? </li></ul><ul><li>You just told me that you are going to make $_____ (use ROI amount) with the use of the money. Are you now telling me that you would let $____ (difference between funded amount and collection amount less the amount the merchant says) keep you from making $_____ (ROI amount)? PAUSE, DON’T BE THE FIRST TO SPEAK. </li></ul><ul><li>Complete the paperwork and fax to the merchant or complete the paperwork and present to merchant. </li></ul><ul><li>Continued… </li></ul>
  20. 20. Rep: The next thing I need to speak with you about Mr. Merchant is the fact that there is no monthly billing. The purchased receivables are automatically retrieved on a daily basis from your V/MC credit card processing, at a set percentage amount. Remember, we get paid only when you get paid. <ul><li>Continued… </li></ul>
  21. 21. Step 7: Closing II <ul><li>Rep: </li></ul><ul><li>Mr. Merchant I have received your paperwork and your voided check and copy of drivers license to send your FULL application to underwriting. Everything looks in order. </li></ul><ul><li>In the next 24-72 hours, our contract administration department will give you a call to verify the information on your application. </li></ul><ul><li>Great success with (name the project)! </li></ul>