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Winning Business
and Loyal Clients in Invoice Factoring - # VII, Part 1
Advice Desk
Implementation of the Plan
This is
the next in a series of articles to assist you in winning
business and loyal clients in invoice factoring. Mark Mandula,
Principal, Vice President, United Capital Funding (an invoice
factoring company), offers his guidance from the viewpoint of
an experienced business finance professional based in the US.
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Toll Free Phone
877.894.UCFC (8232)
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 Let’s
do a quick review of where we are at, prior to discussing how
to use on a daily basis the Vision Statement and Cornerstone
Positions that were developed in the last series of these
articles.
In the latter part of the last article, I outlined a New
Marketing model for accounts receivables management companies
that we have very successfully used as the framework for our
current enterprise. In our new approach, marketing extends
well beyond the traditional tasks in invoice factoring, such
as prospecting, sales and branding to include all aspects of
client “management”. All parts of our invoice discounting
strategies are client/prospect, not operation driven.
I presented the approach we have used to develop our Vision
for our firm, using the three step process below: |
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Define the vision for your financing business |
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Develop an “identity” for your enterprise |
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Then communicate the Vision and Identity to key stakeholders
of your factoring enterprise. |
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As part of this discussion, I provided copies of current
Vision Statement, and Cornerstone Positions of our invoice
factoring enterprise. I concluded the last article noting, “I
would respectfully suggest that the development of the
Cornerstone Positions is the easy step in this process. The
more challenging step is the ability to execute on a daily
basis consistently employing these tenets.”
Where we begin this next series of Articles are they ways
which we have implemented this “Vision” into realty as an
invoice factoring company; i.e. the daily, weekly, monthly and
annual steps we take to turn dreams into bottom line profits
and results.
We have been able to execute our plans and strategies in
purchase order financing by initially understanding that we
needed, as individuals and as a firm collectively to move our
entire organization from what we were, a product focused firm
to an information focused enterprise. I would suggest at the
outset that it is very difficult, perhaps nearly impossible to
grow and survive in today’s complex invoice funding
environment without first acknowledging and embracing this
concept.
How can you do this? What are the issues to be aware of? In
what areas does the entire mindset of invoice factoring
companies need to change? Is this process easy? |
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The last question is the easiest to answer. Is this process
easy? No. You will make mistakes. You will face resistance.
You will have many around you doubt that you will succeed. The
underlying reason for all of this resistance is very simple;
it requires change on the part of your employees, your
partners, yourself.
Be aware that this resistance to change is completely natural
in the factoring company model, and to be expected. Also
remember that all change is an important part of the growing
process, and no business financing organization or entity can
survive if it does not adapt to the new environment it
operates it. Recall that one of our Cornerstone Positions [see
prior article for the entire list] is: Complacency [or lack of
change and adaptation] will lead to extinction. Remember what
happened to the dinosaurs!
As part of this process, you will learn a lot about yourself,
your coworkers and your accounts receivable factoring
organization. View this as a journey, and also realize that
humor and a well grounded sense of self makes the process much
more fun. As the great actor Charlie Chaplin once stated,
“Failure is unimportant. It takes courage to make a fool of
oneself.”
So what are the basics to adapting and adopting an information
focused [as opposed to product focused] approach in business
financial factoring? There are four key areas to zero in on,
when making the migration from a product/channel/information
focused strategy.
The key areas are: |
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First, and most important, business financing client
expectations. |
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Second, client focus. |
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Third, factoring company strategy and finally, |
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Strategy. |
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This article
continued (#VII, part 2):
Winning Business and Loyal Clients in Invoice
Factoring
View and Print this Article (pdf version):
Winning Business and
Loyal Clients in Invoice Finance (part VII)
In this
series of articles to assist you in winning business and loyal
clients, Mark Mandula offers his guidance from the viewpoint
of an experienced business finance professional based in the
US.
Winning Business and
Loyal Clients in Invoice Finance (part I)
Winning Business and
Loyal Clients in Invoice Finance (part II)
Winning Business and
Loyal Clients in Invoice Finance (part III)
Winning Business and
Loyal Clients in Invoice Finance (part IV)
Winning Business and
Loyal Clients in Invoice Finance (part V)
Winning Business and
Loyal Clients in Invoice Finance (part VI)
Winning Business and
Loyal Clients in Invoice Finance (part VII)
Winning Business and
Loyal Clients in Invoice Finance (part VIII)
Other Invoice Factoring Articles of Interest
Trust Based Financial Services
in Factoring of Accounts
Receivables:
How to build a sustainable
trust based financial services firm
Winning Business
and Loyal Clients in Accounts Receivable Factoring "How to Sell More to Your Existing Clients"
Winning Business
and Loyal Clients in Accounts Receivable Factoring "Work
Smarter, Not Harder"
Factoring: Fact vs.
Myth: What types of companies use factoring?
Factoring: Fact vs.
Myth: Will factoring negatively affect your
customers perception of your company?
Factoring Company
Corporate Overview
Apply for Factoring Online
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