One of the most difficult challenges that a business owner, sales manager, or administrative manager may face is evaluating the financial capacity of any new client who begins working with them. Let me give you some tips that you should keep in mind so that you can assess your client’s financial capacity:
You must look carefully at some of the company’s basics, the first and most important of which is honesty. Any company you visit and find that the secretariat is not responsible for receiving clients, does not have a background in appointments, and is not familiar with some business matters, you can start by putting a red line under this company. However, this is not enough to know the financial situation of the company. Not replacing the secretariat reflects a large part of the stability of this company.
Of course, the number of employees reflects the financial situation of the company. There should be at least three permanent employees that you will find whenever you go to the company headquarters.
Steps to complete the deal with the client, through which the company’s financial status can be known. Of course, the sales process goes through several stages, not a single stage, which begins with knowing the customer and his needs, and the customer’s evaluation of you as a company and as a seller, then entering into the process of selling to the customer, or the deal in the more correct sense. This is another topic I will write about soon.
By meeting with your client from the first moment, you can begin to evaluate them financially:
1- Very Important Information:
The customer who discusses a lot about the price ensures that he has the financial ability to pay and that he is also a committed customer, so do not worry about him.
2- Start Small:
Always try to start by selling the cheapest thing your company offers. Regardless of the size of the client and his financial strength, as the client always has great financial capacity, you will find everyone around him concluding deals with large and huge amounts, which reflects negatively on the completion of the deals.
Here, let me present to you a simple strategy that you can try: contract with them for the minimum good or service that your company provides, which is of course appropriate to his needs. Ensure that the good or service is of a type that is developmental or has the ability to develop into a larger and more expensive good. The service should be of your choice after careful consideration of what fully and completely suits the needs of the client and his company.
Here you reach your goal:
1- Winning a Deal:
You close a deal with a major client.
2- Building Trust:
You lay a strong foundation for building trust between you and the customer.
3- Ensuring Payment:
You get your money instantly without delay. But if the customer makes any excuses here, know that this customer is in financial trouble and you should be careful of him.
Best regards,