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The Story of Greg and 
Techtron IT Solutions
Part 2






Ben, the finance broker, took his place at the front of the room and began his presentation on the benefits of offering finance. 

'Using finance to pay for assets and growth is an effective financial strategy used by companies of all sizes whether they are cash-rich or not. 

'If you are not offering your customers the option to pay via a finance arrangement, you could be losing out on sales...



 

'For private companies, the payments are fully tax deductible. In fact, companies that pay for assets in cash might be wasting as much as 10% of their capital.




 

'With cash in the business, customers can bring other growth projects forward and roll all project costs, including VAT, into one fixed monthly payment which is easier to budget for.


 

' By leasing rather than buying, they avoid sinking cash into depreciating assets that need disposing of later, and have the option to upgrade the equipment during the lease, so they always have the latest technology.

 

'Customers can spread the cost of the project in line with their return on the investment and, if they include software costs in the finance solution, the renewal price will be fixed for the entirety of the lease.'




Greg could see that his team were intrigued, but Tara was still concerned: 'Don't some customers get annoyed when finance is suggested?'

'No,' Ben replied, 'In fact, modern customers expect access to flexible payment options. By including it as standard on every quote and explaining all the benefits upfront, you are offering them the chance to make the best choice for their business without singling anyone out with regard to budget restrictions.'






'Okay,' Tara said, 'I can see why finance is good for the customer, but is there any benefit for the sales team?'

Ben smiled and said, 'I'm glad you asked.' 








'When a customer has the opportunity to spread the cost of their project via one affordable monthly or quarterly payment, they are often more comfortable increasing the scope of the project, which means bigger sales.

'And, because the project is being funded by a third party, Techtron will receive full payment, and therefore any commission earned, upfront.'





'What if we offer finance, but then find out they have bad credit so we can't arrange it for them?' Tara said.

'That's where having a finance partner comes into its own. Finance brokers have access to a much larger panel of specialist funders with different lending criteria and can put together bespoke finance solutions not available elsewhere,' Ben said.







'So, if you can't arrange the finance or are not sure what to do, you can pass the customer to me. Just think of me as an extra member of your sales team.

'Oh, and for every customer you refer to us that we manage to arrange a deal for, we'll pay you commission.' 

Now that the team were feeling much more positive about the benefits of finance, they listened intently as Ben explained what they needed to know about finance. 






The next day, Greg adapted their quote template to include an illustrative example of what a customer's finance payments might look like, and the team started to discuss finance more openly with their customers.

Over the next few months, fewer deals fell through due to budgeting concerns, and more cash-rich customers chose to finance their projects to take advantage of the tax benefits while redirecting their cash to other areas of their businesses.





The sales team exceeded their targets, earned commission from the finance deals they sent to Ben, and felt more and more motivated. The improved performance made a great impression on Greg's bosses and led to substantial end-of-year bonus.

The following year, Greg and Joe not only bought their first home together, but they also went travelling for three weeks, and managed to squeeze in a lavish beachfront wedding while they were away.




Continue Greg's Story

Click the button below to see the figures behind the decision to offer finance.



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