Sensitivity to Clients' Financial Position Helps Win More Sales

Any firm likes to improve sales, but it's not always obvious when to close. That's especially true in this economy, when a prospect's or client's financial position isn't always stable. Attempting a close during a company's cash-critical period can lead to frustration all around and may dissolve trust in a relationship that was carefully built and would otherwise eventually bear fruit.

When you know something about their cash flow, however, you can better decide if it's time to close or if you should continue to nurture the relationship.

In our shop, as the recession deepened, we became increasingly aware of how important it is to have a sense of a clients' financial position. That awareness, combined with realistic sales qualification, helps support our own financial health. We used to say, "An ideal client wants what we offer, is willing to buy it from us, and has the money." A prospect that has the first two factors but is cash-poor is not ready to hear about any closing action—unless your offer is a loan or investment. They need to be nurtured until they either pull out of it or go down. This is a harsh reality.