Imagine you’re a big winner at a casino. You’ve got a pile of chips up to your chin, everyone’s clapping and cheering, and you’re ready to cash out. You stand up, smile at everyone, pick up 60% of your chips, and go on your merry way.
Now, of course, you’d have to be crazy to do something like that. Why would you leave behind your winnings, when all you have to do is pick them up?
As outlandish as that scenario may seem, the truth is that many business owners leave money on the table every single day by not using multiple finance programs. But where is that money being lost? And how can you ensure that you aren’t missing out on sales because you don’t offer the right lending options?
Add Some Depth to Your Lending Roster
In almost any team sport, depth is an important factor. From solid bullpens to a back-up quarterback who can keep a game close, managers and coaches recognize the importance of having a deep roster.
In a similar way, it’s essential for business owners to make sure their lending roster has adequate depth. Why does it matter so much? It matters because, simply put, the deeper you go, the more approvals you get. Let’s consider your lending tiers, from the highest credit scores to the lowest:
- Near Prime
- Tertiary #1
- Tertiary #2
Now, let’s say you have lenders that are only really tailored to the Prime and Near Prime tiers. That should be fine right? You should still get plenty of approvals, so what’s the issue?
The problem lies in the percentages. Let’s consider those tiers again, but this time with the percent of possible approvals each tier is likely to capture:
- Prime – 30%
- Near Prime – 30%
- Tertiary #1 – 15%
- Tertiary #2 – 15%
- In-House – 10%
Now you can see where you’re likely to lose some sales. If you only have lending options that work for the top two tiers, you will scoop up 60% of your possible approvals, and leave a whole lot of money on the table. Clearly, that’s not the way you want to go. So how do you make sure you have lending options for customers in every tier?
Welcome to the Perfect Lender Lineup
You don’t have to have high draft picks every year to build a lender lineup you can be proud of. All you need is the Perfect Lender Lineup, a straightforward guide to selecting the right finance options for your business.
It all starts with your industry. Every industry is unique, and that means each one should use a different lender set. There are countless options to choose from online, which is why our guide simplifies things, offering a selection of lenders commonly used in each listed industry.
Using this helpful document as your guide, you’ll be able to create a lineup of lenders that positions you to get more approvals. Your customers will appreciate having lending options available no matter their credit tier, and you’ll love making more sales because they’re able to purchase your products or services.
When running a business, every sale counts. By only offering limited finance options to your customers, you’re limiting your potential sales, and, ultimately, hurting your bottom line.
The solution is simple: download the Perfect Lender Lineup today, and stop leaving money on the table.