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When your customers know your firm is making money, this translates in their mind, “This vendor is healthy so this is one I do not have to worry about”. If your customers do not know you are profitable, you need to tell them through your sales people to reassure them of your continued existence. You may have to provide financial statements to them during formal audits, but for most, they do not ask for this but would like to know. They are your customers so they need to know and you need to tell them.
Prepare a brief document to tell your customers you are healthy. For those that do not receive financial statements of any kind, prepare something brief and reassuring for the sales people to convey to vendors about your company’s financial health.
Give your customers your D&B number if applicable. Give them bank information and your loan officers, and instruct those guys to reassure your new customers. Give them lists of vendors that you have had for years and have paid on time if they ask.
Write something salespeople can repeat to customers to assure them of your financial health. You should also be able to convey a few prepared words to all of the sales personnel at the end of the fiscal year that can be repeated to buyers to assure them they are dealing with a financially sound company.
Your customers want you healthy; if you are not, they will walk. Your customers want to know your firm is well run and continues to make money. You need to keep buyers happy and not worried. They want to be assured about the vendors they choose and when those vendors make money, the buyers sleep more soundly at night. Vendors who are losing money will not be vendors for long and buyers know this and do not like the risk. Relaying your positive financial information is another method to reassure to the buyer he made the right decision choosing you.
Assure your customers you are healthy; eliminate their worries. When your customers know your firm is making money, this translates in their mind, “This vendor is healthy so this is one I do not have to worry about”. If your customers do not know you are profitable, you need to tell them through your sales people to reassure them of your continued existence. You may have to provide financial statements to them during formal audits but for most, they do not ask for this but would like to know. They are your customers so they need to know and you need to tell them.
Talk to your bankers to make sure they say the right things for you. Give them bank information and your loan officers and instruct those guys to reassure your new customers. Give them lists of vendors that you have had for years and have paid on time if they ask. You should also be able to convey a few prepared words to all of the sales personnel at the end of the fiscal year that can be repeated to buyers to assure them they are dealing with a financially sound company.
Eliminate the need for your customers to go elsewhere. Your customers want to know your firm is well run and continues to make money. You need to keep buyers happy and not worried. They want to be assured about the vendors they choose and when those vendors make money, the buyers sleep more soundly at night. Vendors who are losing money will not be vendors for long and buyers know this and do not like the risk. Relaying your positive financial information is another method to reassure to the buyer he made the right decision choosing you.
