Merchant Cash Advance Competitive Advantage TWO
By breaking down Merchant Cash Advance discussions into smaller components, it is easier to identify direction and objectives that are realistic. Imagine a situation where team members say, "we need more customer service people" without explaining the how, why, when, where and who.
3. Once the "start-up" information is settled, think of the possible problems and obstacles you're likely to encounter together with potential solutions. Listing problems is the easy part. The harder task is jotting down possible solutions. Let's take the example above:
Potential problem # 1: We may be able to recruit people who speak these languages but they have zero experience in customer service:
Possible solutions: (a) recruit them anyway and then train them in customer service, (b) see if there are personnel in your China and India branches who can double up as customer reps (c) outsource the customer service midnight shift to a Merchant Cash Advance provider country or (d) ask Merchant Cash Advance suppliers and distributors if they can provide a solution.
Potential problem # 2: Management might disallow the $75K Merchant Cash Advance budget.
Possible solutions: (a) prepare arguments justifying the cost, (b) come up with actual and projected statistics on how many people from Asia are calling or e-mailing us weekly to ask about the product, (c) how much more sales can we expect if we beef up customer service to exclusively serve Asian customers, (d) do a comparison chart of competitors who already have a customer service department servicing Asia and are doing very well.
4. "Just do it." One reason why a group fails miserably at executing a plan is that there's an element of laziness or a waning of enthusiasm when the initial excitement wears off. Taking the same example above, one week has passed and the justification for adding a midnight shift to be sent to management hasn't been written. When the person assigned to do it is asked why, he says, "oh I found out that Mr. Jones is out of town for three weeks. So I haven't done it." What this person fails to understand is that even if Mr. Jones is away, he can get cracking with the arguments and could even send it by e-mail to Mr. Jones. Why wait? Just do it!
5. Assess your Merchant Cash Advance plan periodically. Circumstances can force a change of priorities, so looking at the plan from time to time will help you determine if changes need to be made.
You need a plan to work with. A sound plan is one that has foresight and alternatives in the event certain activities don't work out.Merchant cash advances help businesses access cash when they need it most.
Posted on: August 28, 2011 12:05 AM