If you’re a consultant that works on retainer, you’ve heard the objection,
“Sounds great, but I’m having a short term cash flow problem. Call me in 3 months.”
Now don’t get hung up on the details. Sometimes it’s two weeks. Sometimes they say, I’ve got a big expense coming up. Sometimes it’s some other extra outflow or missed influx of cash, but the big picture point is that your prospect is telling you that they’d buy if they had the money.
Handling the objection is a thirteen step process.
- Tell them that you understand. Something like, “I understand. Not unusual. Frankly, if you had enough cash, you probably wouldn’t even be talking with me. Isn’t that true?”
- If they say, “Yes.”, skip to #4. If they say, “No.”, ask, “Really, why would you work with me if you had enough money?”
- After they share their reason, you’ll say, “Sounds like you’re after growth when you’re not growing and more growth when you are growing. Did I get that right?”
- Continue with, “The problem is that it’s not unusual for us to have to work together for 3-6 months before you see significant results and you’d have to invest $15,000 and 2-300 hours in order to make it work. Did you realize that?
- If, “Yes.”, skip to #7. If, “No.”, say, “Glad that I asked. Is it safe to say that even if you had the $15,000, you wouldn’t be able to commit the time to make our efforts pay off?”
- If, “Yes.”, you’re done. Get out of there! If, “No.”, go to #7.
- Say, “wait a minute. This is something that you really want to do? (Wait for yes/nod.) You’d be willing to commit the time, learn new stuff, follow directions, put in the necessary time and do whatever it takes to get the growth that we’re looking for?” (Wait for yes/nod.)
- Ask, “Can you use a credit card?” (Wait for an answer. If yes, use it. If no, next.)
- Ask, “Do you have a credit line?” (Wait for an answer. If yes, use it. If no, next.)
- Ask, “Do you have a close relationship with a banker?” (Wait for an answer. If yes, use it. If no, next.)
- Ask, “Can you do a personal asset loan?” (Wait for an answer. Expect them not to know what it is.)
- Say, “Don Battis’s company can sometimes arrange for a short term personal asset loan that will allow you to make this happen. Would an introduction help?”
- If they say, “No.” you reply with, “So, it’s something else.” Then handle that objection. If they say, “Yes.”, you say, “I’ll introduce you to Don and have him call you.”