• 20 Mar

    The Power Of LinkedIn Networking

    I just wanted to share a success story about the power of LinkedIn networking and how it helped a prospect looking for an invoice finance service.

    LinkedIn Networking

    Networking is not just about sales, this is an example of how it can work for you creating a sale indirectly. You may have seen that I recently published a blog post about a small seletive invoice finance prospect that we were struggling to find a finance company for.

    A Deal With Issues

    The key issues were that they wanted selective, for total flexibility, the prime mover was western european, having only just moved to the UK and was not a home owner. The other issue was that it was a small amount of invoicing outstanding c. £9K.

    Blog Promotion Via LinkedIn

    I shared the blog post via various social media sites, including LinkedIn. I always try to promote my invoice finance blog via various social media sites and in this case, my extended network came to the rescue.

    These were the responses:

    • One invoice finance company was recommended by a contact.
    • Another party requested more information about our magazine.
    • A new contact from one of our existing panel of funders said they may be able to help. However it was on a very short notice contract, and despite their efforts the client wanted the ultimate flexibility of a fully selective, no notice contract.
    • Several other funders contacted us offering to take a look, unfortunately the small size proved an issue.
    • One of our existing panel, who we had discounted based on the small size, called us and were able to help.

    Brexit Concerns

    The prospect spoke to one of our whole turnover partners, but due to the prospect's concerns about the uncertainty of Brexit, they did not want to have any obligation to continue using invoice finance, whatsoever. However, once one of our selective partners was able to get involved, they reopened negotiations.

    It occured to me that selective invoice finance services are the perfect product to protect your cash flow in the event of a downturn relating to Brexit, whilst at the same time giving you complete flexibilty to use, or not use the funding service as you see fit.

    LinkedIn Success Story

    This is a great success story that shows the power of networking via sites such as LinkedIn. It is not always about finding new customers, it can be a great way of finding people that can help you with other aspects of your business.

    If you have any interest in the invoice finance market and want to connect with me via LinkedIn you can find me here: Glenn Blackman - LinkedIn

     

    By Glenn Blackman

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Examples of funders we work with:

igf
seneca
inksmoor
skipton
bibby
ifg