If you were to go the effort of calculating how many days a year your business spends on administration tasks, you'd probably be pretty alarmed.
According to Sage, the average SME spends 71 days a year completing admin tasks. That’s more than 14 working weeks, or a whole quarter.
The estimated overall costs of these tasks - including wages and software packages - is £35,600.
These findings are backed by a recent survey by WorkMobile, which found that two-thirds of businesses are wasting at least £2,000 per employee every year due to an over-reliance on paper and admin-based tasks.
Over two-thirds (67%) of employees admit their companies are paper-based, including paper forms and posted mail.
Is the same still true of your business?
If you have a suspicion that they might, it’s time to start looking at ways to reduce the administrative burden and lower costs.
As with most things these days, the solution is digital.
Finance Automation software now exists to eliminate all of the boring, mundane parts of the finance application process, meaning you can finally free your sales team from the shackles of Excel, giving them more time to focus on what they're good at: selling.
Here are some of the ways that Finance Automation Software acts as an enabler to sell more equipment.
1. Speeds up finance decisions
The longer customers have to wait, the more likely they are to walk away from a sale. Remember, you’re dealing with small businesses who have their own administrative burden to bear, so if they don’t get a near-instant decision they might have to “come back to it later”. With that comes the risk that they’ll go elsewhere.
It takes some serious work to get a prospect to the ‘Purchase’ stage of the sales funnel. Don’t waste all that good work by keeping customers in the dark over whether they’ll get credit approval – it won’t go down well.
Love Finance’s tool has auto underwriting in-built, meaning that customers get instant credit decisions.
2. Keeps track of deals
Admin makes it difficult to be proactive. You want your sales team to be across all agreements and act preemptively, reporting and analysing the relevant data – but there are only so many hours in the day.
With Love Finance’s PROPP technology, salespeople are given everything they need to remain in control of all their deals and keep their eye on the ball. Lease management has never been easier.
3. Reduces paperwork (and wait time)
Do you really need to send out all your proposal documents in the post? Consider the impact of doing so: the sales people will (most likely) have to print the documents off themselves and package them up in a document – they might even have to drop them off at the post office.
As well as having a negative impact on the environment, it’s a poor use of your sales team’s time as well as having to wait for a response.
Customers understand that paperwork and services are being digitised. For the past couple of years this has become the norm so it won’t come as a huge shock to businesses if their proposal documents and contracts are sent to them electronically to sign.
Love Finance’s technology system can even automatically populate documents, so that your salespeople don’t have to adjust each proposal with the correct customer details. That might only save them 15 minutes per sale, but when you add it up over a year, it can prove hugely significant, as the research shows.
4. Enhances customer service
Customer service is a key brand differentiator – doing it better than your competitors, consistently and reliably so – enabling you to do more business. Technology can help inject some consistency into your sales process by automating some of the aspects which would otherwise be done by a human agent, e.g. making credit checks.
With technology doing the back-end stuff, your salespeople can concentrate on adding value to the service they’re providing, answering any questions that the customer might have.
PROPP by Love Finance is the only finance automation tool on the market that allows you to automate the whole finance or leasing application process and get a decision in under 3 minutes. Interested? Click here to book a free, no-obligation demo of our PROPP tool today.