How To Sell To The CFO During Difficult Economic Times

Trending 2 months ago

CEO of Sales Readiness Group (SRG), writer and speaker pinch a passion for coaching teams to highest income performance.


In times of economical uncertainty, firm spending garners greater scrutiny and much determination makers. This is undoubtedly nan lawsuit successful 2023, erstwhile income organizations spot buying decisions being put connected hold, budgets getting canceled and, successful general, deals taking longer to close. One of nan cardinal players successful these important decisions is nan main financial officer, who by each authorities has much powerfulness this twelvemonth to negociate costs, trim budgets and thief “do much pinch less.”

Organizations whitethorn spot nan spending support level decrease, requiring observant information of business cases and further justifications earlier contracts are approved. So it’s much important than ever that income professionals cognize nan CFO’s priorities, their determination making process and really to activity pinch them effectively.

Here are 4 important factors to trading to nan CFO.

1. Understand nan CFO’s mindset.

CFOs typically prioritize 3 aliases 4 things arsenic their superior business drivers. These whitethorn see reducing cost, improving productivity, increasing gross without important caller investments and mitigating risk. When reviewing proposals and expenditures, this executive typically wants to cognize really investing successful your connection will tangibly effect 1 aliases much of these categories.

It's important to deliberation of questions nan CFO mightiness ask. Here are immoderate examples.

• Is this a solution for a problem nan statement needs to solve?

• Is this nan correct solution?

• Is it cost-effective?

• What is nan ROI, and really apt will it beryllium achieved?

• Does it present further consequence to nan organization?

The past point a CFO wants is to walk money connected a solution that sits connected nan support aliases isn’t utilized. Beyond nan first investment, they request to beryllium assured that you, your squad and your statement arsenic a full person a grip connected each nan implementation considerations. They besides want to beryllium judge that nan solution tin beryllium maintained and optimized without further investment.

2. Do your research.

It’s critically important to do broad investigation while creating your proposal. Your efforts request to spell a level beyond what's considered telephone planning. Typically, you see what’s happening successful nan client’s manufacture and specifications astir nan company’s business strategy and financials. But you should besides study arsenic overmuch arsenic imaginable astir nan background, connection style and priorities of nan company's CFO.

It’s besides important to representation each nan cardinal determination makers and find who is favorable to your solution and tin power nan CFO. By knowing each nan stakeholders, roles and preferences for your patient and solution, you tin create a much elaborate action scheme to thief get nan woody done.

3. Find a beardown champion.

The correct soul champion tin make aliases break a deal. This stakeholder wants to get nan woody done and is apt astir impacted by your solution. Determine your champion’s authority wrong nan company, including really good they are respected and their narration pinch nan CFO. Identify whether they projected ample expenditures successful nan past and successfully sewage approval.

When you can't get entree straight to nan CFO aliases won't beryllium successful nan last presentation, you tin trust connected your champion to coming nan solution. Therefore, you must alteration them to succeed. Build nan business lawsuit with—not for—your champion truthful they tin return ownership of nan specifications and are comfortable pinch nan assumptions.

Based connected nan projected business benefits, nan CFO often wants nan champion to perpetrate to savings aliases accrued growth. Make judge immoderate projections are blimpish and believable. If nan CFO sees inaccuracies aliases overly optimistic projections, nan business lawsuit will apt person further scrutiny.

4. Make it easy to bargain from you.

Finally, guarantee you make it arsenic easy arsenic imaginable to do business pinch you arsenic a supplier. The past point nan CFO wants is to get bogged down successful difficult statement negotiations aliases non-standard costs terms. Through your champion and different stakeholders wrong nan company, you should effort to study precisely really purchasing decisions are made, who will beryllium successful nan room and what accusation they need. Determine what will make your programme successful, and beryllium consenting to discuss connected definite position aliases conditions successful speech for different priorities you person aliases expediting nan support process.

A company's CFO tin drastically effect your income quota this year, truthful don't dainty them arsenic an afterthought erstwhile considering cardinal stakeholders successful a income process. You whitethorn ne'er meet them look to face, but knowing their mindset, priorities and really to waste to them efficaciously tin group you up for occurrence successful difficult economical times.

Forbes Business Development Council is an invitation-only organization for income and biz dev executives. Do I qualify?