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Article : Building Your Relationship With Your Financier

The Importance Of A Good Finance Strategy
For many members of the contact center community, one of the biggest frustrations is being unable to find the financing they need. As a result, they may:

  • Lose unexpected opportunities because they have no cash on hand to build up staff and working space

  • Incur continued expenses without the supporting revenue due to contract non-renewals

  • Fail to meet payables while waiting for collection on receivables

  • Fall behind on recurring payments, such as current loan installments and payroll

  • Experience stifled growth

That's why a solid understanding of the financing world is as important as the ability to hire effectively and schedule agents to meet demand. The future of your company may depend on being able to source financing at a crucial moment.


Gretchen Gordon
Vice President – Business Development
Textron Financial

Build The Relationship Before You Need It
Just as you should have an insurance policy in place before you need to make a claim, you should build a relationship with your financiers before you need capital. For any financier, it takes time to gather and analyze information on your company before extending credit. You can accelerate this process by anticipating the information that your potential financier will ask you to provide.

There are two major types of information:

Industry Understanding
Make sure that your financial source is familiar with your industry. Be prepared to discuss the industry's:

  • Strengths – including its ability to respond quickly to opportunities

  • Weaknesses – including difficulty attracting first-rate agents; lack of career paths; and employee turnover. Be certain you explain how you will deal with these problems.

  • Opportunities – including the flexibility to cultivate a particular niche, such as software customer support and medical support

  • Threats – including competition from lower-cost locations, especially in the U.S. where work is relocating to Canada, the Philippines and India

  • Success Factors – including staff scheduling that efficiently accommodates call volumes; effective supervision; staff retention; and a successful sales force. Again, be sure to point out how your business exemplifies these qualities.

You will find that financiers vary in their familiarity with your issues. You may need to provide a good deal of education about your industry.

Company Understanding
Once you feel your financier understands the industry, you can move on to describing how your company fits into the industry picture. Financiers look at several factors:

  • Financials – a comparison of your company's statistics, such as calls handled per agent, with those of other companies in the sector

  • Management – the experience level of your management team. This factor will strongly influence your financier's decision, so be prepared to "sell" the strengths of your managers and demonstrate how you will deal with their limitations

  • Contracts – what contracts, steady customers, and prospective customers you have, the maturity of the contracts, and their likelihood of renewal

Nurture the relationship

  • Make sure your paperwork is complete, current and on file with the financier.

  • If any changes occur, remember to contact the financier to update your information.

  • Check in occasionally to keep the relationship active and cordial.

Understanding Financing Types
To work effectively with a financier, it is important to understand the difference between the two main types of capital sources:

Traditional Financiers
Traditional financiers include consumer banks, merchant banks, credit unions, and savings & loans.

Advantages Disadvantages
  • May offer slightly lower cost of capital
  • May offer other services, such as checking, deposits and cash management
  • Slower decision process
  • May require more detailed information from you, which will take additional time to prepare
  • More restrictive requirements or covenants, such as maintaining key financial ratios
  • May require more education about the nature of your business and industry

Specialty Financiers
Specialty finance sources concentrate on understanding and financing certain niches, such as the contact center industry.

Advantages Disadvantages
  • Likely to have experience with similar companies, and need little or no education
  • May be able to provide a quicker answer and extend more capital immediately
  • May have less rigorous covenants and agreements because of their familiarity with your industry
  • May have fewer other services to offer

Many specialty lenders provide capital in a variety of ways, often through asset-based lending or factoring:

  • Asset-based lenders lend you money based on collateral, which can include amounts owed to you.

  • Factors actually buy your assets, generally receivables.

Traditional lenders usually deal with larger, more established entities that can meet their covenant requirements. Specialty lenders tend to be more innovative in their lending policies, and are often willing to consider offers that would lie outside a traditional lender's comfort zone.

In building a relationship with your financial source, you may find that specialty lenders have developed a better understanding of your industry and can work with its strengths. For example, a lender may be willing to advance you more money at a lower implied cost of capital, based on your company's record of payment from its customers.


About Gretchen Gordon:
Gretchen Gordon is a Vice President – Business Development of the Growth Capital Division within Textron Financial Corporation's Asset-Based Lending Group.

About Texton Inc.:
Textron Inc. is an $11 billion multi-industry company with 49,000 employees in 40 countries. The company leverages its global network of businesses to provide customers with solutions and services in industries such as aircraft, industrial products and components, fastening systems and finance. Textron is known around the world for its powerful brands such as Bell Helico pter, Cessna Aircraft, Kautex, Lycoming, E-Z-Go and Greenlee, among others.

Today's Tip of the Day - Keep Cost In Perspective

Read today's tip or listen to it on podcast.

Published: Monday, September 22, 2003

Printer Friendly Version Printer friendly version

2024 Buyers Guide Computer Telephony Integration

 
1.) 
Premium Listing
Call Center Studio

Call Center Studio
Call Center Studio is the world’s first call center built on Google and is one of the most secure and stable systems with some of the industry’s best reporting. It is one of the most full-featured enterprise grade systems (with the most calling features, one of the best call distribution, outbound dialing features and integrations—including IVR, AI Speech Recognition, blended inbound/outbound calling and includes Google’s new Dialogflow and Speech API. Call Center Studio is the absolute easiest to use (with a 10 minute setup), and is the price performance leader with lower equipment cost and less setup time.


2.) 
AMC Technology

DaVinci
DaVinci provides Computer Telephony Integration (CTI) to a library of pre-built applications + UXiPaaS (User Experience Integration Platform as a Service) built specifically for contact centers. As contact center needs evolve, organizations need to have access to extend or create new functionality, without waiting to be a part of a software roadmap. Get the benefits of CTI within your CRM like screen pop, click-to-dial, screen transfer, speed dial and more, but future-proof your contact center so you can expand and integrate how and when you want.

3.) 
IntraNext Systems

IntraNext Systems develops agent efficiency tools and data security software solutions for medium-to-large contact centers. Our Event Intelligence® Platform solutions include SmartCTI™, iGuard®, and SmartSIP™. SmartSIP is based on our patented SIP layer technology and provides a DTMF masking solution for VoIP environments.

4.) 
PhoneIQ

PhoneIQ
What is PhoneIQ?
PhoneIQ is the modern cloud phone system and contact center platform built exclusively for companies on Salesforce. Our all-in-one cloud communications platform brings together power dialing, local presence, voicemail drop, Salesforce call routing, call recording and a complete PBX replacement that lives within your CRM. With support for desktop, mobile, and desk phones, PhoneIQ works seamlessly at the office or remote, logging all interactions in Salesforce and generating reports in real-time.

Best For
Companies using Salesforce and looking for a phone system, dialer, or contact center software that provides deep integration capabilities with their CRM and expert Salesforce support.

5.) 
PRILINK

Easy Contact Center Traffic Analytics (Ec2Traffic)
Prilink Ec2Traffic provides network traffic analytics (NTA) for Internet, SIP Trunk and WebRTC traffic for on-premises and cloud Contact Centers.

Ec2Traffic analyzes network layer 2 to 4, RTP and SRTP packet loss and SIP protocols in real-time from the demarcation point or network edge, generating NTA metadata and requires little telemetry bandwidth.

Ec2Traffic provides:

- Year-round NTA metadata

- Daily CSV files upload to Customer business applications

- Capture packet to Wireshark for Deep Packet Inspection (DPI)

- detect traffic anomalies

- and more ....

6.) 
Teckinfo Solutions Pvt. Ltd.

InterDialog UCCS
InterDialog UCCS - a robust contact/ call center software that helps organizations provide a seamless customer experience across all channels in the customer service journey. All interactions from various channels come to a single unified queue on the InterDialog platform. With unified view agents get to see all historical interactions , enabling him to give a resolution quickly. InterDialog UCCS is a comprehensive Contact/Call Center Software with robust CTI, Unified Q ( ACD), Reporting, Unified Agent Management, Administrator, Supervisor - Monitoring (Pmonitor)

7.) 
The Primas Group

Primas CX
Primas CX is a CTI-based contact center enhancement suite that takes your contact center software to the next level.
It provides a set of tools that every contact center needs, over and above their vendor features.

*Advanced Call Back in Queue & SMS in Queue
*Agent Screen Pop
*Chatbot Automation
*Welcome Back Greeting
*Post Contact Survey
*Dropped Call Reconnect
*Digital Front Door & Many more

As a Vendor Agnostic ISV, we pride ourselves on delivering the best COTS & Custom solutions for any contact center in any industry.


 

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