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Chapter 2 - BlueTarp Program Flashcards

Qualifying the BlueTarp Customer

1
Q

What is the target “fairway” size supplier?

A

$5MM - $50MM (Overall Gross Sales)

Anything smaller goes to Jenna Greenleaf.

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2
Q

What is the limit for AIA (project work done with commercial contracts) type business?

A

No more than 50% AIA (project work done with commercial contracts) contract business

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3
Q

BlueTarp solves for?

A

Risk
Growth
Improve cash flow

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4
Q

Is BlueTarp considered a Bank?

A

No - We are a program manager with a financial solution we are a lending institution that provides a financial solution for suppliers.

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5
Q

Is BT a factoring company?

A

No - BT does not purchase the receivable nor will it take a position, of any type, with a supplier.

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6
Q

What is the Sale Cycle of a typical “Deal”?

A

60-180 days

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7
Q

How old is BT?

A

BT has been in business since 2003 and is based in Portland, ME

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8
Q

What 3 activities are considered high quality?

A

In- Person Meeting
Live phone call
Web Conference

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9
Q

What is the goal for new accounts being moved into your pipeline per week?

A
  1. $5MM per week
  2. $100MM pipeline at all times
    (To achieve $30MM volume quota)
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10
Q

What is BT’s average closing rate today?

A

10%-20%

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11
Q

How many unique contacts do I need to have per week?

A

2 plus

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12
Q

What are the different sales stages in the sales process at BT?

A
  1. Target or Lead
  2. Account
  3. Sales Stage 1 (SS1) - Gathering further info.
  4. SS2 - presentation
  5. SS3 - negotiation
  6. SS4 - contract sent
  7. SS5 - signed contract
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13
Q

How many ways are there to cover the risk?

A

BT owns risk.
Supplier owns risk (full recourse).
Both supplier and BT own the risk (shared recourse).

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14
Q

Can BT private label?

A

Yes - BT calls this “white label”
(with Powered - less need to private label) Examples are Win Nelson and Northern Tool. Must be $50M plus to qualify for private label. Powered looks and feels like a private label program without the need for private label.

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15
Q

What 5 important factors should Sales Manager look for in a good quality fairway account?

A
  1. $5mm overall revenue
  2. Clean credit
  3. No more than 50% AIA business (retail). No more than 50% installed sales
  4. Must have show room (physical location)
  5. Company struggling with cash flow, resources, and wants to avoid risk.
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16
Q

What 3 activities are considered high quality?

A

In- Person Meeting
Phone Call
Web Conference

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17
Q

With a $100MM pipeline you will hit ________ sales dollars per year?

A

$30MM

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18
Q

How many new quality suppliers do I need to lock in per month?

A

8-10 New quality suppliers needed per month

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19
Q

How many ways are there to manage the recourse (risk)?

A

3

  1. Customer owns recourse.
  2. BT owns recourse.
  3. Both customer and BT share the recourse.
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20
Q

Will BT private label?

A

Yes - BT called this “white label”
(Needs to be above $50MM+ in BT business)
(Must have dedicated website and phones. People must answer phones with suppliers name)
***in many cases BT POWERED can be used in lieu of a private label program.

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21
Q

What are the 6 key characteristics to a fairway account?

A

!. $5mm-$50MM in overall revenue

  1. Clean credit qualified
  2. No more than 50% AIA commercial work
  3. Must have at least 50% pro-trade customers (not retail)
  4. Currently has an in-house credit program
  5. No more than 50% installed sales
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22
Q

What is BT’s target market?

A
  1. Independent pro-dealers / distributors / suppliers
  2. Manufacturers
    * **any more than 50% installed sales indicates contractor not supplier thus not a target.
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23
Q

Is BT a factoring company?

A

No - BT is much more than a factoring company. BT is a full service partner in program manager. BT works as a credit adviser. BT does not take a position nor does it file a Universal Credit Code 1 (legal notice to lien). BT doe not have a sliding rate scale.

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24
Q

How large are BT credit lines?

A

Credit lines will vary depending on supplier’s and their customer’s financial health up to $1MM

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25
How will supplier & customer interface with BT?
BT offers extensive SmartView online programs customized for them and their customers. Phone support (on-shore live phone support available 6 days a week.
26
How does BT interact with suppliers customers?
Supplier decides how involved BT is in the process.
27
Does BT offer a loyalty rewards program?
Yes - This is one of many options available to support growing sales. Customers earn 1.5 points for every $1 spent and paid on-time.
28
What type of rewards are earned?
Rewards include: gift cards, electronics, brand name merchandise, adventure, sports packages, vacation packages and much more. (similar to major credit card offering).
29
Will customers incur a late fee?
Yes - This is determined by the pro-dealer. They are charged 1.5% monthly (18% APR) per transaction. Supplier can choose to waive the late fee for a 40bps or can elect to share in the collection of the late fee for 60/40 split of cost. This varies per account (Managed, Powered and Custom).
30
What are the supplier options for funding?
Daily (seldom used) Weekly Bi-monthly Monthly
31
What terms does BT offer?
Suppliers can choose from 30, 60, 90 days
32
What are the billing options?
1. Invoice 2. Statement 3. Or both * **Preferred method is electronic
33
What are the options for invoice/statement delivery?
E-Mail Snail Mail Portal Or all of the Above
34
What are the statement cut-off dates? A. 10th day of the month B. 15th day of the month C. 25th day of the month
C The statement cut-off date is the 25th.
35
What marketing options are available for supplier through BT?
None today.
36
How frequently are suppliers funded?
Suppliers can choose from weekly, bi-monthly or monthly. Some customers prefer to align funding with their payroll frequency.
37
What are the funding cycle options?
Monthly days 26-25 Supplier gets paid on the 10th of every month. Dealer can get notification of exact funding amounts (updated daily on their funding amounts).
38
When are statements sent out?
Statements are received between the 27th and the 29th
39
Can supplier and customers see detail to their transactions?
Yes - the online tools allow all user to see statement detail.***level of detail depends on the suppliers operating ERP system.
40
How are credit lines increased?
Customers so ply call BT to request increase. Decision is made in real time. No haste, no wait.
41
What happens if a customer pays late?
BT customer service pays them a friendly phone call reminder. Pro dealer decides when to cut off a customer not BT.
42
Who holds the recourse on delinquent account?
This depends on how the account was setup, the credit limits and performance are reviewed over-time and adjusted accordingly. Pro dealer and or BT can both hold the recourse.
43
What is the difference between PRO and SUPPLIER?
Both terms are used simultaneously. | SUPPLIER is the RSM's immediate target customer.
44
How much time should an RSM spend on cold calling?
NONE. Cold calling is highly discouraged because the conversation has no merit. We base all RSM lead on "referrals". Learn to plant the seeds for referrals.
45
How involved is BT in the process when dealing with customers?
This depends on what the Pro dealer requests. All in or all out.
46
What is the difference between cost of money; in-house vs BlueTarp?
REF Pic
47
Once you get a signed contract, how long before you "go live?"
4-6 weeks
48
What three things take place after you have a signed contract and slot the "go live" date?
1. Integrate with supplier a. Process mapping takes place b. Transaction and daily process testing c. Training or supplier, supplier reps, project manager, and counter team. 2. Technology set-up a. Set-up in BT system b. ERP and EZ Authorization set-up c. Enable full reporting d. Mapping for invoice and billing 3. Professional user on-boarding a. Set-up supplier preferences (set-up customers in BT) b. Supplier assists in designing communication and change management needs (calls, letters, in-process mtg, etc.)
49
What are the 4 characteristics of a successful Regional Sales Manager?
1. Efficiency networking 2. Keeping everything simple 3. Know how to manage objections 4. Having strong confidence
50
In the first 3 months an RSM should focus on ____ and ____?
1. Learning the program | 2. Building a pipeline
51
In months 4 - 6 an RSM should be ____ and ____?
1. Ramp'd up | 2. Moving on first deal
52
True or False: An RSM should have his/her first deal in 10 months?
FALSE: An RSM should close on their first deal between 6 -9 months.
53
What are the three things an RSM should focus on to help them land "Deals"?
1. Networking 2. Filling the pipeline 3. Stay active in all activity
54
True or False: A discovery meeting is only to introduce the players?
False - This meeting is used for both client and BT to learn the detail needed to move the program to the next level.
55
True or False: It is not important for the Regional Sales Manager or Inside Sales Manager (Jenna) to participate in the discovery call.
False - It is critical for the contact person be a part of the discovery calls to help field questions.
56
Can statements and invoices be configured to fit a certain look?
No, statements and invoices can be customized to include customers logo only.
57
What is the difference between invoice and statement?
Statements include all the detail to each transaction and can be sent out with invoice or as customer requires. Statements/Invoices can be accessed online. There is a charge of $1 per statement if Dealer requests country club billing.
58
Who decides what player gets assigned as the Program Manager for on-boarding a customer?
Susan Coward - Director of Dealer Services.
59
During implementation BT sends out _____ letters to communicate _____ ?
4 letters communicate: 1. intro 2. Welcome packet user information and credit detail 3. Describes the timing of payment 4. Reminder of the online tools
60
Who should mail the First mailing (1st of the 4 letters)?
It is helpful if the letters come from the dealer since customers are familiar with the dealer and not BT. This makes for a smoother transition.
61
What are the suppliers funding/settlement date options?
``` 1X = is the 10th of the month 2X = is on the 10th and 25th of month Weekly = every Wednesday ```
62
What are the 3 ways to on-board a customer?
1. Signed Terms and Conditions (Terms and Condition's) 2. Credit App 3. Joint check agreement
63
Is it important to communicate to the supplier the importance of having Terms and Condition's up front?
ABSOLUTELY - This instills trust and establishes long-term trust.
64
How many times does BlueTarp do credit scans with our customers?
3 times per year when things are good and more than that when markets go soft or south.

BlueTarp at 212 Degrees (7 decks)

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