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BlueTarp at 212 Degrees > Chapter 2 - BlueTarp Program > Flashcards

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
Q

How will supplier & customer interface with BT?

A

BT offers extensive SmartView online programs customized for them and their customers. Phone support (on-shore live phone support available 6 days a week.

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26
Q

How does BT interact with suppliers customers?

A

Supplier decides how involved BT is in the process.

27
Q

Does BT offer a loyalty rewards program?

A

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
Q

What type of rewards are earned?

A

Rewards include: gift cards, electronics, brand name merchandise, adventure, sports packages, vacation packages and much more. (similar to major credit card offering).

29
Q

Will customers incur a late fee?

A

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
Q

What are the supplier options for funding?

A

Daily (seldom used)
Weekly
Bi-monthly
Monthly

31
Q

What terms does BT offer?

A

Suppliers can choose from 30, 60, 90 days

32
Q

What are the billing options?

A
  1. Invoice
  2. Statement
  3. Or both
    * **Preferred method is electronic
33
Q

What are the options for invoice/statement delivery?

A

E-Mail
Snail Mail
Portal
Or all of the Above

34
Q

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

A

C

The statement cut-off date is the 25th.

35
Q

What marketing options are available for supplier through BT?

A

None today.

36
Q

How frequently are suppliers funded?

A

Suppliers can choose from weekly, bi-monthly or monthly. Some customers prefer to align funding with their payroll frequency.

37
Q

What are the funding cycle options?

A

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
Q

When are statements sent out?

A

Statements are received between the 27th and the 29th

39
Q

Can supplier and customers see detail to their transactions?

A

Yes - the online tools allow all user to see statement detail.***level of detail depends on the suppliers operating ERP system.

40
Q

How are credit lines increased?

A

Customers so ply call BT to request increase. Decision is made in real time. No haste, no wait.

41
Q

What happens if a customer pays late?

A

BT customer service pays them a friendly phone call reminder. Pro dealer decides when to cut off a customer not BT.

42
Q

Who holds the recourse on delinquent account?

A

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
Q

What is the difference between PRO and SUPPLIER?

A

Both terms are used simultaneously.

SUPPLIER is the RSM’s immediate target customer.

44
Q

How much time should an RSM spend on cold calling?

A

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
Q

How involved is BT in the process when dealing with customers?

A

This depends on what the Pro dealer requests. All in or all out.

46
Q

What is the difference between cost of money; in-house vs BlueTarp?

A

REF Pic

47
Q

Once you get a signed contract, how long before you “go live?”

A

4-6 weeks

48
Q

What three things take place after you have a signed contract and slot the “go live” date?

A
  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
Q

What are the 4 characteristics of a successful Regional Sales Manager?

A
  1. Efficiency networking
  2. Keeping everything simple
  3. Know how to manage objections
  4. Having strong confidence
50
Q

In the first 3 months an RSM should focus on ____ and ____?

A
  1. Learning the program

2. Building a pipeline

51
Q

In months 4 - 6 an RSM should be ____ and ____?

A
  1. Ramp’d up

2. Moving on first deal

52
Q

True or False: An RSM should have his/her first deal in 10 months?

A

FALSE: An RSM should close on their first deal between 6 -9 months.

53
Q

What are the three things an RSM should focus on to help them land “Deals”?

A
  1. Networking
  2. Filling the pipeline
  3. Stay active in all activity
54
Q

True or False: A discovery meeting is only to introduce the players?

A

False - This meeting is used for both client and BT to learn the detail needed to move the program to the next level.

55
Q

True or False: It is not important for the Regional Sales Manager or Inside Sales Manager (Jenna) to participate in the discovery call.

A

False - It is critical for the contact person be a part of the discovery calls to help field questions.

56
Q

Can statements and invoices be configured to fit a certain look?

A

No, statements and invoices can be customized to include customers logo only.

57
Q

What is the difference between invoice and statement?

A

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
Q

Who decides what player gets assigned as the Program Manager for on-boarding a customer?

A

Susan Coward - Director of Dealer Services.

59
Q

During implementation BT sends out _____ letters to communicate _____ ?

A

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
Q

Who should mail the First mailing (1st of the 4 letters)?

A

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
Q

What are the suppliers funding/settlement date options?

A 
1X = is the 10th of the month
2X = is on the 10th and 25th of month
Weekly = every Wednesday
62
Q

What are the 3 ways to on-board a customer?

A
  1. Signed Terms and Conditions (Terms and Condition’s)
  2. Credit App
  3. Joint check agreement
63
Q

Is it important to communicate to the supplier the importance of having Terms and Condition’s up front?

A

ABSOLUTELY - This instills trust and establishes long-term trust.

64
Q

How many times does BlueTarp do credit scans with our customers?

A

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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