Since 2009, the home improvement industry in the US grew exponentially year after year. Projected sales into 2022 indicate there’s no slowing down either.
We work with small-to-medium-sized home improvement businesses across Alabama. We know that while the industry as a whole sees much success every year, business owners like you continuously look for ways to grow your bottom line.
One of the primary concerns we hear from managers and business owners is whether or not they should offer financing options to their customers. You may have considered this in the past but found the process to be time-consuming and full of paperwork.
Or, you may be looking for ways to better set yourself apart from the competition in 2020 and beyond.
Whatever the reason, there are many things to consider about the opportunity to offer financing options to your customers – and what it could potentially mean for the growth of your business.
Financing options give you a competitive edge.
If you Google your type of business in the zip code you do the most work, do you know how many competitors would pop up in the search results? As potential clients and customers do their “digital due diligence,” they’re looking for something that sets each business apart from the next.
Seeing financing options on your website, or when learning more about your business, could be the deciding factor for your customers. It gives your business a strategic edge in a highly-competitive landscape. Consider getting a leg up on the competition by exploring financing options that would suit your business.
Offering financing helps you close more sales and generate leads.
Some business owners might be hesitant about offering financing options to customers with lower than average credit scores.
Many customers who have poor credit might not even consider home improvements due to the availability and affordability of services. They may also shy away from contacting your business because they feel they would not get approved for traditional financing.
By offering to finance credit-challenged customers, you open up your business to many more potential customers than you may have initially thought. What’s more: today’s financing options also take you out of the collections business by providing important incentives for your customers to pay on time.
New, digital options are paperless and clutterless.
Technology plays a vital role in today’s home improvement businesses by providing owners, managers, and sales teams a more streamlined financing process.
Thanks to easy-to-use digital applications, you can not only know if a customer gets approved for financing on the spot, but you can also avoid clutter and stacks of paperwork on your desk or service vehicles.
Staying neat and organized when on a sales call also ensures that your team makes a positive first impression. Getting results quickly also makes the most use of everyone’s time. There’s no waiting and no rushing.
Financing helps enhance your business’s reputation.
Several financing options are available to your small business, but only one can potentially enhance your business’s reputation.
How? By allowing you to partner with one of the largest companies in the state of Alabama: Alabama Power.
By incorporating our Smart Financing program into your sales process, you show potential customers that our business backs your business. When homeowners receive their power bill each month, they’ll also be able to pay for your organization’s services.
Taking you out of the business of billing allows more time for you to focus on marketing yourself and your services to potential customers.
Should you offer financing to your customers?
We know home improvement in Alabama, but you know your business better than anyone else. If the industry is expected to be a $464 billion-dollar industry by 2022, there are opportunities ahead of you to be part of that success.
Offering financing to your customers is one way to get there.
What are your goals for the next business cycle or busy season? Do you think Smart Financing would help?
If you’re interested, we suggest learning more about our Smart Financing program. To get started, simply click here or call us at 1-888-44-SMART.
