Just Sell That Hairy B2B Deal! Gain a Competitive Sales Advantage Through Trade Credit Insurance - Dan Schobel in Episode 55 of the Industrial Growth Institute Podcast
Summary
Dan Schobel joins the Industrial Growth Institute podcast to chat with host Ed Marsh about the often-overlooked topic of trade credit insurance. They explore how this financial tool can mitigate risks for industrial manufacturers while also creating opportunities for increased sales flexibility. Dan shares his journey in the industry, the challenges of launching his own business, and insights into effective sales strategies.
The conversation also delves into:
- the current economic landscape and its implications for businesses
- rising bankruptcy rates
- the importance of understanding customer risks in business.
They delve into the role of credit insurance as a tool for managing financial risks, providing competitive advantages, and improving cash flow. The discussion also addresses common misconceptions about trade credit insurance and emphasizes the necessity for businesses to consider this coverage to safeguard their receivables and support growth.
Dan finished with an admonition to "Just sell the deal!" Imagine having that confidence.
Takeaways
- Trade credit insurance mitigates risk and creates opportunities.
- Dan Schobel launched his business to seize the moment.
- Sales in the B2B space require constant prospecting.
- Understanding customer risk is crucial for receivables protection.
- Trade credit insurance is not the same as factoring.
- The cost of trade credit insurance is minimal compared to its benefits.
- Threatening to file a claim can prompt customer payments.
- Retail is struggling while restaurants are busy.
- Economic conditions vary significantly by industry.
- Effective sales strategies involve understanding the decision-makers.
- Economic disparities exist between urban and rural areas.
- Bankruptcy rates are increasing, particularly in mid-America.
- Understanding customer risks is crucial for businesses.
- Credit insurance can provide a competitive edge in sales.
- Managing stress is part of navigating high-stakes situations.
- Credit insurance can free up cash and reduce financing costs.
- Many companies are unaware of the benefits of credit insurance.
- Misconceptions about the cost of credit insurance persist.
- Effective risk management can lead to business growth.
- Building relationships and trust is key in the insurance industry.
Takeaway Quotes from Dan Schobel
- "You're crazy if you don't cover it."
Check out Dan's Trade Smart website.
LinkedIn: Dan Schobel and Ed Marsh
Twitter: Ed Marsh
Instagram: Ed Marsh
YouTube: @EdMarsh
Chapters
02:25 Dan's Journey and Business Launch
04:25 Understanding Sales Dynamics
12:14 Defining Trade Credit Insurance
18:54 Cost and Coverage of Trade Credit Insurance
24:22 Current Economic Landscape and Its Impact
25:41 Economic Disparities and Bankruptcy Trends
30:00 Understanding Customer Risks in Business
31:52 Managing Stress in High-Stakes Situations
34:39 The Importance of Credit Insurance
37:48 Leveraging Credit Insurance for Competitive Advantage
40:34 Cash Flow and Financing Benefits of Credit Insurance
42:01 Navigating Misconceptions About Trade Credit Insurance
49:33 The Case for Trade Credit Insurance in Business Growth
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