How can you improve communication between sales representatives and finance managers to close deals on time?

I have been in multiple situations where there are breakdowns in communication that convey each other’s perspective and responsibilities. I have also noticed that separate departments want to have priority over another. People want to think “without them” nothing will happen. Training and clear communication on teamwork to execute transactions is everyone’s role, we assist each other to get the job done. At the end of the day, it is the customer who ensures all of our success or failures. Many seem to think the company they work for pays their checks, when in fact it is the customers that provide a living for all of us. Everyone in an organization should understand this. Find a way to make it happen together.

To improve communication between sales representatives and finance managers and enhance the efficiency of deal closings: 1-Establish clear communication channels and define roles. 2-Conduct regular cross-functional meetings to discuss deals. 3-Provide training for both teams to understand each other's roles. 4-Standardize processes for deal approvals and negotiations. 5-Encourage real-time documentation of deal-related information. 6-Use technology to automate routine tasks and workflows. 7-Set clear deadlines for different stages of the deal-closing process. 8-Foster a culture of open communication and feedback. 9-Provide incentives for collaborative efforts. Establish feedback loops to continuously improve the collaboration process.

Sales rep should have complete knowledge of finance as it becomes easy to close sale . Involvement of to many people is sales only lead to confusion and delay the sales process .

The major focus should towards a common goal. I came across this situation and it is very obvious that every department will try to put their points on table first but I think being a Sales Manager and Finance Manager should align themselves for a common goal which is crack the customer. I have been this situation and applying this solution not only helps me to reduce the complexity in the deal but also helps to get new business opportunities from finance team as well.

In my experience, the breakdowns are predicated on the support systems in place by the organization. There’s so much a company can do to support these two roles, often in offering better interfaced computer solutions to save valuable time and upgrade the customer’s level of service. The rep often empathizes with the customer in the time & processing. Customers value their time more now than ever. The finance person is doing their job, but just by following their often outdated & duplicated procedures created by a lack of technological investment & innovation by the company, it often wastes valuable customer time. Creating frustration for everyone involved. If companies want great relationships, they often must invest in them first.

Ha, you make one big assumption here, that you have a host of finance managers and sales people. All factors of massive red tape in corporate world. Been a breath of fresh air starting my own business when I am sales, finance, compliance and chief bottle washer. Certainly speeds up decision making!! Don’t miss the old world one bit.

In my humble opinion, before making any sales pitch, it is crucial to understand the expectations of each stakeholder. For instance, what are the main concerns of the finance team? Which tasks or problems are of utmost importance to them? Once these concerns are identified, the sales team can effectively support the finance team in achieving their desired outcomes. By addressing their concerns comprehensively, the sales team can establish strong relationships with the finance team and achieve the desired results.

Always remember that there is no such thing as overcommunication. Whenever possible, under-promise and over-deliver to the customer together.

All sellers should fully understand their revenue recognition rules. All stakeholders on the seller side should do the same. If it is a new account then making sure they are sound financially should be a top priority. This means getting their financial position reviewed, credit rating set, procurement on board and your legal team to review any contract terms. Most customers want to apply their own T's & C's, which might work but usually not. You don't leave this until you want the deal booked to resolve. Get it done first if you think a deal is likely. Also remember that these different aspects of a contract move at different speeds so delegating to others is crucial as is having an overall plan. Find the deal breakers early and fix them.

One thing I’ve found helpful. Communication is key throughout the entire sales process. If you’re offering special promotions and discounts communicate that upfront so the prospect knows and can agree to have a decision by the deadline.

Nothing worse than the right hand not knowing what the left hand is doing! Closing a deal only to have finance reject the terms is also a knighmare and leaves egg on everyone’s face. CRM tools etc can loop finance in on the stages of the sales funnel - the reps should always make sure c-suite is in agreement before presenting to prospect!

Nothing worse than the right hand not knowing what the left hand is doing! Closing a deal only to have finance reject the terms is also a nightmare and leaves egg on everyone’s face. CRM tools etc can loop finance in on the stages of the sales funnel - the reps should always make sure c-suite is in agreement before presenting to prospect!