ROI calculators typically do not include the detail, nuance, and the financial sophistication required by CFOs and other finance experts. On the other hand, our FVAs are designed to be credible with CFOs and to help them make optimal financial decisions. More than an ROI model, an FVA is used to create a customized business case for any sales process, focusing on the financial impact important to finance professionals.
Because CFOs see these as simple sales tools, they are not viewed as financially credible. Online ROI calculators typically do not provide enough information to make an informed financial purchasing decision.
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We discuss this in our white paper. (Link to final doc)
Typically, when developing these types of ROI Tools, there is an internal Excel “expert” tasked with the project. There are always great intentions, but this “expert” is expected to continue to fulfill daily job obligations and potentially not have the additional capacity to develop an effective ROI tool. The resulting deliverable doesn’t meet the needs of the sales staff for a robust financial ROI Tool that effectively identifies the financial value of their solution(s) that can be used to support their sales efforts. Additional challenges to consider include:
- The in-house effort could take many months, even years, to get to a point where the tool accurately models the financial ROI of the solution.
- The in-house “expert” may lack the necessary skills and expertise to develop an ROI sales model. A combination of in-depth healthcare IT experience, strong financial modeling skills, ability to create an easy-to-use ROI Tool for all sales reps, and extensive experience selling to CFO’s and other finance professionals are necessary to develop an effective ROI sales model.
FHG is singularly focused within Healthcare, with over 40 years combined experience doing this type of financial modeling ROI work.
- Healthcare is our primary focus; we have a rare combination of healthcare, finance, and sales expertise
- We are not simply “Excel experts” building ROI models; we are healthcare experts who develop sales tools in the most popular Microsoft Office applications
- We know what CFO’s are looking for; we have created and delivered sales presentations to hundreds of hospital CEOs and CFOs
- Other consultants are expensive; FHG is cost competitive, providing more value at a lower price
Typically not. Healthcare is our primary focus; we have a rare combination of healthcare, finance, and sales expertise.
FHG partners with our customers to ensure we have full understanding of your organization, the solutions, and the financial value these solutions bring to your customers. No FVA is the same, each is customized to the requirements and needs of our customers.
To create each FVA, FHG follows a 3-step process:
- Value Proposition Identification: Identify financial benefits generated by your solutions and prioritize based on what is most likely to resonate with CFOs
- Develop FVA: User-friendly model used to develop customize business case and a professional sales presentation to deliver the results
- Training and Education: Customized training programs for your sales team, including CFO-engagement best practices and “Finance 101” training
We also partner with each of our customers by providing a 2-year Advisory Services program with every engagement. We will continue to support your organization, staff, and others to ensure optimal use of the FVA Deliverables. We want you to be successful in your sales process, and will support your efforts using these tools.
To help sales confidently engage CFOs and other economic buyers to:
- Understand the financial value your solutions will provide to your customers
- Sell on the financial value of your solutions instead of the price
- Differentiate your solutions from your competition
- Protect your margins – minimize discounts
- Close more deals!
Yes we do! Because we believe training is an essential component to maximizing your success with a Financial Value Assessment (FVA), we provide training with all of our engagements. Training is designed for the particular needs of each of our customers and can be conducted via a series of webinars and/or onsite sessions. Training typically includes a review of the operation of using the FVA, a “Finance 101” review of basic financial terms and concepts, and a discussion of best practices for using an FVA during a sales process.
Perhaps the most important tactic is to focus on the unique financial value your product can deliver to your customer. By clearly understanding this financial value, and showing how this value impacts your customer, you can successfully sell on this value. If your sales conversation focuses on price, then your product is viewed similarly to other competing solutions. Consequently, when your customer sees no difference between the solutions, this turns into a pricing discussion. A focus on value protects your margins, a pricing conversation reduces your margins.
Not everyone is comfortable with the financial terminology used by CFOs and other finance professionals. Considered a “foreign language” to many people, and although important in the sales process, not everyone can get comfortable talking in this finance foreign language. Our goal is to provide the Training & Education to become more comfortable with the terminology, but you are not expected to become an immediate finance professional.
Check out our white paper.