Selling Spending Cards to the C-Suite: 5 Considerations to Make
So, you want to get a new tool for your team, but now you need to convince the leadership team that it’s a good idea. You’ve done the research, you’ve weighed the pros and cons, and you think spending cards could really benefit your team and the organization.
It can be challenging to get buy-in from the c-suite executives for any new tool or product, especially when there’s money involved.
Here are some things to consider when selling the value of spending cards to the c-suite.
1. Outline the benefits
When approaching the c-suite about a new product like spending cards, it’s important they understand the tangible benefits and the value added from using the product. But don’t just list the features of the product. You also want to make sure the executives know why you want to use this product and how it will help you do your job better.
For example, some of the benefits of Procurify spending card include:
- Increase spend control
- Real-time expense insights
- Built-in reconciliation tools
- Receipt capture
These features allow teams and individuals to do their job faster and easier without having to navigate the burden of bureaucratic red tape. They can simply purchase what they need, when they need it. It also saves the finance and operations teams a lot of hassle, especially when it comes to administrative tasks like recording receipts and reconciling transactions. If teams no longer need to spend so much time on administrative tasks, this frees them up to focus on more strategic projects.
Once executives understand the benefits of using spending cards, they’ll be more likely to consider using it in everyday operations.
2. Connect spending cards to the business goals and initiatives
Now that you’ve explained the benefits of spending cards to the executives, you should connect the benefits to broader organizational goals and initiatives. Ask: how does using spending cards help your organization achieve its goals?
Ideally, there should be a clear link between what you hope to achieve by implementing a tool like spending cards, and the organization’s strategic goals. For example, think about why the finance team may want to start using spending cards: better reporting, less administrative work, more visibility into spending. This could directly impact the organization’s goal of improving operational efficiency, which has a direct impact on critical metrics like the bottom line.
3. Use metrics and data
One of the best ways to show how a product like Procurify spending card will support organizational goals is to use metrics and data. It’s hard to argue with numbers. Show the c-suite that you’ve done your research and provide them with quantifiable reasons why spending cards will benefit the organization. How much time will this save the finance team on administrative work? How much money will this save in the long run?
Executives are going to be most interested in how new tools will impact the organization’s revenue and strategic objectives. So, pull out the spreadsheets and graphs and show them. If you can demonstrate to the c-suite that implementing spending cards will have a positive impact on their financial and strategic goals, they will probably give some serious thought to your proposal.
4. Think about the past, present, and future
Many c-suite executives are often wrapped up in future business growth. But when it comes to pitching spending cards, it’s important to consider what the organization has done in the past, what you’re currently doing, and where you want to be. Then, think about the tools and products that can help you achieve those goals. This way of thinking shows a desire for continuous improvement and growth.
Perhaps only executives made purchasing decisions previously, but now you want teams or individuals to be able to make their own purchases so executives can focus on long-term strategic planning.
Showing the c-suite that old processes and procedures are slowing you down and presenting them with an immediate solution is one of the best ways to get buy-in. Showcasing that spending cards will help you do your job more effectively now and in the future is a pretty compelling argument to make a change.
5. Consider the change management process
We’ve covered the what and the why, so now let’s talk about how. Now that you’ve successfully convinced the c-suite that spending cards are a good idea, you should consider the change management process. Think about these questions:
- How long will it take to implement spending cards?
- How many people need to be involved?
- What kind of training is needed?
- How will you drive user adoption?
- How will you navigate feedback?
Showing up to your meeting with a change management plan already in place will show that you are serious about making this tool work.
Selling spending cards: a recap
Proposing a new product to decision makers requires thorough research, in-depth planning, and a clear roadmap forward. Executives often shy away from risk, so demonstrating how you intend to reduce this risk is key to getting buy-in.
When proposing a new product or tool to the c-suite, consider the following:
- What’s the problem you are trying to solve and how will your solution solve the problem?
- What are the benefits of using the new tool?
- Is the product aligned with the organization’s broader goals and objectives?
- How will this tool improve past and current processes? Will your solution help you stay ahead of your competitors now and in the future?
- What data and metrics will convince the c-suite to consider your proposal?
- How will you implement this new tool in the organization?
To find out more about Procurify spending card, visit here.