Effective Date: 3/2/2018
In the image below, you will find an example of a basic "out of the box" Business Loans Workflow. This Workflow should work well for your company, with minimal changes or customization needed.
If you would like to change or mold this Workflow to better match your business model, you may find our Workflow Settings article useful. There are also a few "best practices" outlined below, that you will want to take into consideration.
Know the Difference Between a Status and a Task
In many cases, a User will create a Status that would actually be better served as a Task. It is important to know the difference between the two when building out your Workflow Statuses.
For example, "Offer Sent" or "Application Signed" would be examples of Tasks, not Statuses. In this case, we would instead name these Statuses "Merchant Reviewing Offer" and "In Document Collection" respectively.
The distinction here is that we are naming the Statuses based on what the Client's current status is. "Offer Sent" is a Task because it is an operation that your User completed.
Keep it Simple
Your Workflow should be simple and easy to understand. A new hire in the finance industry should be able to join your company and immediately understand the Workflow, and if not, it likely indicates that your Workflow is too complex.
Once you begin operating and fully understand your Workflow, you can then build on to the Workflow over the course of time.
Color Code your Workflow
In the example image above, many of the Statuses are color coded. These are called Hex Codes. Clicking on a Hex Code will allow you to change the color of that Status as it displays on a contact file.
We advise assigning the color red to anything important or urgent, and the color green to Statuses that are positive or indicate great potential.