Business Loans Workflow

This article describes the steps involved in establishing and maintaining a typical Business Loans workflow. The image below shows an example of a basic "out-of-the-box" 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. Below are a few "best practices" that you should consider.

Know the Difference Between a Status and a Task

In many cases, a User will create a Status that would be better served as a Task. Knowing the difference between the two is important 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 the Client's current status. "Offer Sent" is a Task because it is an operation 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; if not, it likely indicates that your Workflow is too complex.

Once you begin operating and fully understand your Workflow, you can build on it over time.

Color Code your Workflow

In the example image above, some 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 red to anything important or urgent and green to Statuses that are positive or indicate great potential.

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