The commercial equipment leasing and finance industry is anticipating growth in 2021. Management teams are encouraging their staff to produce more, be better positioned in the market, and to leverage every relationship to maximize efficiencies and bottom-line results. The market has changed significantly over the past year and future growth will require management teams and staffs to think and act differently. Growth in 2021 will require change. Growth in 2021 will require companies to work outside of their past comfort zones and explore aggressive strategies toward future success.
Growth-oriented participants are taking a multi-dimensional approach and implementing changes across all facets of their business. Below are just a few examples of growth in progress:
A well-seasoned management team realized that over the years each member of the managerial team had become similar in thought process and 100% aligned. They were no longer challenging one another. They were each falling in line with the group thought. The company was doing well but was not reaching its full potential. The team decided to replace a retiring partner with a younger, more dynamic member to their management team. Additionally, they empowered the new professional to challenge their thoughts, to institute new policies, to improve technology, and to replace inefficiencies and non-productive staff members. The results are remarkable. Most importantly, the management team has been challenged; they are having "fun" growing the company, and they have realized the "old way" is not necessarily the best means of moving their company forward. Diversity of thought and empowerment has led the company forward and has facilitated growth in the past year and has positioned the company to generate stronger assets with a well-balanced, forward-motivated strategy.
A twenty-year-old independent finance company with steady, yet slow, growth over the last few years encountered major challenges with the onset of the pandemic. Several of its funding capabilities changed significantly; two of its major industries were severely impacted by the shutdowns. The company quickly made changes to the business plan, pivoted its focus away from the challenging sectors, and promoted an internal salesperson into a sales management position. The new sales manager was given free rein by the owner to recreate his sales team. The sales manager focused on the future. He eliminated sales staff that were holding onto the past and aggressively hired new originators to sell the company's current capabilities. In less than six months the new sales staff was thriving. Minimum production requirements were raised and are being met. Excuses are no longer the main topic of weekly sales meetings. The entire sales staff is focused on success. The sales staff has opened several new channels of business and are originating stronger transactions that have a greater probability of being approved and funded. The sales culture has been radically altered. Success requires change,
There are currently many success stories in the industry. Success requires the ability to learn from experience and the ability to institute change for the future.
Wheeler Business Consulting works with banks, independents, captives, origination companies, and investors in the equipment leasing and finance arena. We provide training, strategic planning, and acquisition services. Scott Wheeler is available to discuss your long-term strategy, to assist your staff to maximize outcomes, and to better position your organization in the market.