Successful organizations throughout the commercial equipment leasing and finance industry are positioning themselves for the future.
They have a well-defined "Vision" and a "Strategy" to foster growth, profitability, and sustainability.
More importantly, every employee fully understands the vision and has a 100% vested interest in being part of the strategy. It is Business 101 to have a mission, a vision, and a strategy. Many companies spend significant dollars and resources to create mission statements, vision statements, and corporate strategies. It is a worthy exercise and important managerial responsibility. The process can be daunting. However, upon completion, the ultimate managerial mistake is too often committed; the mission, vision and strategy are never communicated to the front-line staff.
Recently, I met with an executive team of a fairly large independent finance company. The average tenure of the meeting participants was 10+ years with the company. The company was considering a major initiative, jointly suggested by one of its top originators and the credit manager, which would require a significant investment of time and money. The question was asked:
"How does this particular initiative align with the
long-term vision and strategy of the company?"
It was quickly determined that the initiative, although interesting, clearly did not align with either the vision or strategy of the company. The exercise additionally revealed that the
front-line staff was unaware of the both the vision and strategy of the company. Communications had broken down. The company was asking its employees to operate without a rudder, to pursue business without a clear understanding of the direction the company was headed. The process revealed that several of the top executives had also lost sight of the organization's vision and strategy. The major challenges of the company were self-inflicted.
nefficiencies were being created, rather than being resolved. Well-qualified professionals within the company were being constrained from performing at their maximum potential.
The solution was for the executive team to re-affirm its mission, vision, and corporate strategy. The executive team clearly communicated and obtained buy-in from the front-line staff and it encouraged new initiatives that fully aligned with the corporate strategy. The process re-energized the staff, increased production, re-emphasized the "right" business relationships, and gave clarity to its internal and external stakeholders.
Wheeler Business Consulting works with management teams to further develop their human capital, to identify and strengthen weak links within the organization, and to improve overall efficiencies.
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 strategies, to assist your staff to maximize outcomes, and better position your organization in the market.
Comments and suggestions are always welcome.
Scott A. Wheeler CLFP