Originators in the commercial equipment leasing and finance industry must pay attention to the numbers. As financial advisors, the numbers count. Everything can be measured though the numbers and reveal steps forward for top producers.
- Origination is a numbers game. How many cold calls will produce enough opportunities to feed your pipeline? How many of your vendors have a sustainable business model to propel them through the recovery? How many key accounts do you have? How many do you need? If you needed to make 35 calls in January to generate a lead, today you may need to make 60 calls to generate that same lead. Are you willing to hit the new number?
- Portfolio performance and the actual numbers matter. Every portfolio has been affected by the current crisis. How does your portfolio stack up to others? Are your personal portfolio's delinquencies higher than others? The numbers are strongly suggesting that you need to pivot now. You need to reinvent yourself and look for new channels of business. The numbers don't lie - use the numbers to motivate yourself toward the future.
- If a minimum acceptable credit score on your application- only program has increased from 660 to 700, how are you going to present your current product? What does this number change mean to you and your customers?
- If, in the recent past, financial analysis was the responsibility of the credit department and now you are being asked to pre-qualify more transactions, do you know what the numbers mean? Can you review balance sheets and income statements to determine strengths, weaknesses, opportunities, and solutions? Can you dissect the numbers?
Originators in the commercial equipment leasing and finance industry sell the benefits of "time value of money." Originators sell cash flow benefits. Every activity of an originator is related to the numbers. You must fully understand the numbers to formulate your personal path forward.
Survive - Thrive - Lead
This "Sales Tip" is provided by Wheeler Business Consulting.
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