Successful originators in the commercial equipment leasing and finance industry add value for their vendors, end-users, companies, and partners. They understand every aspect of the industry and the process.
An originator was seeking to enhance her career, add more value, and be a more effective salesperson. In just a few years, she had become an above average salesperson for her company. Her income was satisfactory. Her selling skills were strong. She wanted to reach the next level of her career and add greater value to her clients, employer, and partners. However, something was missing.
After a complete review of her skills, it was identified that her knowledge was limited to the specific products, processes, and nuances of working single transactions within her specific company. She did not have a complete understanding of why transactions were approved or declined. She understood her products, but not her competitors' products. She had limited understanding of what occurred after a transaction was funded (portfolio management, collections process, legal issues, insurance challenges, etc.) Her limited comprehensive knowledge was hindering her ability to become a top producer. Below are powerful suggestions that helped the originator to advance her career and value.
> She fully engaged with her internal stakeholders (credit,
collections, and portfolio managers) to better understand
the internal processes and policies of her company.
> She visited several equipment manufacturing plants to
better understand the equipment she was funding.
> She participated in industry association meetings and
volunteered to better understand the best practices which
were shared throughout the industry.
> She built a network of industry peers to share ideas and
to learn her position within the industry.
> She began requesting and dissecting copies of
competitor's bids to better understand the reason for
won and lost transactions.
> She requested to participate in company-wide planning
meetings to better understand the mission and vision of
her company. She offered constructive suggestions and
concerns which were adopted by the management team
of her company.
In a simple statement provided by the originator two years after her initial consultation with Wheeler Business Consulting, the originator stated that she improved her value and potential in the industry, "By being fully engaged with internal and external stakeholders. By taking every opportunity to better understand every aspect of the process. By being committed to the industry, my company, and my own personal growth."
This originator is now a top producer for her company and a fierce competitor in the market.
Survive - Thrive - Lead
Wheeler Business Consulting provides a weekly sales tip to thousands of commercial equipment leasing and finance originators. We encourage our readers to participate in our annual survey related to production and compensation, Individual responses are 100% confidential. The overall results will be available through the website and newsletter.