Enhance your Credit Skills
Top originators in the commercial equipment leasing and finance industry fully understand credit underwriting and financial analysis.
The single largest contributor to originators' frustration and stress is their lack of credit understanding. Credit understanding requires full knowledge regarding:
- Why specific transactions are approved
- Why specific transactions are declined or placed into a pending status
- Financial statements and financial analysis
- Equipment valuations
- Trends in different sectors
- The ability to prepare a complete credit package with strengths and weaknesses.
Origination is more than sales. It requires originators to
assess risks and rewards; and to structure transactions to mitigate any potential weaknesses. The current economic disruption is quickly separating the order-takers from professionals who have a comprehensive understanding of the entire process (sales, credit, documentation, funding, and portfolio management).
If you are looking to be a top producer and a leader in the industry, take every action necessary to enhance your credit skills. Spend time with your credit team, enroll in classes that explore financial analysis, and read financial journals. Prepare yourself to have meaningful conversations with owners, CFOs, and accountants. Originators sell a process. Originators must fully understand that process in order to effectively sell the benefits.
Survive - Thrive - Lead
This "Sales Tip" is provided by Wheeler Business Consulting.
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weekly tips are welcome.