Top performers in the commercial equipment leasing and finance industry thrive during all economic cycles. They are professionals who adjust to new conditions and economic times by always looking forward, rather than backward. The commercial equipment leasing and finance industry has weathered many adverse economic times in the past and will certainly weather the current pandemic. Below are a few lessons learned from past downturns that will help originators move forward:
- Focus on quality. Quality transactions, quality relationships, and quality products are always important; however, during a downturn, quality is paramount. Your success depends upon your ability to focus on quality.
- Credit professionals are your ally, not your foe. The best credit professionals are protecting your company and your livelihood. Work closely with credit professionals to secure strong assets.
- Realize that past processes and policies will rightfully change. Originators will need to focus on the new rules, rather than the old. Originators must be part of the solution, rather than naysayers who are stuck in the past.
- There will be winners and losers during the downturn. Focus on being one of the winners.
- It takes more effort and more dedication to succeed during a downturn. Now is the time to work smarter than ever. Commit yourself to the recovery. Be optimistic. Do whatever it takes to find, win, approve, and fund your next deal.
- Know that all of your hard work during a downturn will produce personal rewards. Your efforts today will position you for success tomorrow, next month, and for years to come.
- During a downturn originators are expected to disseminate the facts and correctly answer the critical questions: What does it take to get a deal done? How are equipment valuations being affected? What is the availability of funds? What positive indicators are developing in your niche? What challenges are emerging?
- It is during downturns that the best originators rise to the top. There are always opportunities in the market to be funded. The highest quality opportunities will find the best originators. Success comes to those who offer the best professional services.
Adversity creates better originators with a deeper understanding and appreciation for the value that the industry brings to the economy. The commercial equipment leasing and finance industry is a critical part of the recovery; and top originators are critical to the industry's ability to serve the business community.
Survive - Thrive - Lead
This "Sales Tip" is provided by Wheeler Business Consulting.
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