The commercial equipment leasing and finance industry is fiercely competitive. Originators need to flaunt their competitive advantage to win their fair share of transactions and to maximize their incomes. Competition confirms the overall robustness of activity in the commercial equipment sector. Competition confirms the quality of commercial equipment assets within the financial sector. As originators, we should appreciate and respect our competitors; they force us to be our best and to grow as originators.
Many years ago, I received a letter from a competitor congratulating me for winning a transaction which the two us competed. The letter explained how he, a veteran in the business, had let down his guard and let me, a less experienced originator, outperform him. He respected my tenacity; but he vowed to fight on and to win his fair share of business in the future. His letter of congratulations was a challenge to become fierce, respectful competitors. Over the years, we often competed against one another on transactions and vendor relationships. I always gave more when I knew that I was competing against this individual or his company. I was thrilled when I won a relationship and disappointed when I lost. We became professional friends and rivals in the best context, often calling to congratulate one another on a job well done.
A client once asked what my opinion was of this competitor. The answer was immediate, "He is one of best in the industry - my most fierce competitor. He is the professional that I aspire to be and a competitor that I have the ability to outperform every day."
Often, we forget that competition enhances the thrill of origination. Competition is a key factor in motivating originators to go the extra mile and to offer superior services every day. Competition is good. Embrace your competition and vow to outperform them to win more than your fair share of business.
Survive - Thrive - Lead
This "Sales Tip" is provided by Wheeler Business Consulting.