Top originators in the commercial equipment leasing and finance industry can easily describe their products and processes to any vendor or end-user. The business is not difficult. Originators often make it more complicated than it needs to be. A business needs equipment, a vendor wants to sell his products, and a financing professional has a simple process to allow the transaction to occur.
I have advised originators to explain their products and processes to a 10-year-old child. If the explanation it too hard for a 10-year-old to understand, then it's too complicated for most vendors and end-users.
Many years ago, I had an employee (an originator), who believed that it was his responsibility to explain every detail of the financing process to every vendor or end-user that he spoke with. He wanted to wow them with his knowledge and 100% understanding of every aspect of his products and processes. It took him 20 to 30 minutes on every call to explain why the company needed a completed application. He made the process appear to be laborious; he could talk anyone out of ever applying for a loan. We cut his explanation down to just a few words, "The first step is for you to complete and sign our application so that we can make a credit decision ASAP and move the process forward." He listened to the advice and simplified his presentation. His activity increased. His portfolio grew and his income expanded. He learned that vendors and end-users wanted an easy and concise process. Keep it simple!
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This "Sales Tip" is provided by Wheeler Business Consulting.