and Harder than Ever
Top producers in the commercial equipment leasing and finance industry are working harder and smarter than ever. During tough times,
the best originators take charge and move ahead.
Below are some candid comments recently made by industry originators:
- Activity is down significantly. I am working longer and harder than ever to generate 50% of my past activity. However, I know that my efforts today will pay dividends when the economy starts to recover.
- Vendors are extremely slow. They appreciate my calls, but I was concerned that touching base was getting old fast. Therefore, I had to provide more than, "What is new? How is business?" I started to share information from our discussions with our customer base. I am sharing the optimistic comments along with the concerns. I am explaining my company's strategy to participate in the recovery. I am suggesting new ways that I can help my vendors navigate now and in the future. I am brainstorming with my vendors - building relationships for the future.
- The process of getting any transaction approved and funded is harder than ever. Credit requirements are tighter, more due diligence is being requested at every stage, and all participants (end-users, vendors, funders) are apprehensive. As an originator, I have had to better understand the new processes, be the peacekeeper, set expectations upfront, and fully understand the wants and needs of all of the stakeholders at each stage of the process. Mitigating risk is a priority for me and my company. I have taken the time to better understand the credit process. I am explaining the risk in more detail and suggesting solutions with more determination. My responsibilities have increased. I am more than a sales representative; I am a financial advisor and consultant to my clients.
The current economic situation will create better originators for those who choose to embrace success. No one ever suggested that origination is easy. It takes determination, lots of hard work, and the ability to work smart. Top originators have altered their plans to align with the new economy, and are working their plans harder than ever.
Survive - Thrive - Lead
This "Sales Tip" is provided by Wheeler Business Consulting.
Comments, questions and suggestions regarding
weekly tips are welcome.