Adjusting Your Network
Successful originators in the commercial equipment leasing and finance industry have strong networks of vendors and/or end-users to which they provide superior service; and depend upon for their on-going business volume. Two veteran originators described how their networks have changed over the past few months.
Originator A explained how his vendors have been affected differently by the pandemic. Some are busier than others. Several vendors need his services more now than ever because manufacturing programs have tightened, and other funding options and resources have diminished in their capabilities. This originator is seeing better quality transactions and larger transactions than in the past. Although the number of funded transactions has decreased slightly, his dollar amount of funding has remained steady, if not up slightly year-to-date. The changes in the market have required him to adjust his network, to shift his priorities, and to add some key new vendors, while eliminating others. Originator A has taken vital steps to redesign his network to better align with his current capabilities and market conditions.
Originator B realized almost immediately, back in March, that his network of end-users was not going to sustain him through the pandemic. Most of his clients were significantly and negatively affected by the shut-down. His network, that had taken him years to establish, was quickly deteriorating. This originator immediately pivoted and began build a new network of end-users in a different sector which was less affected by the pandemic. Today the originator is back on track. His network is smaller than before, and his network is certainly different than before; but in less than a six- month period his new network of end-users is producing significant volume and stronger transactions.
Successful originators are flexible and are constantly adjusting their network to maximize their personal results. It is often hard to leave past relationships behind and to find new participants that align with your new capabilities. Top originators are always building and expanding their network of potential clients and partners. New networks are being created for future success.
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This "Sales Tip" is provided by Wheeler Business Consulting.
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