October 2016
News from
Wheeler Business Consulting:
The commercial equipment leasing and finance industry thrives on efficiencies. Some confuse efficiencies with faster decisions and faster processes. Speed is a factor, but most importantly, efficiencies relate to better decision-making processes, reducing risk, and providing better services and products. The disparity between average and superior organizations is widening. Efficiencies and better decision-making processes are key to outperforming the competition and developing the highest quality assets. Superior organizations are improving their decision-making process at every level:
- Recruiting and training their employees
- Credit underwriting
- Marketing
- Sales
- Documentation
- Funding
- Database management
- Collections
- Portfolio management
Recently, I visited two similar companies - both are players in their particular niches and consider themselves well-run organizations. Both companies have access to many tools and automation to streamline their processes. The difference is that one of the companies is effectively using the tools; it has tested the tools, and tweaked the tools to better serve their organization and their customers' needs. The other company is stuck in a time warp while the other is moving into the future. The more progressive organization has reduced employee turnover by using available tools to better screen employment candidates. The more progressive organization has reduced delinquencies over the past year by using stronger tools in their credit decision process which is providing additional information on every application. The more progressive organization is target marketing to clients who have been more thoroughly selected, therefore, having a higher sales success. The more progressive organization is monitoring its portfolio and making pro-active management decisions before challenges develop. Both organizations have access to multiple reports and data, but the more progressive organization is actually using the data in "real time" to make crucial decisions.
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Superior organizations are growing by making better decisions, not quick, haphazard decisions. Superior organizations are thinking and acting long-term.
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Wheeler Business Consulting LLC works with banks, independents, captives, origination companies, and investors in the equipment leasing and finance arena. We provide training, strategic planning and acquisition services. Scott Wheeler is available to discuss your long-term strategies, to assist your staff to maximize outcomes, and better position your organization in the market.
Comments and suggestions are always welcome.
Scott A. Wheeler CLFP
Wheeler Business Consulting LLC
Phone: (410) 877-0428
Email: scott@wheelerbusinessconsulting.com
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