The commercial equipment leasing and finance industry is robust. Competition is fierce. The demand for equipment and the access to capital is strong - perhaps the strongest in decades. However, the industry is in dire need of:
New talent (well-rounded, comprehensive professionals)
More professionals who understand all aspects of the business
More professionals who understand the details of running a commercial equipment finance and leasing operation
More professionals who have a global understanding of products beyond what their company offers. They need to fully understand their position within the industry to become leaders in the industry.
The industry has attracted many new professionals over the past few years. Many are dedicated, smart, and performing exceptionally well in their current positions. However, they are usually being trained in a one-dimensional manner. Companies need individuals to fill a gap quickly. Companies do not have the luxury of time. They want individuals to start performing a job function within a matter of days or perhaps a few weeks. Often times, comprehensive training is postponed or delayed indefinitely. New entries are given job-specific training and expected to learn the rest on their own, over time. But it never quite happens, and now the industry is facing a leadership void for the future. Companies throughout the industry are realizing that opportunities are rapidly increasing and that investments will need to be made in their human capital in order to capture their fair share of future business.
Below are a few actions being taken by forward-thinking leadership teams:
Creating career enhancement programs. These programs are comprehensive, continuous training opportunities for all staff members - at every level.
Cross-training opportunities for every staff member. Whereby, sales professionals are encouraged to learn credit processes and perform credit functions for a period of time; or credit professionals are taken to trade shows to interact with customers.
Industry participation. Association meetings are highly beneficial for up-and-coming leaders. I had only been in the industry for less than two years when my manager invited me to attend a national conference. I returned with a greater appreciation for the industry, my competition, and the products that my company offered.
Encouraging all their staff to obtain their CLFP designation.
Investing in their staff - asking management teams every month, "What are we doing to improve the skills of our staff?" A company's human capital is its most valuable asset. Investment in qualified professionals will deliver the greatest bottom-line returns for the company. The best performing participants in the industry, no matter their size, are always investing in their people.
The mission of Wheeler Business Consulting is to develop strong leaders for the Commercial Equipment Leasing/Finance industry. The industry offers endless opportunities for professionals who have a comprehensive understanding of all aspects of the commercial equipment finance and leasing industry. Wheeler Business Consulting works with management teams to create training programs tailored to their company's specific needs. Wheeler Business Consulting offers in-person training programs and remote multi-week programs for industry veterans and new professionals. Participants in the training programs include managers, sales, and operations professionals. Most clients engage Wheeler Business Consulting on an on-going basis with multiple programs.
Wheeler Business Consulting 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 strategy, to assist your staff to maximize outcomes, and to better position your organization in the market.
