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April 2020
News from
Wheeler Business Consulting:
In less than a month the world has been turned upside down; companies have been mandated to close their doors, employees are working from home, and our lives have changed dramatically. No one predicted this crisis would affect us all so quickly and so radically. In less than 30 days, the commercial equipment leasing and finance industry has:
- Made swift decisions to protect the health and welfare of employees, partners, and clients.
- Provided relief programs to clients in need. One company stated that it had multiple requests for deferred payments in one week and the following Monday had 7 times more in just one day.
- Reallocated resources. Companies have moved sales professionals and credit analysts into portfolio management and customer service positions to accommodate changing circumstances.
- Returned to the realization that "Cash is King." As with all businesses, financing and leasing companies are making decisions to secure their liquidity positions.
- Created leadership teams to strictly focus on the impact of and response to the pandemic.
- Re-assessed the meaning of quality assets, quality relationships, and quality outcomes. Companies are reviewing the basics of success in the industry and the lessons learned from previous downturns - how companies survive and thrive through adversity.
Leadership teams are not only reacting to the current situation, but are looking forward. Leaders are making prudent adjustments to protect their current assets and ensure that their companies are in a strong position to react to opportunities which will, in the near term, emerge in the market. As stated often in this newsletter,
data and efficiencies are paramount in creating success. Leaders are evaluating the data and determining their path forward. They are scrutinizing processes, policies, and resources to determine the most efficient means forward. They are eliminating past assumptions which may no longer apply and creating a new game book based upon the facts on the ground. I am working with leadership teams to create prudent paths forward, to make necessary changes, and to position companies to thrive.
Wheeler Business Consulting works with management teams to further develop their talent, to identify and strengthen weak links within their organization, and to improve overall efficiencies.
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.
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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