The commercial equipment finance and leasing industry thrives because of its participants' ability to innovate, reposition, and provide flexibility. Successful participants anticipate change and make the necessary tactical alterations to maximize their short-term and long-term results. The most successful industry participants have a long-term vision and no matter the economic conditions, are always moving forward to realize that vision. Successful participants have pro-active strategies that work in all economic conditions. Successful management teams are committed to their visions and strategies and use both to guide their actions and decision-making processes.

I was recently reminded of the importance of industry participants having well though-out, missions, visions, and strategies. Two similar industry participants were brainstorming about different internal changes that they may need to adopt based upon uncertainty developing in the current markets. The first company, without a real commitment to their vision, was considering major alterations to its operations, and discussing major changes to its marketing efforts, staffing, products, etc. The company was 100% reactive, almost rudderless in their discussions, responding with a sense of panic. The second company, facing the same uncertainty, had tactical discussions. Guided by their long-standing corporate vision, the management team focused on fast tracking some initiatives to capture developing opportunities while pulling back slightly on others which would have less potential in the near term. There was no need to make radically changes. The management team is 100% committed to its vision and strategy. The management team is comfortable with its progress over the last five years which is significantly ahead of all expectations. Most importantly, the management team believes that the company is well positioned with a strong balance sheet, well performing assets that have a proven record in difficult cycles, and a strong pool of internal talent. The second company's discussions were orderly, data driven, and proactive. The management team's approach was from a position of strength and determination.

Wheeler Business Consulting has been actively involved in helping management teams develop meaningful visions and strategies for long-term sustainable growth. It is highly rewarding to see clients commit and implement their visions and strategies to successfully manage and position their companies for success. New challenges and opportunities can easily be conquered when management teams have secure road maps (missions, visions, strategies) to methodically follow no matter the challenges, opportunities, or uncertainties that may develop. 

What is your company's mission, vision, and strategy? 

What are you specifically doing to enhance all three?