How the good ole “benefits of leasing” may be hurting more than helping. #equipmentfinance
100% Financing Preservation of capital Maximize cash flows Tax Benefits A hedge against technological obsolescence “Hedge against technological obsolescence.” In the interest of full disclosure, one of my first jobs in the business was in technology leasing. I used that phrase in front of the CFO and CIO of a household name parent of well-known […]
#equipmentfinance: Using these Twitter accounts book more meetings with vendors. Yes Twitter…it works.
@Equipmentwatch: Great resource for free stats and trends on heavy equipment data. @LiftandAccess: Lift and Access features in-depth coverage of products, technologies and trends for the crane, telehandler and aerial lift owner and buyer. @HeavyEqArticles: Great aggregator of heavy equipment news @EquipmentToday: Construction-related news, resources and information to help you run your business and equipment […]
Finding growth in Vendor Finance
Some insights and VERY important stats about how vendors evaluate lenders. And why Stevie? Because it’s Friday and we’re dancing!
Vendor Finance Strategy Foundations—$25,000 of consulting work for you…for free!
A real business development model is one that keeps the business coming in though all phases of the business cycle. It is never reliant on a group of sales “personalities”. It leverages the experience, talents and responsibilities of credit, doc, asset and even legal. It uses marketing to consistently feed the sales team so they spend more time selling and less time hunting. It has a tried and true sales process that enables the talents of the individual but promotes a consistent winning strategy. It attracts senior talent AND new, young talent–enabling success, promotion and new ideas. And most importantly, it is massively differentiating in a market full of “me too” sounding vendor finance companies.
Vendor Finance Strategy Foundations—Being a rock star asset/industry specialist
Most common American Idol judge feedback: “You really made it your own”. Meaning that they did something lots do and made it very unique. As an industry/asset specialist in the vendor finance business, we think there are some basic items to being a real rock star and across a sea of sameness, me too provider […]
Vendor Finance Strategy Foundations—Can you really be a generalist?
Be honest, this generalist thing is really of more value to the end user small business than the dealer, right? The end user small business can benefit from your versatility by financing a skid steer from you today and a pack of laptops a few months from now. Cool. In most vendor shops this is […]
Don’t be just a deal doer. Lead a vendor finance business
It’s great to have a sales team of “deal machines”. But leadership of a vendor finance company is a different thing. It requires you to be bigger, look above the tree in front of you, forecast the direction of the wind and adjust the sails. It requires setting strategy, structure, a view on the competitive […]
He who makes all the money in financial services, gets no marketing support. Wait…what?
If you boil the financial services business down into the core “revenue” businesses, the big categories are: Retail Banking Credit Card Mortgage Small Business Wealth Management Mid-Market, Corporate & Institutional Where doest thou marketing spend lie? Where doest thou earnings coming from? Doest thou seest a problem? In financial services the tail kinda wags the […]
Maybe the biggest sales and marketing mistake
Don’t define yourself or your company by what you sell, define it by what you believe? Do you sell asset based lending or believe you are enabling growth through acquisition? Are you selling equipment finance or do you believe that new equipment package will give a customer a chance to profitably win that road construction […]
Is buying prospect data a good idea?
Data is one of the biggest problems facing business development across the spectrum of commercial finance businesses or any business for that matter. Many of our clients, at least at first, don’t have great data on their existing customers, much less the prospect universe. And as your company starts to build a targeted prospecting effort, […]