In our previous blog, we looked at how changes in areas as diverse as new sector opportunities, average order value or even the legal structure of your customers can require changes to your leasing offering. So how should you navigate the leasing transformation of your business?
A gap analysis is always a good place to start – comparing your current leasing solution provider and your sales and business goals. Here are some questions to ask:
- Company types and/or sectors it doesn’t facilitate?
- Any products limitations around hardware and intangibles that restrict opportunity?
- Understand their credit processes: are they manual, partially or fully automated?
- Are their SLAs acceptable to you, are they met, and would it help if they were reduced?
- Does your provider have capacity to grow with you without impact to service, cashflow or sales?
- Are you at risk if your provider withdraws from the market, and is your model scalable?
- Do you engage directly with an influencer to make things happen quickly?
- Is your provider flexible? Can it deal with the unexpected?
- Does your provider regularly help you to get to your numbers, and view the relationship as a team?
Once you have asked your supplier the above questions, you can identify any gaps and, if necessary, begin to speak to alternative suppliers who can help you plug them.
You may require an alternative supplier who is flexible enough to meet your new plans.”
This doesn’t necessarily mean switching your finance supplier completely. You can continue to use your existing supplier for the business you have previously been using them for.
However, you may require an alternative supplier, who is flexible enough to meet your new plans, rather than reverting to direct debit payments that tie up your cash flow and increase your risk.
At LDF we believe that no reseller/dealer really requires more than two leasing solution providers on their panel – one a competitively priced offering, and the other an independent funder with full brokering capacity.
Because while the provider that focuses on price is likely to be able to cover much of your business, it is likely to have many limitations to opportunity due to its pricing model. The second funder can remove all opportunity limitations because it will likely have fewer restrictions. It is likely also to offer improved SLAs and a more personalised approach, where influence exists to minimise missed or lost opportunities.
Download our white paper
This blog is taken from our white paper, "Continuous transformation - Unlocking the power of sales aid leasing". In it we look at how sales aid leasing can transform a business’s fortunes – including taking an in-depth look at the success stories of two of LDF’s own partners.
We’ll also highlight some of the things you should be looking for to help your leasing offering keep up with your business success.
We hope you find this paper interesting and informative. If you have any questions, or would like to contact us about any aspect of sales aid leasing, just call us on 01244 525410. In the meantime, happy leasing!