Tag Archives: leasing companies

Don’t swing at nothin’ ugly. What do we really want as sales and business professionals?

A few years ago my son’s little league team was down by one in the bottom of the fourth inning. With two men on base and two outs our next hitter walked to the plate. On his way there Coach Sandro pulled him aside for a last bit of advice. His coaching was simple, he said, “Don’t swing at nothin’ ugly.” And as coach Sandro walked back to his position on the third base line it struck me how profound his advice was when applied to sales.

If you’ve ever played baseball or softball or your kids do, you have witnessed a player chasing a wild pitch – to high, to low, or way out side of the strike zone. The results are predictable and embarrassing. It is sometimes even funny to watch, but most times, the fans, coaches and players just echo a collective groan and wonder to themselves how in the world could he swing at that pitch.

It is no different is sales. Every day salespeople go out on the street and swing at ugly deals. Deals that are unprofitable, unqualified, not in the buying window, don’t have a budget, don’t have an identified decision maker, or because of contracts don’t have the ability to buy. From the outside looking in it is obvious that these low probability, ugly deals will never close and will be a drain on energy, emotions and time. Yet in spite of the obvious signs salespeople forge forward placing these deals in their pipelines and projections, spending endless hours working on ugly deals that will never close. The results are predictable. The vast majority of these salespeople strike out.

Meanwhile, frustrated sales managers look on in dismay pleading with their salespeople to let go of these ugly deals. It is an ongoing battle that is a core part of the sales manager’s job as a coach (just as it is the job of the baseball coach to keep players swinging in the strike zone). In Monday morning sales meetings and one on ones, in their own way, good sales managers coach their sales pros, “Don’t swing at nothin’ ugly.” And sadly, this advice is ignored more often than not.

 

So what can Sales Professionals do to keep from chasing ugly deals and how can sales managers help them.

First, it is critical that you clearly define the strike zone. Far too many companies and sales organizations have failed to develop the profile of an ideal prospect or customer. This is especially true in small entrepreneurial organizations. But here is a blinding flash of the obvious, if you don’t define the strike zone you will waste a lot of time chasing ugly deals. This process shouldn’t be difficult. Just analyze your best customers, the deals you are closing, and your market place. Then develop a profile of the prospect that is most likely to do business with you and, over the long-term, be a profitable, happy customer.

Next, make a commitment as a team to measure every prospect, deal, and customer against this profile. When they don’t fit, develop the discipline to walk away.

Now I not saying that every deal is going to fit your profile perfectly. This is not how the real world works. In some cases it makes sense to take some risk and swing outside of the strike zone. But there is a difference in taking a risk and chasing an ugly deal. That is where the sales manager plays a key role in discussing the opportunities with her salespeople and helping them make the right call. I also suggest using getting the entire team involved. You’ll find out quickly how powerful analyzing pipelines as a group can be.

And salespeople, you have to pay attention. You are often so close and so committed to the deal that you can’t see the obvious. Trust me on this one, if others are telling you that your deal is ugly – it is ugly.

The end goal is to keep your pipeline full of viable, qualified deals that have a high probability of closing. When you do your pay check will get bigger, you will have more fun, and ultimately you will have more time to spend on other things in your life.

This week when you hit the phones, get in your cars, or board airplanes to meet with prospects and customers remember Coach Sandro’s words, “Don’t swing at nothin’ ugly”

 

Offer a Vendor Equipment Leasing Program to Enhance Sales and Profits

Vendors who offer a properly structured equipment leasing program are giving the customer a viable financing option. In addition, they are taking a major step to increase sales, market share, and profits. Yet it’s surprising how many companies will not provide a leasing program. Some say it’s because their customers have their own sources. Others say their customers pay cash. This mindset can be costly in a variety of ways. The biggest problem is that it can drive the customer to the arms of your competition. Customers can view the vendor as a one-stop shop where they can both fulfill their orders and get the financing they need, rather than having to seek financing from a bank or other financial institution.

Some equipment suppliers do offer a leasing program, but give the customer a choice between several leasing companies for them to use. That may sound practical, but shopping deals with a multitude of leasing companies can actually lower the chance of approval. If the customer chooses one of the leasing companies, and is subsequently declined, two negative actions may result. First, the credit inquiry lowers the customer’s credit score. Second, it will be clear this is a shopped transaction, and will make it more difficult to get the credit approved. If it is approved, the lower credit score will cause the rate to be higher.

Establishing a sound relationship with one reputable leasing company is the best course of action for both vendors and customers for several reasons:

1. The relationship (allowing one leasing company to be involved) should result in lower rates for your customers, thereby making it more attractive to buy from you. If a vendor uses multiple companies and shops deals, they will not usually get the best rates.
2. Using one leasing company results in better pricing because of increased volume. Leasing companies make more money when deals come through referrals, rather than expensive marketing. The referral business is more profitable because it provides a steady stream of deals from clients who are looking to acquire equipment now and need financing.
3. Because maintaining the relationship with the equipment supplier is critical to profitability, they will do everything in their power to keep the approval rate high and the lease rates low. These savings are passed on to the client.
4. The leasing company will also be more motivated and go the extra mile to fund the most challenging credits.
5. Because of economies of scale involved with large volume directed to the leasing company, the supplier is often entitled to referral fees of 1% to 2%, thus providing an additional income stream.

Utilizing credit control allows the vendor to maximize approvals while getting the best possible rates for clients. Leasing companies often spend a lot of money on marketing to increase their sales volume. With a vendor leasing program in place, the leasing company receives a steady flow of very similar clients who are seeking equipment now, and need financing. Since no additional marketing funds were incurred to get those clients, leasing companies pass on the savings by virtue of favourable pricing. Thus, the company’s customers benefit by enjoying lower financing costs as a result of its direct relationship with the leasing company.

Providing a lease option for your customers has tremendous advantages to everyone involved. Both the leasing company and equipment supplier will likely enjoy increased profits and the customer can acquire much needed equipment without a large down payment. Another advantage to the customer is that leasing allows them to easily upgrade their equipment package to a state-of-the-art level.

To set up a vendor leasing program, the financing company will typically expect the company to be in business for at least a year. It will review the stability of the business and its customers. Leasing is usually easier to obtain than bank loans or letters of credit, even though there is a determination of risk to the finance company. who offer a properly structured equipment leasing program are giving the customer a viable financing option. In addition, they are taking a major stp to increase sales, market share, and profits. Yet it’s surprising how many companies will not provide a leasing program. Some say it’s because their customers have their own sources. Others say their customers pay cash. This mindset can be costly in a variety of ways. The biggest problem is that it can drive the customer to the arms of your competition. Customers can view the vendor as a one-stop shop where they can both fulfill their orders and get the financing they need, rather than having to seek financing from a bank or other financial institution.

Some equipment suppliers do offer a leasing program, but give the customer a choice between several leasing companies for them to use. That may sound practical, but shopping deals with a multitude of leasing companies can actually lower the chance of approval. If the cus

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Who can blame the government for using lease financing more and more…

When we think of leasing and equipment financing we think of the private sector, with companies using lease strategies as an effective overall alternative strategy.

However many municipal, provincial and federal government entities employ equipment financing for a number of different reasons.

Many times municipalities finance in this method to avoid statutory debt obligations.  The federal and provincial governments lease millions of dollars of computer technology every year. In many cases they could purchase the equipment outright through funding but they opt to lease due to the ability to avoid obsolescence and to allow uses to upgrade to newer generations of technology. The same goes now for other assets including fitness equipment. As governments struggle to reshuffle priorities they will finance more and more equipment, there seems to be no alternative. Here is Surrey BC we see the direct impact of this through massively underfunded school districts. The economic funding model from

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5 steps to negotiate your next business equipment lease.

5 Steps to Negotiate Your Business Equipment Lease

Loaning money is becoming more and more difficult. Small businesses seeking finances are seeing how difficult it is becoming and the increased requirements just to get credit checked. Lenders are taking a much harder and closer look at which businesses they will finance. In the information below you will find five steps to negotiate your business equipment lease and what every owner should consider when applying for a lease.

Step 1: Know the difference between want and need
For business owners, big and small, it is important to understand what your company needs to be effective and continue to grow capital. And for start-up businesses it is essential to understand what your company needs versus what you want. Create a budget based on that need and look at what you will need in order to fund and/or finance that need. By keeping in mind the “needs” of your company, you will keep yourself from financing the unnecessary equipment.

Step

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Should I lease a car through my business or personally?

Should I lease a car through my business or personally? As a business owner or Company Director wanting to lease a car for yourself, you have the choice of either Business Contract or Personal Car Leasing. In other words, you could lease your car through the business or lease it in your personal name, and each option has its own implications, benefits and disadvantages.

Business Car Leasing or Personal Car Leasing – a question of tax. The main thing to consider when you’re thinking about whether to lease a car through your business or personally is the tax situation. If you lease a car through your business, you will have to pay Company Car Tax (or Benefit In Kind Tax as it is also known), as some of your mileage will be classed as for personal use. There is also the Car Fuel Benefit charge to take into consideration if the company pays for your personal fuel.

However, leasing a car through a business has real advantages for the company, which is why most companies still lease the

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Start up Heavy Equipment lease financing

Even though the new business owner has jobs lined up or contracts in place that will generate revenue to make the payments, that new business owner gets denied financing.

This dilemma is not necessarily limited to the start-up business owner either. Established construction businesses are discovering that their bank or finance company is declining to make that all important loan. The reason? The recent impact of the residential sub-prime loan chaos has migrated to the business community. Banks are tightening up on the micro-loans that they used to make with regularity.

So, what is the new or even the established construction business and trucking business owners do to get critically needed heavy equipment lease-financing?

A solution: Check out off-lease equipment that Lease-financing Companies have in their inventory. There are literally hundreds of pieces of quality used pieces of heavy equipment in off-lease status that are owned by heavy equipment leasing companies. This is quality

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How Does Fitness Equipment Leasing Work?

There are varying types of fitness equipment leasing plans. Some, such as the fair market value (FMV) plan, offer flexible terms with lower monthly payments. Fair market value usually provides options at the end of a lease term, including purchase, lease extension, or lease termination and equipment return. The $1 buy-out plan is an option for those with definite intent to purchase. While payments are usually higher than other plans, at the end of the lease term lessees can buy the equipment for $1 Dollar.

Another common type of leasing plan offers mid-range payments and terms that fall between the FMV and the $1 buy-out plan. This type of plan typically allows the option to either buy or return the equipment at the end of the fitness equipment leasing plan. Purchase price is set at a fixed percentage of initial equipment cost, usually 10-12% of the equipment cost or amount financed. Individual fitness equipment retailers may also have unique plans specific to their business model

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Equipment Lease Tips For Startup Businesses

For a start up business, applying for a bank loan can prove to be difficult especially for those with no business credit history.  If you need financing to obtain equipment, devices or vehicles, why not consider equipment lease financing?

Who Can Lease

Both start up and established businesses can qualify for an equipment lease. In fact, this method of financing is being implemented by small businesses and large corporations in the industry.

Why Lease Equipment

Instead of taking a loan to purchase the equipment you need, a new business owner may choose to apply for a “lease” to avoid the unnecessary delay with the business operations.   Rather than wait for months to get their business loan approved, a business owner can get a lease at a much sooner time and proceed with the operations.

Furthermore, equipment lease financing is more cost-effective since no down payment is required and payments are made in instalments.  Many lessors offer flexible repayment terms (monthly, quarte

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Here are 10 quick tips about restaurants, from opening a new restaurant to hiring staff and purchasing equipment.

1. Consider used restaurant equipment
If you are opening a new restaurant or looking to replace existing restaurant equipment don’t overlook used restaurant equipment. You can find many gently used pieces of restaurant equipment for pennies on the dollar. As I like to say new is nice, but always necessary.

2. Decide if a POS system is better than a cash register
If you are thinking of opening a new restaurant, I strongly urge you to invest in a POS System. Unlike a standard cash register which just tracks sales, a POS (Point of Sale) System can track sales, menu items, act as a time clock for employees and even help take reservations. A POS system will cost more than a cash register, but if used to its full potential, it will more than pay for itself in the long run.

3. Don’t hire just anyone to tend bar
If your restaurant has a bar area or pub, be selective about who staffs it. A good bartender will not only know how to pour drinks, he or she will excel in customer service. A good b

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Why equipment lease rates aren’t important

How can equipment lease rates in Canada not be the most important part of your equipment leasing in Canada acquisition strategy? That’s what clients want to know when we advise them the while an overall competitive leasing rate is important they must not miss the several other factors that play a huge part in making the proper lease financing decision.

Leasing in Canada has of course been around for many decades, we venture to say at least back to the 1950’s, if not older than that. As a Canadian business owner and financial manager you recognize that it is clearly one of the most viable methods of acquiring assets for profit and sales growth Profit through use is one of the buzzwords of equipment leasing in Canada.

The key thing you quickly realize about lease financing in Canada is that it encompasses all types of assets – from heavy industrial equipment, used equipment of all types, and of course technology such as computers and telecom equipment, etc . The reality is, and this is

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