Anna Hee Ustvedt

3 tips to succeed with your leasing business

More and more people have realized the benefits of leasing. Over the years, financing has become a smart way to gain access to various assets - both for companies and individuals. The potential for creating and running a successful leasing business is huge, but it requires that your time and money are invested where it makes the most sense. In a growing industry, where competition is intensifying and new customers are constantly adding up, it may be necessary from time to time to stop and consider whether one is still on the right track. In this blog post, we have gathered our suggestions on achieving success with your business in today's leasing industry.

leasing succes bp

 

1. Embrace your technological capabilities

It can often be tempting to lean on the adage “don’t fix it if it ain’t broken” - why replace manual workflows with new and modern technology when it works?

You do not have to have worked in the leasing industry for very long before experiencing how much of an administrative workload is associated with running a leasing business. Dealing with leasing agreements is often a considerable time- and energy-intensive process. Simultaneously, errors can easily occur in work with contracts, documents, and other data. Maybe the Excel sheet works, but is it worth considering if a replacement is not worth it?

When you replace the Excel sheet with a leasing system, you free up resources, increase efficiency and reduce errors while improving quality. Your employees will have more time to service your customers, which will put you in a strong position compared to your competitors.

It does not have to be expensive or cumbersome to automate its manual operations with a leasing system. You can easily make a financially sensible agreement with your supplier, where you do not have to pay a large amount up-front but instead can pay the system on a subscription basis.

Also, suppose you make sure that you invest in a user-friendly and intuitive system and dress your employees properly. In that case, we dare to promise that you will get the employee hours used in the implementation phase many times over.

 

2. Analyze your business data

It can be challenging to grow your business without a clear picture of how it is actually going. When you dive into your business data, you get an insight into what works and, not least, where there is room for improvement. In modern companies, where data is generated in abundance, it can be difficult to create a meaningful overview using Excel alone. This is where BI - or business intelligence - comes into the picture.

Microsoft Power BI pulls your data, analyzes and transforms it into easy-to-understand reports with visual elements - such as graphs and charts - on all devices. You can access these reports from browsers, iOS, Android, etc. With Power BI, you and your employees get a clear and detailed picture of what is happening in the business right now.

Power BI can be connected to various data sources - from Excel sheets to databases and cloud-based, local apps. It is built on the foundation of Microsoft Excel, and therefore anyone familiar with Excel can also easily learn Power BI. The only difference is that Power BI is a far more powerful tool that gives you excellent conditions for making decisions based on actual data.

 

3. Remember your existing customers

Many companies put a lot of effort into recruiting new customers, and while it is important to grow its customer base, it must not be at the expense of your existing customers.

Targeted offers for first-time buyers are a well-known method of getting new customers into the store. For example, you may offer a new customer the first three months of the leasing period at a reduced price.

There is nothing wrong with acquiring new customers by rewarding them with great deals, but is it worth considering whether you equally care about and reward your existing customers? We often see a demand for new customers to a greater extent than existing ones, and this is despite the fact that the existing ones are both cheaper and more valuable to hold on to.

It takes time (and sometimes requires great deals) to get new customers interested in you and even more to convince them to buy your lease payment. With existing customers, you often need to make sure they are happy and satisfied.

The conversion rate for existing customers is also often higher because they trust you and you are better equipped to know their needs and thus provide them with tailor-made offers.

With happy and satisfied customers, you also get free marketing. Namely, they will tend to tell their surroundings about your leasing business, and this is extremely valuable today, where consumers are very much listening to their surroundings.

Is your lease management system optimized for your business?