Competition keeps everyone on their toes. Without the right level of competition, it’s hard to know that we are providing enough value to our customers and creating enough value for ourselves. Mixing things up a bit can help ensure you are fully engaged with all your options and not missing out on a provider that is evolving and innovating in a direction that may fit better with your goals.
We all get into execution ruts. The familiar tends to drive activity more than the discovery of better alternatives. Be careful, though. These ruts can lead to an internal focus on ease of execution at the expense of offering a better external solution to your customers. Getting out of your execution comfort zone by expanding beyond go-to providers and offering opportunities to a wider selection of finance providers could keep things fresh and more impactful to your market.
There is much discussion of “boxes” in the finance business. Understanding the box your finance providers fit within can be valuable for execution but also very limiting. Rather than assuming you know what a provider will and won’t do, a simple proactive conversation where you challenge their creativity and out-of-the-box thinking on everything from billing to marketing support could open your mind to new capabilities, services, and offerings that could help you run your business better and power sales.