In a new video interview with the Equipment Finance Advisor, Shawn Arnone, senior vice president of commercial vendor finance for Key Equipment Finance, shares the challenges in the vendor finance sector of the equipment finance industry, and strategies to build and strengthen relationships.
Make vendor connections with these strategies
Arnone shares these seven ways Key Equipment Finance nurtures vendor relationships:
1Call your business partners on a regular basis
Our vendor partners can expect to hear from us with regularity. Stay in touch even when it's not about business. Simply connect on a personal level, perhaps inquiring about their family or community. We make this extra effort to stay in touch with relevant conversations.
2Stay in your lane
Arnone encourages his team to stay focused on their niche. He notes that there will always be competitors that enter the market, perhaps with lower rates, and they are ready to take deals off the streets.
In this environment, Key Equipment Finance sets itself apart by being consistent.
"We're predictable," he says, "and when we say we're going to buy and close a deal, we do it."
3Keep your approach simple
Even with many years of industry knowledge and experience, it's important to keep it simple. The basics still apply to each and everyone, Arnone says.
4Make sure you understand the deal
By understanding the ask and communicating back to a customer what can and can't be done, Key Equipment Finance builds confidence in its relationships, Arnone says.
5We find a way to get it done
It's important that any challenges behind the scene don't become a customer's problem, Arnone says. Key Equipment Finance's team knows how to resolve issues without disrupting the customer.
6Nurture both sides of the relationship
By taking time to develop both internal and external relationships, Key Equipment Finance team members forge important connections that make them trusted advisors.
Find the right vendor financing solution
Key Equipment Finance offers a wide variety of equipment lease and loan products for equipment acquisitions across all industries.
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