Making Change Work For You
Change is good, right?
In the 2008 presidential campaign, Barack Obama used the word change in his campaign slogans. His signs read “Change We Can Believe In”, and “Vote for Change.” He won.
We all occasionally seek change, a change of scenery, a change of pace. Perhaps a trip to somewhere we have never been before, where we try new foods, unique activities and have interesting experiences that we never forget.
A more long-term change of scenery occurs when we move to a new home, our perfect home: not too big or too small, well appointed and with everything in perfect working order. This move to a new neighborhood leads to meeting new neighbors and forming new friendships.
So change is good, right?
Unfortunately, as we all know and have probably experienced, not all change is for the better.
For example, think of the leasing sales reps who learn that a new executive is coming to run their sales force. It is natural to experience some anxiety while awaiting such a change: the sales reps wonder how they will get along with the new executive, whether he will support the way they sell, or whether he will be an impediment to their goals.
All employees, no matter their position, may experience anxiety or depression when they meet a new supervisor, experience a decline in the quality of their work life, or a change in the rate of compensation.
Some employees respond to a change in their work life in catastrophic ways.
Take the case of Matthew Montgomery, an employee of the Boeing Company. At a Boeing plant in Ridley Township, Pennsylvania, where Boeing builds helicopters for the Defense Department, Montgomery had been working for eighteen months on the Chinook CH-47F helicopter, renowned for its advanced avionics. In Spring of 2008, Montgomery learned that he would be assigned to a different line, building a different type of helicopter. He would still be a Boeing employee, his paycheck would not be affected, but he would be working in a different part of the Boeing facility, working with people he didn’t know, and possibly he would have to learn new skills required on a new helicopter.
How did Montgomery react to the change? On his last day on the Chinook line, he severed about 70 electrical wires on a helicopter. When the damage was discovered, Boeing security personnel, local police and federal authorities investigated the case. Were they dealing with foreign terrorists, out of control teenagers from the local community who somehow entered the highly guarded facility, or a disgruntled employee?
It was only days before Montgomery was identified as the main (and only) suspect. He confessed quickly, claiming that being forced to move to a new assembly line had set him off. His actions caused damage of $110,000 to the helicopter and another $164,000 in losses to the plant because it was shut down for two days to investigate the sabotage.
Obviously, the Montgomery matter is an extreme example of responding negatively to change.
While none of us believe we’d resort to the action of Montgomery, we must learn to be receptive to change. I’ve learned in sales that I have to be open to change. When I worked for Advanta Leasing Corp. I was an outside sales rep. I drove around in my Saab cold calling on equipment vendors. When Advanta senior management decided to bring all the outside reps inside and sell over the phone, they brought me in kicking and screaming. I insisted that it wouldn’t work. It only took a couple months to learn that as a sales force we were more effective and cost efficient inside.
It was a blow to my ego to find that my vendors really didn’t want to see me; they just wanted to know if their deal was approved.
Whether we like it or not, equipment leasing has changed in ways that we never would have expected twenty years ago. Major funding sources are gone, computers make approval decisions, and transactions of $200,000 are being approved without financial statements. However, if we fix our vision on timeless principles like trust, integrity, honesty and good customer service then the surface changes won’t effect your business’ foundation.
When we focus on trust we stop trying to sell and we start to build relationships with vendors and lessees. Trust is developed by stopping the pitch and starting a conversation. With trust we develop more success and significance.
The value of integrity in relationships never changes. Vendors and lessees need to be valued, not just for their business, but for who they are. Do your customers feel that they have a sense of belonging with your company? One way to do this is to be positive and proactive with suggestions and complaints, rather than reactive and negative.
The principal of good customer service is constant. Superior customer service is attained by making sure your customers are never disappointed. One company I worked for sent out their first invoice with: the monthly payment, tax, UCC fee, and interim rent fee. If the lessee was not informed of those fees upfront (and most times they weren’t) their first interaction with the company was one of extreme disappointment. Some lessees would immediately try to terminate their lease because they thought “If our relationship starts out this way, it’s only going to get worse.”
We as leasing professionals need to learn from other companies’ mistakes. If we make it our mission to stick to a good foundation, we will become more valuable to your customers. Life is all about progress, growth and change. If we can train our minds to concentrate and believe in the core competencies that never change, our beliefs will drive our behaviors and our behaviors will deliver our desired results.