Success is a wonderful thing, particularly in the highly competitive retail business world. And yet, success can be dangerous in a way. Successful business owners can, sometimes, put too much stock in their accomplishments, too much pride in their achievements, and neglect to make the kind of incremental and ongoing or drastic and immediate improvements that could set their business apart from the competition.
We see this dynamic in the retail world in general, but also specifically, and notably, in the world of consumer finance. One of the most potentially risky scenarios for a retail business owner when it comes to consumer finance is for them to be comfortable with their program. To imagine that because their consumer finance program is humming along today, that it will do so tomorrow.
Just because your consumer financing program is performing admirably now — perhaps if only in comparison to years past — does not mean that it will do so tomorrow. So often, successful business depends on constant vigilance. Business owners have to always look out for what's next. They have to watch their competitors like hawks, and, most importantly, pay attention to what their customers are paying attention to. Failing to do so is a sure way to fall behind in the retail race.
As happy as you may be with your consumer finance program, when was the last time you really looked closely at it? When was the last time you did a deep dive into its performance to find out whether you are leaving money — and customer relationships — on the table?
If you haven't taken a look at your consumer finance program in a while, now is the perfect time to evaluate it to determine if it is time for an upgrade. Here's what to look for.
Your Tools
In hands-on industries like construction and automotive, using the right tool for the job is essential. This is no less true in retail, or when applied to software tools used in the consumer financing process. If your consumer financing tools haven't been updated in a while, it's time to examine them critically. Ask yourself the following questions:
-Do my tools allow for a smooth, positive customer experience?
-Is my team able to process applications quickly and efficiently, even when transmitting applications to multiple lenders?
-Do my customers and team members proactively provide positive feedback on the tools they use as part of my consumer financing process, or is their attitude negative or neutral at best?
-Are my tools providing me with the data and reporting I need to make informed business decisions about my consumer finance process?
-Do my consumer finance tools make my life easier or harder, broadly speaking?
Go down the list item by item and really think carefully about the answers. You may find that the software you use as part of your consumer finance process needs a little love and attention.
Your People
Your team members are a key part of your business's success and they are on the front lines every day helping your customers. They know better than anyone where the inefficiencies lie in your consumer finance program, and their feedback will be invaluable when it comes to making improvements to your program.
The key here is to capture real, honest feedback from your team members. Make it clear that while you may end up delivering training to help them improve their role in the consumer finance process, you know the buck ultimately stops with you when it comes' to your program's performance. Sit your team members down, regardless of their experience level with your business or beyond it, and ask them for their honest thoughts on your consumer finance program and process. You may find the results enlightening.
Your Goals
The most important thing to think about when doing a deep dive into your consumer finance program is what your customers want. But beyond that, you should also consider your own goals. Do you want to build better customer relationships? Do you want to increase your revenue? Do you want to free up your team members' time by improving your consumer finance process?
If so, then it's time to make a decisive move to streamline and automate your consumer finance process, and FormPiper is the perfect choice to help you do just that. FormPiper leverages cutting-edge software to put your consumer financing program in the fast lane and your frustrations to the side. With FormPiper, you'll be able to run 76% more applications, resulting in more approvals and happier customers.
All that FormPiper has to offer is right there waiting for you. What matters now is what your goals are, and how soon you'll be ready to take your consumer finance program to the next level.
