Having just joined Northteq to lead the sales team, I was able to kickstart my industry onboarding with a visit to Huntington Beach, California for the National Equipment Finance Association’s Spring Conference. Below are some of my thoughts on the event.
Networking with Professionals in the Equipment Leasing Industry:
Stepping into the world of equipment leasing for the first time felt like entering a maze of industry jargon and deeply rooted connections. As a newbie, attending the NEFA conference during my first week at Northteq was fitting – this year’s conference theme was “riding the waves of change” – a new industry for me, and an upcoming year of uncertainty for equipment leasing – along with the fact that we could see surfers literally riding the waves off the pier at Huntington Beach where the event took place.
Walking into a massive exhibit hall filled with the tight-knit group of equipment finance pros, everyone knows everyone, and I knew no one, so I grabbed my name tag and attached half a dozen sponsor badges and set off walking throughout the space to scope out the 50+ booths made up of customers, prospective customers, competitors, and a host of industry related organizations.
The first thing I noticed as an outsider was how welcoming everyone was – even those competitors letting me know some of the tips and tricks in the industry. Conversations ranged from market trends and personal stories of how they found themselves getting into the industry and why they enjoyed it.
Breaking the Ice – Tips for Newcomers:
One of the best tips I received was to get involved with the NEFA organization. It’s a great way to meet a broad group of people quickly. During the conference, there was a time carved out to volunteer to help different groups within the organization. From education to operations and technology, there’s a group focus to pique everyone’s personal interests. Someone suggested I join the membership committee – where I could help with outreach to potential new members and interact with current members by updating records, etc.
Hit up the after-conference events in the evening! From charity karaoke one night, a beachside live music dinner the next – each evening had a different set of events to take advantage of.
Insights from Industry Leaders
Despite lingering uncertainties, optimism prevailed at the Leadership Real Talk session. Seven industry leaders took to the stage and answered audience questions, everyone being candid in discussing real strategies to set your business up for success.
The main theme was around implementing AI to drive efficiency to help navigate any additional market volatility we might see in 2024, but efficiently running an agile and adaptable business would still be key to work through any more headwinds that pop up throughout the year that are out of our control
Another focus area in the breakout sessions was about going beyond compliance – covering practical approaches to Section 1071. In one panel session, experts got into the intricacies of Financial Disclosures to share practical approaches to leverage these new guidelines to maintain a competitive edge over the competition.
If you’d like to stay up to date on Section 1071 and how Northteq is implementing this into our product, sign up for updates here.
The Value of Attending from a Sales Perspective
In the world of endless Zoom meetings and Microsoft Teams calls, it was great to start off with interactions in person. Between scheduling meetings in advance and all the people coming to our booth, I was able to generate over $370k in net new business over the two-day event – during my first week! NEFA meets twice a year and I’m looking forward to the fall event in November – which happens to be in my hometown of Indianapolis!
Final Thoughts
For those venturing into the world of equipment leasing, some simple advice: embrace curiosity, ask questions, and get involved. The industry is constantly changing – so staying up to date on market trends and regulatory changes is key. Building relationships within the industry is a must, as they often prove to be invaluable assets – you never know when a competitor might be better suited to help a potential customer, and you can refer them, which hopefully leads to them returning the favor for you in the future!
Attending the NEFA conference was a great experience and an awesome way to start a new role in a new industry. From the networking piece to gaining insights from leaders in the space, the conference provided a holistic view of where the industry is at and where it’s headed. After my two days in the conference center, I left armed with more knowledge, connections, and insights into the world of equipment finance.
