Building a Global Vendor Finance Company in a Post-Pandemic Environment

As the world begins to move past the pandemic, leaders should not proceed without reflection. COVID-19 fundamentally altered how people interact, work, socialize and learn. Companies that ignore this new norm will face extreme headwinds, while the ones that embrace these changes will find it imperative to surviving the next normal.

I will never forget the morning the world shut down; I was at a customer event, and all my efforts were on the logistics of getting everyone home safely. I remember sitting in my office early Saturday morning, wondering what was happening. As the CEO of a global vendor finance company, I’ll admit that I initially struggled with what to do next. The news and speculation only added more confusion. Once I was confident my family members were safe, I began focusing on our employees and customers. How long will this last? How can we communicate? How will we motivate and inspire in this new reality?

Pre-pandemic, I was accustomed to being surrounded by people all the time. I would fly around the world, attending meetings and other events. I’d converse with whoever was in my immediate vicinity and could grab some time with me, and then I’d hop on a plane and head off to my next destination. That was then; this is now. 

When the world stopped, it left me in a vulnerable position as a business leader. Suddenly, I felt very alone, and my team depended on me to figure things out. All I knew was that we needed to get everyone focused on what they could control and influence. We had to make sure our customers knew we were there for them, and we needed to be a source of inspiration and hope in an uncertain time.  

I knew that communication was key even if we didn’t have all the answers, so I began filming videos with my iPhone every Sunday morning to provide the organization with weekly updates. I wanted everyone to have a purpose and stay focused on the customer, as well as each other. We were all in this together, so I tried to humanize the happenings around the world, and let them know that it was OK to show some vulnerability. This became a very effective tool, and soon most leaders were following this example.

Over a year later, we had an 83% viewer rate each week, so our members expected these updates. The pandemic helped me connect with more people than I ever had in the past. Video calls allowed me to see hundreds of more leaders than I originally knew. New talent emerged, new ideas became policy, and overall, our company became more of a family. 

How to Succeed in a Post-Pandemic Environment

The pandemic proved that companies willing to foster genuine connections, implement new technology, and embrace remote work environments could achieve success. However, many of our competitors didn’t survive because they were incapable of adapting to these crucial changes. To thrive in the next normal, companies should focus on these three key adaptations:
 
1. Embrace a hybrid working model.
I used to have an old-school attitude toward remote work. If I heard that someone was working from home in the U.S., I assumed they were playing golf, not putting in a full day.

Fast forward to 2022, and it is now acceptable to work from home—even expected. It is not uncommon to be in a board meeting and hear a dog bark, a child talk or a doorbell ring as the mail carrier drops off packages. Our customers accept this, and so should leaders. This is the reality of the next normal, and people are more accepting of each other. No one wants to go back to an office full time, so why force it?

2. Train employees to put customers first.
Businesses were focused on cutting costs during the pandemic, and many decisions were made at the expense of customers and employees. Even coming back to a typical work environment post-pandemic, some organizations refuse to reinvest in their workforces. In my opinion, they’re putting their reputations and success at risk.

Today, companies that invest heavily in the customer experience achieve greater success. At PEAC Solutions, we empower employees to make every customer feel like they’re our only customer. We train everyone to exceed expectations and give employees the authority to make decisions. As a result, our teams are even more motivated because they know that we have complete trust in them. 

In the new hybrid world, managers are no longer daily babysitters; they’re coaches. When you trust your team, you can expect them to do the right thing with the understanding that failure can happen. “Fail” means “first attempt in learning,” and you want employees to feel empowered to make decisions based on what they believe is right. Even if it isn’t, it becomes a learning experience.
 
3. Bring challenges to employees to keep them engaged.
The most significant benefit of starting a new global company is that you are not handcuffed to legacy systems and business processes. New ideas are expected. Old processes are challenged. Every member is expected to contribute and invent new ideas. 

This entrepreneurial mindset needs to exist for all sizes of companies, including yours. Create an environment that allows for testing new ideas and creating better ways to serve customers. At PEAC Solutions, we are teaching employees to think like disruptors and challenging them to be part of building the most flexible, customer-focused leasing company in the world. 

Becoming an Employer of Choice

As the next generation enters the workforce, they will be drawn to companies that meet their expectations. The old ways of working won’t cut it. I know this firsthand—I have a Gen Z daughter. She can multitask at a level I’ve never seen before: She can listen to Taylor Swift, eat dinner, watch “Friends” and read her history book all at the same time while retaining what she’s learning.

She wouldn’t want to work for a company the way mine used to operate, with cubicle work, hour-long commutes, manual tasks, etc. Like many other companies, we had to make some drastic changes during the pandemic. Those fundamental business processes and operational shifts are why we were able to keep business moving. 

I envision that companies in the future will continue to have brick-and-mortar locations. However, they will be on much smaller scales and used primarily to socialize, train and build team culture. Employees will be drawn to companies that encourage hybrid work options. My suggestion to business leaders is this: Embrace change, let all employees have a voice, communicate regularly and don’t fear failure. Then, success can be in your future.