How lenders can tap the big ambition of Australian small and self employed businessesedit
Despite tireless efforts poured into their business, self-employed Australians often struggle to get ahead when it comes to looking for lending solutions that suit their needs. Especially, from the big banks. In this post we explore the core problem of this: a lack of tailored service willing to meet the self-employed where they are. And how brokers can work to further the ambition of this important segment of the Australian market.
Small business, big ambition
RedZed believe the story of the small business owner is a human tale of ambition, risk-taking and faltering in pursuit of big goals. And so making a connection with this segment requires first understanding the trials they go through in pursuit of success. Recent figures estimate the self-employed put in more than 40 hours a week under the hood of their business. While just under 50% have reported having their work life regularly spilling over into weekend time. Yet despite these efforts, figures suggest that for every new business that takes off in Australia, one doesn’t make it.
There’s little time to muck around when it comes to business decisions and so even less when it comes considering complex lending solutions. RedZed have built the following principles into our service because we believe gaining self-employed clients is matter of respecting their time, and furthering their ambition.
Be a trusted source
When getting started, you’ve got to help the self-employed navigate the path from banks to specialist lending. They’ll need a helping hand when it comes to understanding why the banks rigid structures have knocked them back. And why a personalised solution can service won’t the banks won’t. This requires investing in a longer term relationship with self-employed clients. Rather than moving between dozens of lawyers, accountants, etc, the self employed prefer to build lasting collaborative business relationships with professional services.
Key to this relationship is trust. Being self-employed means you’re juggling all the parts of the businesses normally taken care of by whole departments. You’re on social media, doing the accounting, welcoming clients etc. This is exhausting but also a sign of the dedication of the self-employed. And so if you’re going to understand and help their business they need to be able to trust you with their business as they trust themselves with it. You’re working on achieving their business dreams after all.
To achieve trust, brokers need to make their services transparent above all else. RedZed do this by ensuring our processes is collaborative. Every stage of tailoring our lending solutions involves self-employed clients to ensure the big picture of their circumstances is co-created and agreed upon. That way, our services are built on clear common cause of the self-employed client’s ambition and long term businesses vision. Rather that from a self-interested lens.
What goes around …
Following these principles helps brokers craft a meaningful and compelling reputation with their self-employed clients. And as the old saying goes, a good reputation is more valuable than money. As a segment, the self-employed rely on collaborating with each other to get by. Fellow self-employed businesses are shortcuts to simple answers for them. So by doing right by one self-employed client you’ll, set yourself up well for further success within this market.
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