✦ From start up to success including sailing all the storms to get there. As Small Business Month rolls around, it is the perfect time to celebrate the entrepreneurial spirit that drives countless small businesses to success.
By the time crisis hits, we would all be running around like headless chickens. With mismanagement a crisis could be blown out of control.
Smart Coast Conveyancing is very proud to be a successful small business that was created from the ground up. I would like to share some of the more valuable insights into being a resilient business owner which may help others trying to start or grow their small business.
It isn’t always smooth sailing and is on most days one of the most challenging things you are trying to accomplish in your life.
Starting Smart Coast Conveyancing
Smart Coast Conveyancing was a shock pivot for me. After finding out that my current employer at the time was selling the business, and during a small panic attack at the uncertainty of my employment status, Smart Coast Conveyancing was imagined, discussed, created and opened in under three months.
During a time of the implementation and uncertainty around digital conveyancing, the company faced its fair share of challenges, including tough competition, changing regulations, and lack of an existing client data base. However, it is precisely these obstacles that have shaped Smart Coast Conveyancing into the resilient business it is today.
Lesson 1: Embrace Innovation
To thrive in today's fast-paced business world, embracing innovation is essential. We recognised the need for digital transformation early on. By investing in cutting-edge technology and streamlining our processes, we not only enhanced efficiency but also positioned ourselves to lead the way in our industry.
Resilience often involves adapting to change and leveraging technology to stay ahead.
We had not been in business very long so we couldn’t make a claim to be the most “experienced” in the early days, but it is important to leverage the skills you do have and show the market why they should choose you. We now refer to this as “The Smart Coast Difference”.
Lesson 2: Diversify and Expand
Relying on a single revenue stream can be risky. We diversified our services to cater to a broader clientele, including property developers, small businesses and people moving into retirement living.
This diversification not only helped us weather economic downturns but also allowed us to thrive in various market conditions. Resilience means being adaptable and open to new opportunities.
Smart Coast Conveyancing handle commercial leasing, sales and purchases for businesses. We do retirement leasing and related party transfers, so even if residential and strata transactions are slow, we have other areas to focus on.
Try to think outside the box and offer multiple solutions which could attract a whole new customer market to tap into.
Lesson 3: Build Strong Relationships
Collaboration is the cornerstone of successful business. We forged strong relationships with real estate agents, local business chambers, banks, accountants, and other businesses to create a referral network.
These partnerships not only expanded our reach but also provided a support system during challenging times. Building a network of allies can be crucial when facing adversity.
I have been heavily involved in the local community by running events, offering sponsorships, entering awards and sitting on various committees. These networking platforms have paved the way for multiple opportunities for Smart Coast Conveyancing. Sometimes you may be required to invest time you don’t think you have but the sacrifice can be very rewarding.
Lesson 4: Prioritize Customer Satisfaction
Smart Coast Conveyancing has always put its customers first. Providing exceptional service and maintaining open lines of communication builds trust and loyalty among our clients. In times of economic uncertainty, a loyal customer base can be a lifeline for any business. Resilience is often tied to maintaining strong relationships. We offer reasonable low pricing, however we are not the cheapest.
We understand that our clients are NOT looking for the cheapest price but instead they choose superior and reliable 24/7 service, which we deliver faster than anyone else.
Our clients find that this service has more value to them than a few dollars they would save if we started to undercut our competitors on price.
In any industry, someone has to be the cheapest and someone has to be the best, at Smart Coast Conveyancing, we choose the later. Listen to your customer, find solutions to their problems and they will be willing to keep coming back to you. .
Lesson 5: Prepare for the Unpredictable
The future is uncertain, and unforeseen challenges can arise at any moment. We try to always be proactive in preparing for the unexpected. From having contingency plans in place to staying informed about industry trends and regulatory changes, we try to ensure we are ready to tackle any obstacle that could come up. Resilience involves being well-prepared for the unknown.
My executive assistant has been travelling around Australia for the past nine months and rather than find herself unemployed and me facing the stress of trying to hire and train someone new, I reduced her hours to allow her more flexibility to enjoy the trip and she worked on the road from her camper. There was some adjustment but for the most part, clients were not even aware she wasn’t in the office and business was as normal.
During COVID we all had to get better at adapting our business, some restaurants started home delivery and other industries started letting staff working from home. If we use this approach now and apply it to our everyday business operation, we will find some of the problems we have can be resolved. We don’t need a pandemic to switch our mindset to flexible and innovative work practices.
Conclusion:
As business owners, I hope you can draw inspiration from the Smart Coast Conveyancing story. Resilience is not just about weathering storms; it's about emerging stronger and learning to be adaptable. This Small Business Month, let's celebrate the spirit of resilience and the success stories created by the motivated entrepreneurs out there that inspire us all.
If you are an individual or a business that needs assistance with conveyancing in NSW and would like to experience the “Smart Coast Difference” we would love to hear from you.
Contact:
Jessica Gray
Licensed Conveyancer 05007337
Shop 1B, 1-5 Manning Street, Tuncurry
PO Box 3 TUNCURRY NSW 2428
Phone: 6519 4933 Mobile: 0414 740 373
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