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Brendan Francis

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      • Brendan Francis

        Industry Expert

        @brendan-francis

        Reply submitted 25/03/20 @ 03:21pm

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        Hi Susan,
        Perhaps BNZ would reconsider if you could get something in writing from your customer that verified their commitment (services/revenue etc.) to your business?
        Appreciate its not an ideal conversation to have with your client but it seems like you are running short on viable alternatives.
        Hope that helps.
        Cheers,
        Brendan

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      • Brendan Francis

        Industry Expert

        @brendan-francis

        Reply submitted 25/03/20 @ 03:21pm

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        I’m sure there are people more qualified than me to answer this specific question in relation to Maori business funding but there does seem to be a few options online (Google)…have you tried them?

        Funding is competitive and but at its core it comes down to roughly the same qualifying questions and motivations for investors who will be seeking to achieve 5 – 10x their investment so you must be prepared to (realistically) show them how you will deliver that.

        There is plenty of books, websites and podcasts on capital raising…if you are not experienced in this area then listen to/read those stories…they are filled with success stories but more importantly mistakes that other people have made with their time and money…you can avoid making them for the cost of a book or 30 mins listening to a free podcast.

        I would research the potential govt funded introducers (good to test your approach with) or investors and reach out to them with a message that is crafted around their needs.

        I.e. I have developed/am developing a unique new solution/product in xxxxx sector, that solves xxxx problems for customers, in a $xxxM addressable market and I am raising $xxxk to do xxxxxxxx that will deliver xx ROI…can we please meet or set up a call to discuss.

        One other pointer, but don’t let this hold you back, investors like introductions from trusted parties in their network so if you have a contact that can make an intro then ask for it…if not, then so it yourself and persist.

        All the best with your venture!

        Cheers,
        Brendan

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      • Brendan Francis

        Industry Expert

        @brendan-francis

        Reply submitted 25/03/20 @ 03:21pm

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        What is the product or service you provide Kevin?

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      • Brendan Francis

        Industry Expert

        @brendan-francis

        Reply submitted 25/03/20 @ 03:21pm

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        @axlespring, sorry to hear of your situation.
        For many COVID-19 was the straw that broke the camel’s back.
        I’m not sure where you would go for help…but I’m thinking there must be a govt agency or even a hardship division of IRD that can help.
        My recommendation, for what it is worth, is to keep talking with IRD (disengaging won’t help you), to document everything and to avoid using words like ‘cannot/will not be paid’.
        COVID-19 doesn’t absolve people or companies of their commitments…creditors (including IRD) should understand it and be open to negotiating reasonable deferred payment plans but they don’t have to so you are better off trying to find a way to pay what you owe over a longer term than the alternative.
        Sorry, no silver bullet here, just some encouragement to find a way and to keep this in perspective as this is just a bill, what is most important is health, family and friends.
        Best of luck!

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      • Brendan Francis

        Industry Expert

        @brendan-francis

        Reply submitted 25/03/20 @ 03:21pm

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        I agree with Marcus…some great options there.
        Although it’s hard to negotiate with someone who wont talk…personally I don’t think that is a fair approach in this current environment…but I would also say its not the intent of Manaaki to pick a side, just to help provide some insights that hopefully lead to a better outcome for all.
        I would explore and consider all of Marcus’ options, develop a plan and then attempt to engage again (via short email).
        If this approach doesn’t result in a more positive engagement then I would recommend your colleague emailing the efforts they have made and their proposed options…documenting this will ensure that all parties are accountable.
        If it is still a straight out ‘no’ then as a last resort I would consider delaying payment until the supplier is willing to discuss…pretty sure they will be in touch quickly if you delay your next payment.
        The goal in my mind is to find something that works for both parties ASAP as no one wins if your colleagues business closes (can they/where will the supplier re-deploy the equipment in this market?) or if your colleague decides to prioritize other financial commitments over the equipment rental (there are consequences to this).
        I’m sure it is stressful and frustrating but your colleague should try to go into this considering the suppliers side too, as they might be trying to stop their own business from going under or keep their employees/suppliers paid so try to resist the temptation to start an argument that will end up being counterproductive for all and focus on achieving an outcome where you remain a paying customer and have a positive relationship moving forward.
        Hope that helps.

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      • Brendan Francis

        Industry Expert

        @brendan-francis

        Reply submitted 25/03/20 @ 03:21pm

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        Our business is like most traditionally face-to-face and involves travel.
        We are assuming worst case re: travel restrictions (another 12 – 18 months for international) and considering how we can better use technology to deliver our services at a lower cost and with lower risk until we are able to travel freely/safely.

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      • Brendan Francis

        Industry Expert

        @brendan-francis

        Reply submitted 25/03/20 @ 03:21pm

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        IMO, share your story with them.
        What you were doing before starting your business…how it lead you to starting the business…what it means to you…how you understand they have been impacted…what they mean to you…that you appreciate them and that you want for them to have the same business opportunity in their future…that the world has thrown us all a massive challenge but you are committed to coming out the other side and looking forward to seeing the kids having fun at your arena again and most importantly to see your team back at the arena and enjoying themselves too.
        When you feel like you have developed a solid plan for how you will operate when your business is allowed to open I would share that with your team too…don’t leave them guessing….and they may provide you with some good inputs too.
        Sorry to hear of the impact this is having on your business but great to see your concern for keeping your team motivated.
        All the best.
        Brendan

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      • Brendan Francis

        Industry Expert

        @brendan-francis

        Reply submitted 25/03/20 @ 03:21pm

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        I’m no expert here but agree with Andrew that you need to document everything and put your situation and proposal in writing to your landlord.
        If you are still in dialogue with them I would express to them that you are sending a letter and that you need them to consider how this will play out.
        They can either help you trade through this situation (est. ~3 months from lock-down to possible return to offices) and on the other side they still have a tenant who will always appreciate the compassion shown and assistance provided in this tough time OR they can contribute to an avoidable early termination and have a space that it may take them a lot longer to fill.
        Assuming they in turn have financial commitments on the premises then at the very least they should be prepared to have a chat with their financiers about providing them with some relief so all parties can achieve a longer term win-win outcome.
        Hope that helps…all the best!

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      • Brendan Francis

        Industry Expert

        @brendan-francis

        Reply submitted 25/03/20 @ 03:21pm

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        Just an opinion, for what its worth (from someone who has used dog walkers and dog daycare a lot over the years).
        When you are able to re-open I would be tempted to see how your customers react before incentives to get them back.
        You may find that they will be so appreciative of the opportunity to have their dogs active and fulfilled again that they come back as soon as restrictions are lifted.
        I would reach out to your customers and let them know that you are ready to re-open and wanting to service them.
        Within 2 – 3 weeks you should have an idea who is coming back and who isn’t then maybe you could personally reach out and offer some form of assistance (deferred payment for those impacted).
        What you do in looking after other peoples animals so they can take care of their other priorities is important so provided your customers are happy with your previous services, have the financial means and the need then you should get them back at fair (not discounted) market rates.
        Hope that helps…best of luck!

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      • Brendan Francis

        Industry Expert

        @brendan-francis

        Reply submitted 25/03/20 @ 03:21pm

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        I think a good starting point would be for you to develop an updated plan how your business will operate through the various stages of lock-down.
        We all hope level 4 will end soon and that we wont experience this again, BUT if it didn’t or if we had to go back into lock-down again in future what would you do better/differently?
        How would that look for your business and your customers?
        Can you create a more flexible business model that can survive or thrive in all of the levels of business restrictions?
        I believe while this is all very fresh in your mind that you should take the time to think about it and write it down.
        You definitely need to cover the downsides to minimize damage now and to avoid any future events having the same impact on your business but definitely spend some time looking for the opportunities to come out of this in a stronger position than you went in.
        Hope that helps
        Brendan

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      • Brendan Francis

        Industry Expert

        @brendan-francis

        Reply submitted 25/03/20 @ 03:21pm

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        In our case we looked at our customers and thought, ‘out of all of the things we want to talk with them about right now, what are the one or two things that they have the time and interest in discussing with us right now.

        As an example we could talk about the benefits of our service and platform, driving transformation in their business or sustainability, however we realize that the customer appetite is only there for:

        1. How we can save them money so they can reallocate that to supporting their business and employees, and MAYBE
        2. How we can help them achieve greater flexibility in their contracts to minimize the impact of extended lock-down or a similar event in future (on this we expect most customers to be focused on NOW, not FUTURE)

        The category and the customer spend will have a bearing on the level of engagement you can expect.

        It is fair to say that customers are working their way through a long list at the moment that includes keeping their business operating, keeping as many employees as possible on the books, dealing with their largest costs premises, plant and equipment etc.

        I don’t know what your business is and I’m not suggesting you be a spectator but I think you will benefit from deeply considering where your service fits in the list of ‘your customers priorities’ and time your approach accordingly as the amount of noise has reached a new level for most and you don’t want to waste what may be your one approach at the wrong time and have placed yourself in the zone of “do I or don’t I follow up”

        When you feel the time is right then you have to nail the customer questions of ‘what’s in it for me?’, ‘why you?’ and ‘why now?’.

        I hope that helps and I wish you all the best in this tough time.

        Cheers,
        Brendan

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