GRID BUSINESS – CUSTOMER PERSONAS
CASH ADVANCE FACILITY
Customer have to be:
1. Registered in Ireland
2. Trading minimum of 1 year
3. Limited company or sole trader
4. Have to take a large amount or all of their revenue through debit/credit card
PERSONAS
Persona Name / BOBBY – The Business Adviser / FRANK – The Financial ControllerBETTY – The Bigger Business Owner / SALLY – The Smaller Business Owner
Role in the SME / External: accountant, business adviser, consultant / Internal: financial controller, senior accounts person, / Internal: owner-operator,
Description / Bobby has been tasked by his customer, the SME, to identify sources of finance for the SME. Bobby has a deep understanding of his customer’s business and its financial wellbeing. Bobby wants to be able to present a range of finance options to his customer.
Bobby would also most likely be the person making the loan application. / Frank was hired by the Betty because the SME has grown to a size that warrants an internal accounts function. Generally operating a number of locations/premises. Frank still works with an external accountant but would be the person that makes finance decisions or makes recommendations to Betty about sources of finance. Frank would himself or in conjunction with the external accountant make the loan application. / Sally owns her business and is the GM, marketing person, finance person, sales person and most times customer facing.
Examples / Jamie O’Hanlon: http://www.avidpartners.ie/jamie-o-hanlon/#.WMVFMzvyi00
Alan Loughrey
https://www.linkedin.com/in/alan-loughrey-625ab613/
Robert Lee Mulcahy
http://connectshowcase.ie/robert-lee-mulcahy/
Aidan O’Byrne
http://www.obk.ie/page.php?id=35&title=people-Aidan-O%27Byrne / http://www.kcpeaches.com/
http://www.eddierockets.ie/
https://www.facebook.com/clelandssupermarketsltd/
http://www.polonez.ie/
http://sparbaggotmile.ie/about/
http://www.murphysicecream.ie/
http://www.dentalcareireland.ie/ / http://thelarder.ie/
http://www.aranislandshotel.com/
http://www.baristascafe.ie/
http://www.evebeauty.ie/
http://premieririshgolftours.com/
Seeking finance for / Will generally be serving the likes of a Frank or a Betty2.0 (i.e. she has grown to a size that doesn’t quite yet warrant a Frank full time.) / Just as an example: premises expansion, refurb, inventory, new location / Just as an example: pay off existing debt, purchase equipment, new website, hire staff, refurb, inventory, small scale expansion
Insights / Level of price sensitivity will be a mirror of his customer’s. Is always ensuring that he is well informed on a broad range of SME related topics so as to add value to his customer.
Relationship driven / Conservative, concerned with maximising effectiveness of capital raised, price sensitive but appreciates the overall return on investment of a project/expansion.
Product driven / Time poor, not financially savvy, managing cashflow is difficult and a constant challenge.
Price sensitive. Will be more attracted to the convenience of the product, ease of application and repeatability of the product.
Relationship driven
Mindset / Progressive in his thinking and is actively looking for alternatives and wants to produce something that his customer would not have necessarily found themselves. / Tends to be inward looking and defaults to traditional forms of finance mostly driven by experience and lack of awareness of other forms of finance. Very much heeds the advice of other finance experts (accountants etc). Betty is more entrepreneurial and open minded. Both Frank and Betty need to be convinced. / Sally is thinking short to medium term at all times. It is about the next customer, paying bills and salaries. She is not necessarily interested in expansion but would like to see her current business grow and do well.
Will be very reliant on her accountant to make recommendations (which he/she only makes if specifically asked).
Wants to deal with a finance provider that understands her and her business.
PRODUCT
Product Description
· Short term loan, 3-12 months
· €5,000 - €150,000
· Loan secured against debit/credit card receipts
· Repayments are flexible, made daily as a % of debit/credit receipts
· Works with the natural ebb and flow of the business’s trade
· Excellent for better cashflow management
Owner Managers of established businesses in Ireland
Gender: The likelihood that an individual is an established owner manager is influenced by their gender. Irish men are more than three times as likely as Irish women to be an owner manager of an established firm
Age: Rates of owner manager are highest for those aged between 45-54 years
(13.7%); 55-64 (12.2%) and 35-44 years (8.5%). Almost two out of three (63%) owner managers are aged 45-64.
Education: The likelihood that an individual is an established owner manager is partly influenced by their educational attainment. Rates are highest for those whose highest level of educational attainment is graduate education (9.1%). The rate of owner managers with some-secondary school as highest qualification is lower at 3.9%. Those with secondary school as highest qualification is 7.9% and those with post-secondary education as highest qualification is 6.3%
Income: Over half (53%) of established owner managers are in high income households (the highest 1/3rd of households). An owner manager is 3.25 times more likely to be in a high income household (the highest 1/3rd of households) than in a low income household (the lowest 1/3rd of households).
The four profiles of small business owners include:
Freedom Seekers
These small business owners started their business because they want the ability to control their fate, decisions, work environment, schedule and revenue. They value where they devote their time and believe owning a small business allows them the freedom to live the lifestyle they’ve always wanted.
· They are more likely than the other segments to cite as important goals ‘living the life I want’, ‘being in control’ ‘reducing the amount of time I have to work’ and ‘having flexibility in my schedule to spend time with my family’.
· With ‘time to get everything done’ being their biggest challenge, they are more likely to use email marketing automation, bookkeeping software, ecommerce and CRM systems to help them manage their time.
· Most likely of all the profiles to use project management and membership site management software tools.
· 81 percent work at home – the most of any category -- and they are the least likely to say they’ll ever go back to a traditional job.
Passionate Creators
This group started their small business because they love what they do. Running their business gives them a sense of accomplishment and pride. They value the impact they are able to make for their customers and the world at large. Small business owners within the Passionate Creators profile are also the most likely of the four profiles to mentor other entrepreneurs and speak to audiences about small business.
· 48 percent stated they always knew they would run their own business.
· They believe passion is one of the most important qualities for small business success and are motivated to serve a target customer well.
· They showed the most longevity and success, ranking as the most likely to have been in business more than 10 years and the most likely to have revenue over $100,000, a sizeable group reporting revenue of over $1 million last year. They were also the most optimistic, with 71 percent expecting company revenue to be ‘somewhat’ or ‘much’ higher than last year.
· They demonstrated the most marketing sophistication, with the highest rates of marketing spending and involvement in digital marketing, social media, email lists and content marketing.
· They are the most likely to track financial performance vs. budget, and 70 percent use analytics to support decision-making – the highest level of any segment.
Struggling Survivor
This profile resonates the cold, hard reality that sometimes running a small business is more risky than rewarding. The fear expressed within this group is rooted in the very real challenges small businesses face every day. Skeptics have significant concerns, misgivings and skepticism about the value of owning a small business.
· Many believe that traditional jobs are more secure, and feel that corporate careers garner more respect than small business ownership.
· 51 percent are solopreneurs, the highest of any category.
· They are least likely to report achieving many of the benefits associated with owning your own business – from financial security to time with family and friends.
· They are the most likely to have considered closing their business at 53 percent, and the most pessimistic about their five year outlook.
Legacy Builders
Small business owners who fall into this profile see small business ownership as a practical economic choice. They believe small businesses are more ethical than larger corporations, and believe most people would start their own business if they could. They started their business to bring something new to the marketplace – something no one else offers. They take tremendous pride in the business they’ve created and plan to run it for the long haul.
· Business ownership provides them with a sense of stability for their future and the future of their family.
· They are the least likely of the four profiles to have a website, and even those that do have a site are least likely to use email, content marketing, SEO or marketing automation to generate leads.
· They are more likely to rely on family and friends for guidance.
· They are most likely to run only one business and the least likely to have considered closing or selling their business.