Local Business: The Benefits and Why It’s Important to Us
At Ortus Secured Finance, we pride ourselves on being guided by five principles: integrity, innovation, expertise, reliability, and being local to our clients.
The final principle – being local to our clients – has perhaps been the most challenging to adhere to. As our company has grown, we have made a real effort to stay local to our customers, setting up offices in London, Belfast, Glasgow and Manchester. It hasn’t been an easy feat! However, it has been well worth the effort.
When people think local, they often think small. But we haven’t found this to be the case. Instead, we have discovered there are numerous benefits to being a local business spread across multiple locations.
Improved Customer Service
According to research by Microsoft, “95% of respondents cite customer service as important in their choice of and loyalty to a brand. And 61% have switched brands due to poor customer service […] Great customer service builds loyalty through personalized, value-add experiences.”
At Ortus, we are proud to offer a local service to our customers. Rather than operating remotely, we are present and active in our local community, whether that’s London, Belfast, Glasgow or Manchester. This allows us to offer a more personalised service that makes a real difference in our customers’ lives.
Knowledge of the local market
Providing a local service means that our teams understand their markets and the unique challenges they each face. This means that our brokers and borrowers can speak with seasoned professionals who can offer valuable advice that makes a real difference.
One of our aims, when we talk to borrowers, is to ascertain whether they understand their local market. How long have they lived there? How many people do they know? Are they embedded in the community or are they newcomers?
This process isn’t about finding reasons to say no – in fact, we’ve provided loans to numerous borrowers entering new sectors in new locations – it is about identifying the risks and checking they have been recognised and mitigated. Nobody knows the local market like we do and this knowledge makes a real difference to the people we serve.
Builds Trust and Encourages Loyalty
“There is one foundational quality that every business needs to succeed: trust. It’s what keeps customers coming back, and it transforms patrons into brand champions who recommend your business to their friends and family. With trust, every dimension of a business grows stronger.” – Angie Barnett
Working in the financial sector, we know how important trust is. Trust plays a vital role in the success of our business and the retention of our customers. Our brokers and borrowers want and need to know they can trust us. That’s why we are committed to our customers and dedicated to delivering a personal service that meets their individual needs.
HubSpot summed it up when they said, “Customers tend to treat businesses the way they treat other people – holding them to certain standards and building relationships with the ones they have faith in […] They want to engage with companies that won’t let them down.”
A local Business Example
As shared by Jon Salisbury, (MD).
Over the past week, I have seen a great example of how local knowledge can enable business owners to strike the perfect note.
I live in South Cambridge and every year there is an event called the Shelford Feast. It reportedly had its beginnings in mediaeval times and has been running in its current form since 1994. The event consists of evening events in a huge marquee, culminating in a day-long festival over the weekend and has raised over £300,000 for local causes.
The event is organised by a disparate group of local people known as “The Bunch” who, while drawn from a variety of industries – finance, building and IT, to name a few – have one thing in common: they are local people who know their community.
This year, the event included performances from Strictly Come Dancing professionals, Tony Hadley, Beat the Goalie, and Trevor Nelson, as well as a brass band, comedy night, school ballet performance, and quiz. All events were supported by a bar stocked with locally brewed beers and ciders.
Every single event was well-attended, with many completely sold-out. In fact, my wife attended the Trevor Nelson gig with her friends and even Trevor expressed surprise at being greeted by such a large crowd in a place he didn’t think he had a following!
Every part of the UK has its own local culture and, where South Cambridge is concerned, The Bunch knows exactly what will sell. While they’re not professionals, they know the local area and are involved in the local community. And with that kind of knowledge, they haven’t got it wrong so far.
Of course, it’s not always possible for business owners to operate in the same way. However, what I did take away from the weekend was the importance of being local and the difference this can make to your customers.
At Ortus, being local to our customers is one of the things we are most proud of. Providing a local service makes a big difference to our customers and because our business is run locally, by local people, we know the market and how best to support our brokers and borrowers.
Each one of our staff is truly committed to providing a valuable service. If you would like to find out more about our local services and the work we do, get in touch today.