Businesses that want to remain competitive and retain loyal clients are constantly seeking ways to differentiate their product or service. While they are busy promoting their unique advantages, consumers hold the baton to decide which provider they will choose. So when everyone’s competing for your attention, how do you make your choice in a crowded marketplace?
This is the conundrum that medical professionals in Australia are now faced with – a good problem to have, perhaps! 25 years ago, the idea of medical lending was new to the Australian market with no differentiation between professionals when it came to their credit criteria and a limited number of non-banking financial institutions targeting niche markets. Fast forward to today and there’s a fair few lenders competing for your attention.
As a founder of medical lending in Australia, and a non-executive director on the Credabl board, I believe there are 5 key things to look out for when you’re selecting your specialist lender.
1. How does the organisation support your profession?
When any business professes to be dedicated to a specific market, how that support is demonstrated speaks volumes. For lenders, participating in the medical, dental and veterinary industries by way of sponsorship and professional development investment is one key way to genuinely give back to the profession. The provision of content that imparts valuable information, be it ways to avoid many pitfalls when buying your first home to tips to succeed when buying or setting up your practice, is another significant value add.
But perhaps central to supporting the profession is evolving the marketplace to not only keep up with the times but anticipate the future. This is the by-product of industry participants who like doctors, dentists and vets, have made the healthcare industry their career and have a vested interest in establishing long term success within it.
2. What does it do differently?
A quality organisation isn’t satisfied with the status quo. Whilst there are some fundamentals that all businesses should deliver on, a leading business is always looking to do things differently. Generally, these are the businesses that are focused on their client, not distracted by internal activity. You should be able to see and feel the difference of a business motivated to be better and do better for the profession.
This translates to product as well. Lenders solely promoting their own product, may have designed an offering exclusively for medical professionals, but it may not make it the best fit for you. Lenders with a broad range of offerings ensure that you have access to a range of options and can customise your loans with your individual circumstances. Only a truly independent lender can and will guide you through a myriad of options. Sometime the most optimal solution is a combination of lenders.
3. Who will actually be there for you if times get tough?
If you truly profess to be a part of a community, that means being there for the good times and the bad times.
Too often these days the banks see staff turnover well above average (nothing new) and have policies to deal with collecting and recovering impaired loans. Often, these teams are different to the person you originally dealt with. Look for a team that has the capacity and desire to work with you when times are tough. You should have confidence that the person you have the relationship with when arranging your finance is the one that will help you when you need it. A business where the team has ownership is one that will do their best to get the optimal outcome for you when times are tough. A great outcome for you should be in the best interests of the lender as well.
4. Experience and commitment
When you speak to a lender, it should be evident that they know your business. They should speak your language, know the market place, work with other industry participants (from equipment suppliers, accountants to practice sales and beyond) and therefore be in a position to add value to you beyond that of a generalist.
There can be no greater commitment than a business where its team has invested their own money and has chosen the road less taken. Think of some of your most successful peers, rarely are they the ones that have taken the easy options along the way. They have a self-belief and a driving ambition to succeed. Ultimately all with a keen focus on the needs of their clients/patients.
5. Product innovation
What has your current lender innovated of late, what are they doing differently? We all know that if you are not moving forward then you are going backwards. When I started in this industry, there was no such thing as specialist finance for doctors and dentists. As time moved on, a cornerstone philosophy was to always be ahead of the market place by innovating when it came to credit policies, products and services. Importantly, your lender of choice should be one that has it finger on the pulse of the changing landscape and develops products and services with this in mind.
Credabl embodies these ideals and in its short time has led several innovations at a time where the other market participants have not. It is our commitment to continue to evolve the offering with the client at the centre of all decisions and innovation.
Get in touch with a Credabl finance specialist today and discover the difference.
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