The Young Business Executive award recognises an inspirational young professional aged between 18-35 years who has built a successful career with an organisation.
Sponsored by Macey Insurance Brokers, this award has its roots in recognising the number of bright young leaders we have in the region; our leaders of tomorrow.
We talk with Brendan Goddard, Company Director of Maceys, about the important role our young business executives play in the region, as well as another very important topic – business insurance!
About Maceys’ involvement with the Awards
Why does Maceys get involved with the Business Awards?
We see the awards as “the” major business to business event in the Shoalhaven. The Awards have become a very professional and sophisticated gala evening that showcases the many great businesses here in our region, many of whom are our clients. The Awards are in line with our company brand positioning which includes giving back to the community that gives so much to us.
Why are the Awards important for business in the Shoalhaven?
I believe that anyone who strives for greatness is already winning. Just like with the Olympians, just being there you are already at the top of your field in your country.
I think having an annual awards event gives many businesses the opportunity to showcase how they strive for excellence and in turn this promotes how good business can be in our region.
It gives businesses a measurement of their success and provides them with an opportunity to promote themselves and continue to grow and employ more people. All of which is great for the local economy.
What value does sponsoring the Awards bring to Maceys?
We don’t look to get any specific return on our investment as we feel this is an important community event and one that does not proceed without sponsors. However, it definitely does give our company great brand awareness to an audience who is our target market – SME business owners. This helps in attracting new clients and also reinforces our brand position with our existing clients and also our staff.
All our other Awards recognise business owners, why is it important we recognise the role that young business executives play in our community?
I believe it is important that you don’t have to be a young business owner to be recognised as a young business leader. Young business owners often work hard because they have skin in the game however, in my role both as a business owner and also as President of the SBC I am constantly meeting so many inspiring young business executives working in larger organisations. I believe that recognising these young executives and hearing more of their stories allows other young people to have role models and subsequently have aspirations of their own.
About young business leaders
Why is it important to recognise and nurture the young business leaders we have in the Shoalhaven?
The SPBA are doing some great things in nurturing and fostering young business leaders through their mentoring program. Young business leaders are our region’s future leaders and we need these people to stay in our area and provide valuable input in to the future success of the Shoalhaven. In a world of high paced change it is sometimes the younger people who have the best solutions.
You’ve been in a leadership role at Maceys since you were quite young, what development do you undertake to help you grow as a leader?
I was 24 when I became a director at Macey and at 32 became the majority shareholder and MD. At times over those years I have felt moments of inexperience as a leader and made it a priority to learn more every day. I placed a huge importance on self development and training on leadership and attended various leadership courses and public speaking training to improve my skill set. I read books on leadership and have learnt a lot about people, management and leadership over the past 5 years.
Who is the most inspiring young business person you have come across in your career, and why?
At the moment Holly Ransom would have to be the most inspiring young leader I have come across I saw her at a conference last year and have been following her career ever since. She is extremely inspirational and intelligent. If you haven’t heard of her, Google her.
About Macey Insurance Brokers
What does an insurance brokerage do?
As an insurance broker we represent our clients in the arrangement and placement of insurance policies for all types of insurable risks. We work on behalf of our clients in the negotiation with insurers to find the most comprehensive policy at a competitive price. Importantly, our role also consists of claims negotiation and management to ensure the most favourable outcomes for our clients. We also provide advice on risk management and risk minimisation for clients.
Why is insurance for business owners so critical?
As our radio ad goes “Having the correct insurance is crucial to the survival of any business, without it you could find yourself out of business”. A simple yet profound statement.
Statistically 2 out of 3 businesses without adequate insurance who suffer a major loss will disappear within 3 years. Business owners have mortgages, business loans, and families to look after. Having insurance protects all of these interests and enables you to live life without worry.
In addition, insurance is what makes the economy move. Without insurance people would not take risks, without risk takers the world would be a boring place.
What is the advantage of using a broker?
Using a broker really takes the stress and worry out of a complex and costly process. A broker saves you time and in many cases money however, it is the expertise of a good broker that ensures your insurance dollar is spent in the most cost effective way. Ensuring you obtain the cover you need for your business rather than just ticking the box with any policy is crucial when it comes to claim time.
What is one of the most overlooked aspects of business insurance?
Business Interruption insurance is the most overlooked insurance policy. This protects the most critical component to any business – the revenue. If your business ceases due a fire or storm your bills and expenses don’t stop. You still have commitments and without income coming in the door you cannot meet these costs and therefore you find yourself getting deeper and deeper into debt and inevitably bankruptcy results.
Business Interruption insures this revenue and allows you to keep meeting your commitments including wages, loan repayments and even your net profit.
What does Maceys do really well?
Aside from looking after our customers with the highest levels of customer service we place a strong emphasis on staff training and career development. By spending time and money on developing our team we are ensuring a high professional standard is delivered every time. We also place a high level of importance on the culture within our organisation and work hard every day to ensure the environment is enjoyable and rewarding for our team.
How important is relationship management in your industry?
Relationships are integral to the success of our business. Long term client relationships come from developing trust and trust comes through integrity, honesty and delivering on promises, this is something we strive for everyday at Maceys. Client retention for any business is important to its survival so we are always looking at ways to improve customer satisfaction and the delivery of our services.
We also have to manage strong relationships with the insurers we deal with in order to obtain great outcomes for our clients. Great outcomes not just from an insurance coverage and pricing perspective but also when our clients have claims. Having strong relationships with the insurers gives us strength when negotiating difficult claims circumstances for our clients.
How does working with a broker make a difference at claim time?
The main thing to remember is that as a broker we act for the client not the insurer. So when our clients have a claim we are there for them as a partner helping them get through, in many cases, a very stressful situation of reinstating their operations following a disaster. We negotiate the best outcomes for them ensuring they get everything they are entitled to under their policy and not just the minimum amounts insurers tend to offer.
What advice do you have for businesses that just renew their insurance policy each year, without really thinking about what’s changed?
Many things can change in your business each year that can affect your risk exposure and subsequently your insurance coverage. Also the insurance market changes too, there are so many new insurance products on the market protecting new emerging business risks such as cyber crime, employment practices issues and new forms of property cover. A full review with a trained broker can find areas where you may be wasting money and then offer options for more suitable current covers that will protect your business from exposures you may not have considered.
What’s on the horizon for Maceys?
We have just come off the back of two years of significant growth following a refreshed and more directed marketing strategy. We will continue locally to keep a strong focus on growth opportunities and commitment to the community. However, we also opened a new office in Camden late last year following strong growth in the Macarthur region from our Bowral office team. We currently now have 3 staff in Camden and aim to have a team of 6 there by 2020.
What makes Maceys different, and why should businesses talk to you about their insurance needs?
At Macey we work hard for our clients to simplify the insurance process and ensure they receive quality insurance products at market competitive prices. Having us as your trusted advisor to walk you through the minefield of complex insurance jargon and policy comparisons will allow you to spend more time on what you are best at, running your business.
Our qualified, highly skilled general insurance brokers have been providing professional advice and insurance solutions for over 40 years. Extensive industry experience has seen us serve commercial and personal clients covering all aspects of their insurance needs.
If you want more from your insurance broker call us today.
A huge thank you to Macey Insurance Brokers for sponsoring the Business Awards and supporting our Young Business Executives.
