Vero helps SMEs get through tough times
As we all look forward to more hopeful times, we reflect on the SMEs who need support more than ever. The Vero Business Recovery Grant was created to help existing Vero SME customers deal with the financial hardships caused by the COVID-19 crisis.
Helping the helpful
At the start of 2020, 1-World Charity Shops was under significant stress when it was forced to halt set up of a new shop expansion in Underwood, Queensland. The plan was to be set up within 12 weeks but COVID-19 border restrictions postponed developments for five more months. This forced them to spend more money on wages and rent while missing out on projected sales from the new store.
With only 20% of set up done, they were doing everything they could with what they could afford and the small number of staff that could actually access the new store in Brisbane. Then, their broker from Ardrossan Insurance Brokers, reached out and suggested applying for The Vero Business Recovery Grant and that’s when things took a turn for the better.
1-World Charity Shops CEO, Matt Dudgeon, notes how at first he thought it would be too late to apply, but the team quickly put together a last minute application and were ultimately awarded the grant that would help turn their business around.
What did 1-World Charity Shops do with their grant?
1-World Charity Shops decided to use the grant to “invest in advertising signage” to lure new customers to the new Underwood store.
What has receiving the grant meant for 1-World Charity Shops?
The delayed opening of the Underwood store meant income and business plans were behind too. “The grant fast tracked our ability to recover this revenue/business, which helped us to finally open the Underwood store in October”. “The opening exceeded everyone’s expectations and smashed previous records… the Underwood Shop now holds the largest and second largest foot traffic counts in a single day.”
What does 1-World Charity Shops look forward to in the future?
“We believe that the grant will be a long lasting advantage for 1-World Charity Shops in Brisbane and will result in increased employment opportunities and further support to families affected by serious illness, hardship and disadvantages in South East Queensland”.
Matt Dudgeon, CEO, 1-World Charity Shops
Let’s get back to business
“The goal of the grants was simply to help Australian SME’s doing it tough and provide them the kickstart needed to bounce their business back. To witness first-hand how Vero’s grant has helped 1-World to rebrand their store and see a positive Increase In foot traffic is truly a proud feeling.
As we reflect on the past year and what could have been, and to now see the positive impact that our grant has had on 1-World, it’s rewarding to see how our initiative supports industries and communities across Australia.
We often refer to our intermediaries as ‘partners’. Partners in the sense that we are in this together, helping local businesses thrive. Our initiative, supported by Georgina Gerraty and the Ardrossan Team, literally shows the power of this partnership as 1-World recovers and becomes a stronger business in 2021.”
Anthony Pagano, Vero Head of Commercial Intermediaries.
Help beyond insurance
The Vero Business Recovery Grant launched in 2020 and offered 25 grants with a total value of $250,000 (inc GST) to Vero SME customers, which would go towards services across business advertising, promotional printing, business equipment and business consultancy.
The grant has helped brokers engage with their customers in a whole new way and has helped these SME’s tactfully pivot their operations in these trying times.
Beyond the Vero Business Recovery Grant, there’s still plenty of ways brokers can help their SME customers.
We’re inviting all brokers and SME’s to the Vero Business Recovery Webinar Series, which features lectures from an independent business consultant covering three insightful topics:
- Pivoting your business in times of crisis
- Sales skills that work in any environment
- Mindset, mental health, wellbeing and coronavirus.
Register to watch the Vero Business Recovery Webinars on-demand