Experience is Our Superpower: The Benefits of Choosing a Supplier with Longevity

Nowadays, we hear of new business startups on what feels like an almost daily basis.  These companies often promise new ideas or a new way of doing things that have been done for years.  They are often exciting, glamourous and vibrant with the recent splash of financial capital that’s been thrown at them.

But are they a good bet as your supplier?

Although new ideas are undoubtedly important, and should be explored for their viability for your business, when it comes to a tried and tested company over a recently born business, where are you wise to invest?

As business.org reminds us, ‘Your supplier can make or break your business, so it’s important to choose the best possible provider.’  The handover solution you choose will have a huge impact on your customers’ perception of you, as well as their likelihood of recommending you to their friends and family.

As a long-term supplier to the housing sector, we firmly believe that our experience outweighs the shiny new prospect of a recently launched company.  Let’s just put our bias out there and be done with it.  What we would like to explore in this blog is why our experience in the housing sector is so important for our approach as a business and how, in turn, it benefits our customers.

But firstly, we need to take a moment to think about…

The Unlikely Success of Startups

Did you know that, in the UK, 20% of businesses don’t make it past their first year?  And according to UK Money, a whopping ‘60% of new businesses will fail within the first three years.’  So, how can you be sure that you’re choosing one of the 40% of businesses that will make it past the three year mark?  Or the 33% that make it to ten years?  Unfortunately, you can’t.

Startups fail for a number of reasons, but certain issues arise frequently.  UK Start Ups claims that, ‘One of the biggest challenges that start-ups in the UK face is access to funding.’  Although there might be a sizeable financial outlay to get the company launched, if profits aren’t swiftly made, that capital soon runs dry and operations gradually grind to a halt.

UK Start Ups goes on to reveal that, ‘Another challenge is the intense competition in the UK business world.  With numerous existing businesses in almost every industry, start-ups often struggle to stand out and attract customers.’  So, although the newness may have drawn some customers in, like a moth to a glimmering flame, often prospects will tread with caution and choose a supplier with a strong track record of success.

‘Navigating the complexities of regulation and compliance can be daunting for new businesses,’ adds UK Start Ups.  In the housing sector, this is an important consideration to make.  This is an arena laden with rules and regulations, and non-compliance can have significant consequences.  If you choose a new player in this field, their likelihood of understanding all the measures you need to fulfil for compliance will be harder to ascertain.  A longstanding provider of Code-compliant products and services, on the other hand, will understand your obligations and ensure they’re fulfilled.  Which leads us onto our next point…

Benefitting From the Advice of a Longstanding Supplier

One of the main benefits of choosing a supplier with a long history of success in your industry is that they can offer advice based on the knowledge they have gained over time, whether that be about best practice in a new sector or how to overcome challenges.

It might be that you’re a Build-to-Sell developer looking to move into the Build-to-Rent sector, or a social housing provider about to build a development for private sale.  Whichever area you are coming from, and wherever you are moving, a longstanding supplier will usually have had experience of supplying to that type of housing provider, and have an understanding of how these developers best operate.  These invaluable insights can help you start off on the right foot, rather than hit the same challenges those without this advice might face.

Also, as Forbes magazine points out, ‘Experience helps your company to deliver on its promises to customers and builds trust between your company and its customers.’  Choosing a supplier that benefits from long-term experience means that you, in turn, will deliver.  Problems you might face are unlikely to be something this supplier hasn’t seen before.  So, with them and their advice on your side, you are in a better position to tackle any issues that might arise, whether that be for a particular development, or even a change in legislation that means you must revisit many of your processes and customer communications.

Prioritising Quality

For a company to stand the test of time, they need to be supplying a quality product or service that their customers are happy with.  In this digital world, a bad review is lethal for any business.  As Reputation Sciences warn, ‘Negative reviews can quickly spread online, damage a company or brand’s image, and influence consumer decisions.’  And, arguably even worse, ‘They also affect search engine rankings, making it harder for businesses to be visible.’  ‘According to online estate agents Yopa, 98 per cent of house hunters use the Web to start their search for property,’ reports home.co.uk, meaning a scathing online review would have serious consequences for homebuilders.

In order to have survived a number of years, the reputation of a business must remain at the very least intact and most likely in high esteem.

As a supplier with longevity, we understand the importance of never letting our customers down with the quality of our products.  We take great pride in ensuring that every last element is accurate, compliant, and visually appealing.  These qualities have helped us to create a reputation as a supplier to be trusted.  After all, our products work as a direct reflection of our clients to their customers, and we take that responsibility very seriously.  Which is why it’s important to…

Opt for Experience Over Speed

Business.org offers the advice that, ‘If your supplier isn’t reliable or doesn’t provide high-quality products, your company will struggle.’  But how can you be sure of the quality?  We would argue that the best products take some time to perfect.  Think fast fashion vs slow fashion, and all of the associated connotations.

In the realm of PropTech, sometimes newer companies can offer a quicker turnaround for a similar product when compared to a longstanding supplier.  But it is important to question why that might be.

Newer businesses will have fewer clients, therefore less orders to work on.  Although this might sound like a benefit, fewer clients means less experience.  Experience which can be used to improve their, and your, service.

They will also have developed fewer processes inside of operations, meaning less boxes to tick before the product is released to its customer.  However, a longstanding supplier understands the importance of these boxes and that each tick plays a crucial role in perfecting every last item that leaves the warehouse.

So, when it comes to choosing a supplier for your reservation, handover or tenancy needs, think about your PropTech options and what it is they are really offering you.  Choose a supplier with a history spanning over a quarter of a century and you will benefit from all the wisdom they have gained, as well as the quality they have refined with their many years of experience.