Small businesses are the heartbeat of daily life for many of us. They brew our first cup of coffee each morning, take in our beloved pets when we’re away and, in some cases, hand us our monthly paychecks.
So what happens when a global crisis unravels our day-to-day lives overnight? For a company that offers same-day funding to small businesses such as Forward Financing, the answer is: everything, all at once.
“We had to take a really hard look at our operations,” said Product Owner Sheila Connolly. “We had to say, ‘Okay, this is how we've always done this. But now, instead of ten calls per day, we're getting exponentially more calls per day, so how do we put this through the pipeline?’”
It was crucial for the organization to pivot quickly to meet the demand that rose out of a pandemic-era economy and deliver solutions to their customers even faster.
As a scaling fintech company, Forward Financing had to adjust priorities in order to make sure customers remained a central focus.
“Prior to the pandemic, we were always focusing on what more we could do and implementing new processes and new systems,” said Karen Conroy, an underwriting analyst with the company. “And because of the pandemic, the progress turned into this idea of ‘How can we do what we're already doing, but better?’”
For the company, that meant relying on two things: powerful technology and award-winning customer service.
And when we say award-winning, that’s not hyperbole. The American Business Awards recently bestowed the company’s account servicing department (ASD) with its “Best Customer Service Department of The Year” recognition.
While both top-notch customer service and technology were already an integral part of Forward Financing’s operations prior to 2020, they became the guiding force behind the organization throughout the pandemic.
A Technological Gamechanger
As customer requests to adjust or pause payments flooded in throughout the pandemic, Forward Financing’s ASD team found itself facing new challenges.
Prior to the pandemic, the company’s ASD team had relied on a complicated recording system in order to review each customer’s unique financial situation. But right as the world was heading into lockdown, Forward Financing was hard at work building a new payment system that would make it much easier for the ASD team to manage accounts and deliver faster results to customers.
The platform, which was rolled out last year, allows ASD team members to more easily and efficiently adjust, pause, or change the frequency of a customer’s payments as the customer’s revenue fluctuates. According to Conroy, giving the ASD team members an easy-to-use visual tool rather than making them sift through a lot of text has been a “huge add.”
“It was something that allowed the teams to move so much faster, because it was just so much easier to use,” Connolly said.
A Customer-First Approach
Putting the customer first is something that Forward Financing has always done. In fact, it’s central to their business operations.
“We're focused on providing funding to as many small businesses as possible, which is unlike a lot of finance companies that are focused on providing as many funding dollars as possible,” Conroy said. “So for us, it didn't matter whether you obtained a $10,000 advance from us or a $100,000 one. You're still going to get the same service.”
This commitment to customers, coupled with a collaborative company culture, played a pivotal role in the company’s ability to meet the demands of their customer base during the early months of the pandemic.
“It was a really big community effort,” Connolly said. “Everything that we were doing was on pause. If it didn't have to do with servicing our customers, then we weren't doing it, so that was a really big change, and I think that's the reason that we were able to help as many people as we did during this time.”
According to Senior Account Specialist Michael Powell, many customers expressed their gratitude for the company’s customer-centric focus.
“What customers really liked about Forward Financing going through the pandemic is that we were honest and sincere,” Powell said. “And if we said we were going to do something, we did it, and we always followed up with a call.”
Learning From Uncertain Times
For most organizations, the pandemic has been a period of change. At Forward Financing, these uncertain times have ushered in a new way of doing business. According to Conroy, this meant employing a more tailored approach to funding businesses.
While the company has always focused on delivering the right fit to suit customers, the past year really pushed this ideal to the forefront, Connolly added.
“Everything that we're doing going forward is all based around flexibility with our customers,” Connolly said. “It's all about giving them the best experience.”
For Conroy, this focus on flexibility became one of the biggest takeaways from the past year.
“The ability to adapt and pivot as a team is so crucial to moving a business forward, especially in such an uncertain time,” Conroy said. “It made me realize that we have to be able to wear different hats in order to move forward.”
The Power of Relationships
All of this tireless collaboration had an impact on the company’s culture as well. According to Connolly, the goal-setting and focus that defined the past year served as a welcome respite from the chaos of the pandemic and brought everyone closer together.
The company’s leadership team also did their part to keep spirits up, added Conroy. By making a point to recognize individual wins on a regular basis, they succeeded in making company-wide meetings feel more personal.
For Powell, this focus on building relationships is emblematic of what has always set the company apart from other finance companies.
“The bottom line is, we build relationships with our customers,” Powell said. “That’s what keeps them coming back.”
