Spotlight on small business: How Odin Business Lending thrived in a time of change
Running a small business has never been more demanding. In tough times like these, it’s more important than ever to give business owners a little extra support. And that’s exactly what NSW Small Business Month is all about.
Led by the NSW Government, the month-long festival throughout November helped small businesses connect and collaborate with others, while building new skills and gaining insights and tactics for navigating the road ahead. DocuSign was delighted to be a part of it all, with our two events attracting strong interest from small businesses across the state.
Our first event was an in-person afternoon of networking at Hotel CBD in Sydney, on the topic ‘Tools to Build your Small Business’. Hosted by Karli Smith, Director, Strategic Programs, DocuSign, small business owners settled in to hear from; Gretta Svendsen, SMB Lead ANZ, Microsoft; Erin Williams, Regional Vice President, ANZ Alliances, Salesforce; Riza Dela Cruz, Head of Projects and Transformation, Credabl; and Laura Lane, Head of Sales ANZ, Employment Hero.
Their insightful discussion ranged from the challenges small businesses have faced over the last few years – such as Covid, changing customer needs and the uncertain economy – to the role of technology in helping businesses grow.
Thriving through turbulent times
Then, last week, we hosted a webinar diving a little deeper into the topic of how to thrive during turbulent times. Mallissa Vourakis, Partnerships & Business Development Manager at Odin Business Lending, kindly shared her hands-on experience in adapting, thriving, and building resilience during challenging times.
Odin Business Lending started around the same time as Covid first hit our shores, to help small businesses overcome the challenges of securing finance in their first year or so of operation by offering cash flow funding and small business loans, fast. From its earliest days, Odin prided itself on exemplary customer service, with an easy application process and super-fast turnaround on its loans.
Despite its rapid growth and remarkable success in the few years that it has been operating, Odin certainly faced its own challenges in the early days. Starting a business like this during a pandemic was hard. As Mallissa said, “We definitely had challenges. Prior to Covid, it was expected in the finance space that you would meet clients face-to-face to sign documents, otherwise contracts couldn’t get settled. Obviously, with Covid, we needed to meet legislation but find different solutions. DocuSign was a massive solution for us, allowing us to meet compliance.”
“We learnt to move around our digital platforms during Covid, and now, we know they provide an immediate way for us to work around our clients’ schedules, send contracts in a timely manner, and not interfere with our clients’ lifestyles and ability to make money.”
Running their business at a time that suits everyone and growing at an exponential rate wouldn’t have been possible without digital tools. Odin has embraced a range of technologies to help drive its business forward. “Moving to a digital platform has made our business more seamless. Everyone can do their work digitally, seamlessly and fast,” said Mallissa.
And it means that, as Odin grows, so too do the opportunities for other small businesses out there that might need their financial support. Mallissa shared the example of a young woman who needed to borrow $5,000 to help get her vegan yoghurt product onto the shelves of Harris Farm supermarkets. That young woman is now turning over $1 million per month and expanding internationally thanks to having the ability to access funds fast.
Odin’s clients respond positively to the digital signing of agreements, particularly when the Odin team walks them through the security and encryption process, showing how secure and easy it is.
How to get started with tech transformation
For any other business thinking about getting started with digital tools like DocuSign, Mallissa’s advice is simple. “It all comes down to strategy. Start at the end – know what you want to achieve – and work backwards to plan how to implement and realise your goals. Be flexible, because as you proceed you’ll need to refine and change it,” said Mallissa.
And it’s definitely worth the effort, as it delivers tangible results. Odin’s phenomenal growth is testimony to that, growing from 3 people at the start to 34 today. They’re now in the running for the 2023 AFR 100 Fast Starters award, a huge testimony to their respected place in the market today.
See how Odin uses DocuSign day-to-day
To get a taste of how Odin uses DocuSign to facilitate the swift execution of contracts, you can watch the full webinar (jump to the 20 minute mark for the demo).
Or, to find out how DocuSign could help transform your small business, get in touch today.