In conversation with: Beatriz Montoya
When small businesses are worried about their future they don’t just need insurance — they need support. Simply Business has a big ambition to become the undisputed champion of micro SMEs Beatriz Montoya COO, Simply Business.
COOs come with all sorts of different job descriptions and I’m a commercial type. I’m responsible for marketing, performance, brand, internal and external comms, and our 300-people contact centre. We are a customer-centric organisation and believe that customer satisfaction and success will translate into long-term customer growth. We have a clear customer north star and it’s my role to ensure that everyone delivers to that.
Our purpose is to insure small businesses and enable big dreams. Our north star is to bring every SME and landlord the best choice of competitive, tailored business insurance, wherever, whenever and however they want it. We champion our customers and simplify a confusing market.
I’ve been here for seven years and in that time we’ve had huge growth. We’ve grown from 300 people to more than 1,000 and from 300,000 policies to more than a million.
My role is hugely broad and very enjoyable. I love what we’re here to do. No two days are the same in a company of such growth. I’ve been really lucky to have helped deliver this growth as well as develop my career and make this a customer-centric role within a very customer-centric organisation.
Empathy has become the most important skill in leadership. We saw that through Covid and we’re seeing it more now. I also think the four Simply Business leadership habits are critical: drive purpose, collaborate effectively, coach for growth and be humble (which for us is about modelling integrity, embracing differences and actively listening).
We’re committed to making a positive impact on customers, employees and the world around us. We became a B Corp, so that we hold ourselves accountable as a business and show that we’re not here only to deliver profit to our shareholders.
My biggest challenge is the wellbeing and future of the SME community.
Their number has declined, largely due to a drop in sole traders, and in a survey we did recently, 26% of 1,000 small business owners said they’re not sure they’ll be able to pay the bills. They’re worried about the future and increasing costs.
The world is increasingly difficult and is changing increasingly rapidly. Overcoming the challenges means staying close to customer sentiment. We’re talking to our customers, understanding their challenges and working with them to scope out potential solutions — seeing how we can evolve our core offering but also help beyond what we do today.
We are determined to become the undisputed champions of micro SMEs. It’s never been more vital than now, when the community is suffering.
We worked with Magnetic to develop a strategy with three pillars. The first pillar is knowledge, giving the community resources such as how to use Facebook for business or what the latest tax changes mean.
The second uses the collective voice of the community to drive its advancement, using our data to see what we need to give attention to. Sole traders tell us they’re struggling with mental health so we put £100,000 into resources for them, through our partnership with Mind.
The third pillar is networking opportunities. This is new for us and we’re testing it. The feeling of isolation is tough in the small business community.
We measure our impact using metrics including the correlation between NPS and retention rates, brand awareness, and average AVE [advertising value equivalent] from PR activity tracking. We’re moving towards shared value, which means creating business value in a way that also improves the environmental and social conditions in the community you operate in. Measuring these together helps us understand how much growth we’re achieving as well as how much good we’re doing.
Our purpose drives our long-term business outcomes. I’m inspired by this combination. To drive business growth as well as have a positive impact is a magic place to be.
This is an excerpt from our latest book Purpose: Built, it’s all about making change happen and designing a brighter, better future. If you’d like a copy of request one here.
Magnetic is a design and innovation company that helps design better futures. We’ve worked with global businesses to build capabilities, products, services and transform organisations. To find out more get in touch: hello@wearemagnetic.com.
