Jared had always dreamed of working for himself and providing for his family. With his background in hospitality management and his wife’s experience in retail and small goods, they played to their strengths and bought Lockhart Gourmet Meats in Lockhart. Jared leased a butcher’s shop and worked on the business by himself for 12 months, growing it to the point he could employ his wife, a butcher, and an assistant.
“It’s the dream,” Jared says. “Something my wife and I will be proud to tell our kids about and show them that if you work hard, great things can happen.”
Adapting to change
As with most new businesses, Jared first needed a way to accept non-cash payments, so he could compete with other businesses in the area. Commbank’s EFTPOS terminal provides fast access to money with same-day settlement to your CommBank account. This instant access helped Jared maintain momentum in the early days of the business.
As the business matured, Jared found he was regularly being approached by suppliers with special deals. While things were going well, cashflow was holding him back. Seeing the benefits of accessing these deals, Jared secured an overdraft from CommBank. With access to additional funds, directly from his business transaction account, Jared now had the flexibility he needed to negotiate better rates with suppliers.
“This allowed me to pass on savings to customers and become more competitive,” Jared says. “I didn’t have to pay standard rates, and that made it so much easier to do business.”
More recently, as the pandemic arrived, foot traffic in the store declined and online and telephone orders spiked. Jared had to change the way he operated, shifting to contactless home delivery to meet demand. In order to meet the changing needs of his customers, Jared needed a new SUV with onboard refrigeration to transport deliveries. Commbank’s Asset Finance helped him do just that. A straightforward application and prompt funding helped provide the finance so Jared could keep the business moving.
“We approached CommBank about asset finance because we needed a vehicle to get orders out to customers when they wanted it, and have the freedom to scale up delivery volumes,” Jared says.
He spoke with his CommBank banker Felicity, to discuss options. “Felicity knew how our business worked and what was needed. She asked us for the documentation, and we were away. It was seamless, and we had the car within three weeks.”
“Felicity was so good,” Jared says. “She took the time not only to understand the business but spend time with my family. She knows me, she knows my wife, she wants us to succeed, and that’s deeply personal. She knows her products too. She’s able to help us pick the right product to solve our problem.”
Better placed for future growth
Jared and his wife are now looking to buy the building they operate in from their landlord. “We want to alter the building to improve the way we work and ease our cashflow by avoiding rental payments,” Jared explains. “This will provide the security and options to expand the business not just in the local area but further afield. We called Felicity recently and have started the process of purchasing the property.”
Jared considered a BetterBusiness Loan to help realise the dream of owning the property. With a simple application, redraw facility and fast funding, the BetterBusiness Loan was the perfect partner. However, after speaking further with Felicity, they decided that purchasing through their self-managed super fund suited them better.
Jared says that the support from Felicity has changed his family’s life, helping Jared to manage his accounts and “not just make the most of what we had, but position ourselves to make it better.”
“We have had flexibility at each stage of the business’ evolution, and it allowed us to support the community and our family,” Jared says. “Every step of the way, CommBank has made our future more secure, made our business easier to run, and provided options for expansion. These are the options that have allowed us to realise our dream!”