Introducing Simon Pether

An interview with Simon

Hi Simon. Can you tell us a bit about your career so far?

I actually worked at one of the UK's largest furniture retailer for many years, taking on a variety of roles including a stint as part of their internal financial services team.

It definitely showed me what it's like to work 'on the other side', giving me insight into what our retailers really value and what they want to see out of the service we provide.

So you got to know plenty of finance providers?

Yes, I've worked with many of the main finance providers so I have first-hand experience of what it's like to work with them.

When I decided to look for a new role, I knew I wanted to try working with a finance provider instead of moving to another retailer. In all honesty, Novuna (the brand was then known as Hitachi) was always top of my list.

That's interesting - why?

Out of all the finance providers I worked with, the team at Novuna always genuinely cared. They were upfront and honest - even if it might have meant a few difficult conversations. That culture of integrity is something I really value.

Fortunately, I can confirm the Novuna culture the client sees is very similar to the internal culture here. That's part of the reason I've been part of the business for nearly ten years now.

Can you tell us a bit about your role as a National Retail Manager? 

Myself, along with my colleagues Darren and John, look after large teams of Relationship Managers. Between us we manage our retailer relationships at every stage, ensuring they're making the most of our finance offering.

While I still have plenty of involvement with retailers, I'm more closely involved with the strategic development of the team and the wider Consumer Finance business unit.

How would you describe the role of a Relationship Manager?

Our RMs are an extension of a retailer's team. It's our job to make offering retail finance seamless, so it's not something the retailer needs to worry too much about. They know we've got it sorted and trust us to offer sound advice.

Relationship Managers have a huge responsibility at Novuna, don't they?

While RMs in other organisations might act as a bit of a middle man, or account manager, here our Relationship Managers are absolutely essential to our partnerships with retailers.

Put simply, everything that goes on with a retailer is a Relationship Manager's responsibility. They manage almost every aspect of that relationship - understanding and analysing the sales figures, pricing structures, compliance, marketing, sales...

That means our RMs really need to know their stuff. Our team has extensive knowledge of both the retail finance industry and our retailer sectors.

How does that level of service set us apart?

I'm hesitant to refer to it as a 'level of service' because, really, it's more about 'level of experience'. Our RMs are one central point of contact for the retailer - they know the retailer's figures, background information, their expectations. The retailer can pick up the phone or drop us an email any time and our RMs are able to deal with their request quickly and efficiently.

That's very different to some other finance providers, where RMs essentially act as a go-between for a retailer and other departments.

What are some of the ways our RMs go above and beyond for retailers?

We don't just regurgitate figures our clients already know. We proactively look at our clients'  data and recommend strategies or solutions to help support their growth. Combined with the knowledge we have on our retailers' businesses and the market in general, we can provide some really valuable insights.

In many ways, our Relationship Managers act like a business consultant which is a huge added value to our retailers.

Tell us about your experience developing a high-performing team

Most of my team have been with Novuna for many years, and over half of the wider team has already reached their ten-year milestone.

I think that's not only testament to the culture we have as a business, but also the way we prioritise internal progression. We're very keen on developing members of the team and therefore promoting from within.

Some of my colleagues have joined the business at a junior level several years ago and are now some of our most experienced RMs.

Do retailers appreciate that consistency? 

Of course, we always try to ensure our retailers have one point of contact they're extremely familiar with.

But, more than that really, they value the experience of our RMs. Team members who've developed their career at Novuna understand the high expectations we have, and the high levels of responsibility placed on them. Our retailers get an awful lot of added value from experienced RMs that have in-depth knowledge of the industry.

What are your favourite aspects of your role?

Being part of a team doing a great job.

Any client-facing member of the team enjoys helping our retailers and adding value to their business - it's what the job's all about.

But as a manager of a team I also enjoy watching the team progress. I've been in meetings with retailers when a colleague has told them about a promotion, and the retailer has been truly pleased and proud to see their progress. It's a sign of a job well done.

Can you tell us the main challenges your team are supporting retailers with at the moment? 

Retailers are relying on us to help them manage their costs more than ever. Everyone's feeling the impact of the cost-of-living challenges so we're doing all we can to not only help retailers grow their business but help them save costs too.

How are you overcoming some of these challenges?

It all comes down to that proactive support. We've heard of competitors simply sending an email to retailers to announce price increases. That's unacceptable to us. We try extremely hard to keep prices competitive but, whenever we have had to have difficult conversations with our retailers, we always do this face to face. It gives us an opportunity to have an in-depth dialogue and work on solutions together.

Our tailored finance solutions are so important, too, as it's a great way for retailers to maximise sales opportunities. Our decline tailoring allows customers to tweak their application to create a more affordable payment plan, allowing us to accept more applications. Meanwhile, our accept tailoring gives accepted customers the opportunity to reduce their loan term which lowers the total cost of borrowing for customers but also reduces subsidy costs for our retailers.

What one piece of advice would you give to a retailer looking to offer finance?

Offer the retail finance product that works for you and your business, instead of simply replicating what your competitors are doing. Ultimately, it has to be personal to you based on what you can afford as a business and what your customers want to see.

We'll work closely with you to understand what you're trying to achieve with retail finance, and will recommend the right products based on your expectations and our own data. Trust us to help you get it right.