Greg Rynenberg has been building businesses for over 40 years but remains as passionate today as when he launched his first business at age 27.
Dynamic Business sat down with Mr Rynenberg to discuss how his latest venture, Flexigrow, can help SMEs thrive despite the challenges that lie ahead.
Australian SMEs are doing it tough, and the difficult times are set to continue, with the RBA predicting that economic growth will slow considerably over the second half of the calendar year 2023.
Never has working smarter, converting every prospect into a sale, and closely monitoring cash flow been more critical to business survival. Mr Rynenberg’s mission is to help entrepreneurs better control and monitor their business drivers to become more profitable.
The Flexigrow Business Management platform has been designed to improve efficiency so owners can focus on growth. It reduces entrepreneurs’ daily frustrations and keeps them in touch with how the business is performing.
Understanding the pain points
An insurance broking business is at the core of Greg Rynenberg’s business portfolio, and the brokerage also provided the genesis for Flexigrow.
“As well as loving to help people protect their assets, I love to help businesses grow,” he explained. “Insurance brokers visit a lot of clients and talk to a lot of business people, and I hear all the frustrations they experience running their business.
“Most entrepreneurs know what they want to do: they want to be a great electrician, they want to be a great plumber, they want to be a great management consultant. What frustrates them the most is putting all the administration pieces of the business together to make it run efficiently. You have to learn those things: I had to learn them.”
An important part of Mr Rynenberg’s learning curve occurred when he launched a finance company 35 years ago, a time when business computing was still in its infancy.
“Look, I’m a guy who likes to make things simple and run efficiently, and I quickly realised that computers were the thing that would make that happen,” he explained.
“I looked for software for my finance company, and there was none. So, being me, I decided to engage a software business to build bespoke software. That software became the leading software for what we call premium finance throughout Australia, New Zealand, the UK, and Canada. It’s the number one software used by many of the leading premium/Fee funders today.
Integration is key to productivity
Having developed a taste for software development, Mr Rynenberg built and refined bespoke software solutions that could improve the performance of his business units.
“The trouble with business is you have all these different programs surrounding you, but unless you’ve got a bit of knowledge, it is very difficult to integrate them. I soon learned that if my systems could seamlessly talk to each other, I could save money and time and make things run more efficiently.”
“Throughout the years, Mr Rynenberg dedicated his efforts to crafting an array of software products capable of seamlessly integrating numerous business functions.
“What set me apart when creating our business management tool was my first-hand experience running a business,” he explained. “This innate understanding of their inner workings enabled me to grasp how each component interconnects. And that’s the genesis of Flexigrow — it emerged from those modest origins.”
Making the numbers meaningful
Mr Rynenberg observed that while accounting packages are critical to your business, they are not business management tools and don’t always provide all the information business owners require to keep their fingers on the pulse. And monitoring performance is critical at present.
The July 2023 CreditorWatch Business Risk Index showed the average value of invoices for Australian businesses has dropped 28 per cent over the past 12 months. B2B trade payment defaults continue to trend upward, with an 86 per cent year-on-year increase. In short, companies are writing less business, and non-payments are rising.
This is where Flexigrow Business Management comes in, providing a solution designed to transform your business operations. It is an intuitive and scalable subscriber-based platform that seamlessly integrates various essential business functions, including Quoting, Appointment Scheduling, Invoicing, a Pay Now feature, and Inventory Management.
“The platform provides flexibility from any corner of the world, whether you’re a tradesperson on the move or a business on the rise,” Mr Rynenberg continued. “Its versatility extends to mid-sized companies, particularly those with invoicing requirements and a demand for smooth payment experiences.
“Flexigrow facilitates swift quote approvals, deposit payments, and invoice settlements through a single link. The integrated digital payment capabilities provide the seamless transactions that customers demand.”
Mr. Rynenberg underlined the importance of effortless payments in maintaining healthy cash flow, a sentiment echoed by delighted business owners who’ve embraced the “Pay Now” button.
Beyond financial management, Flexigrow tracks invoices, issues reminders, and manages client and inventory databases and schedules. Mr Rynenberg said that the upcoming release of a mobile application to capture expense data is just a glimpse of what’s to come. Anticipate the integration of marketing and debt collection tools as Flexigrow continuously expands its capabilities.
Mr. Rynenberg concluded: “Our message to clients is clear: This is your software. Our mission is to refine it for your business’s growth. Every innovation will be tailored to fuel your success.”
Business expansion tips
We asked Mr Rynenberg to share his business insights with our readers.
Adopt a customer-centric approach
Understand your target audience’s needs, pain points, and preferences. Gathering feedback and actively listening to your customers’ needs helps you tailor your products or services accordingly. A customer-centric approach will improve customer satisfaction, loyalty and word-of-mouth referrals.
Having a well-rounded marketing strategy that combines online and offline efforts is paramount. Look at content marketing, social media engagement, search engine optimisation (SEO), and paid advertising. Tracking your actions and customer reactions provides greater insight.
Effective sales techniques
Develop a process that includes consultative selling, relationship building, and problem-solving by putting yourself in your customers’ shoes. This helps you understand the buyer journey so you can adapt sales approaches at different stages. This is where a good CRM or customer journey process assists your business.
Always look at fresh ideas or innovations to keep your product or service offering appealing. The old story that a ripe piece of fruit will rot over time is pertinent to business. You must constantly change and evolve and allow yourself to be green and growing.
As your business grows, it’s important to build a strong team. Consider how you recruit, onboard and bring people into your culture. Helping employees grow and develop is an investment in your team and business.
Conduct regular one-on-ones with your managers and ask them to do the same with their team. This is a great way to listen, learn and keep people on track. A flexible workplace that accommodates different arrangements promotes a motivated and productive workplace.
Data-driven decision making
Being able to analyse data helps every business make informed decisions. Data can provide insights into customer behaviour, market trends, and operational efficiency. This may be highly technical, but simply monitoring a few trends can help you make the right decisions or enhance your products or services.
Don’t underestimate the importance of having key performance indicators that allow you to reset quickly.
Work on yourself
Your enterprise and its success rely on you being motivated, open to learning and the best possible leader. We have so many avenues available these days to expand our knowledge.
Having a trusted mentor who you can bounce ideas around with is a great way to help you grow.
Taking the time to set strategies and goals keeps you on track and moving forward.