Halo Guarantees Limited – one year on

An update from the Halo Guarantees Limited Board

It’s coming up a year since we launched Halo Guarantees Limited and so far, it feels like one of the best business decisions we’ve made. We’re learning all the time, doing work that’s important to you, work we feel makes a difference, and we’re able to make the decisions we want to quickly and for the right reasons.

These are all big drivers for us when we’re deciding what our next moves should be. We started on the smell of an oily rag but knew we had a pretty good product and an established client demand. We also had a very supportive majority shareholder. And yes, so far, it’s exceeded financial expectations.

What makes a successful startup team? One common answer is that prior startup experience, product knowledge, and industry skills predict the success of a new venture. But what other secrets did we unlock since starting this business?

Lesson #1: Invest in specialist advice and support A financial services business has a range of somewhat unique characteristics, which are significantly different to running a successful builder association. Not the least is around the regulatory requirements. Our small team has a great depth and breadth of experience around small and large businesses but from day one we recognised our limits. We, therefore, drew on legal, financial, and risk management expertise, not only in the developmental phase but even more so since we launched.

Lesson #2: Get noticed Putting ourselves out there was the thing that scared us the most. There’s always an underlying question of “Did we get it right?”

Lesson #3: Don’t undercapitalise a new venture. A lesson learnt from our collective business experiences.

Lesson #4: FOCUS. Start small, stay focused, and grow slow. Learning these lessons along the way helped us quickly adapt and modify the business and the product. Our focus is on an evolving and compelling value proposition.

Lesson #5: “Wherever you go, there we are.” This is about focusing on you – our customers – and accepting the fact that like any business, this is a journey with you. We’ve built our/your business on strong customer-centric values. ‘When something is important enough, you do it even if the odds are not in your favour.’ Elon Musk

Lesson #6: There’s never a perfect time to start, so just do it.

Lesson #7: New Zealand Certified Builders (NZCB) members wanted us to be successful. Yes, there was the odd naysayer, but the vast majority wanted Halo Guarantees Ltd to be successful and respected our decision to go it alone.

Lesson #8: Identify your competitive advantages Having worked in a large corporate, I know getting decisions made can be a long-winded process. Our competitive advantage is that decisions can be made and implemented quickly because we (through NZCB) have a strong engagement with NZCB members and their clients. If a technological advancement comes along that will perform faster and provide a better experience for our customers, we can adopt it. If we need to access specialist skills, we can quickly bring onboard experienced and talented workers on a contracted basis. Competitors will usually be more established in the market or at least have a more established brand. Therefore, it’s important to identify and use to our advantage the strengths we have as a startup. We celebrate what we’ve accomplished but are committed to raising the bar a little higher each time we succeed.

Let me take this opportunity to thank everyone who has supported Halo Guarantees Ltd in this first year. The Halo Guarantees Ltd team looks forward to continuing this journey with you all!

Kevin Sceats Halo Guarantees Limited Chairperson

An update from NZCB

It’s been a year since the Halo 10-Year Residential Guarantee replaced the Halo Guarantee Insurance product, so it’s an opportune time to look at how far we’ve come and what’s next.

Since its launch on 1 October 2020, guarantee applications from New Zealand Certified Builders (NZCB) members have been received at a steady and growing rate. While there was a pent-up demand for applications when we launched, the number of applications received in recent months has outstripped the number received during the first two months of operation. A pleasing sign that NZCB members and their customers are taking advantage of the guarantee offering. Here are three points to remember when applying for a Halo Guarantee:

1. It’s important we receive your Halo Guarantee application before your project starts

If the application is received after the project start date, we can’t be certain your guarantee will be issued. This is due to the underwriting risk criteria of Halo Guarantees and the impact of late applications on the overall guarantee portfolio.

2. Halo Guarantee applications via the online NZCB building contracts

Remember, it’s simple to apply for a guarantee; you can do it while completing an NZCB online building contract. Tick a box and the application is automatically generated for you.

3. Signed completion certificates are vital

It’s important Halo Guarantees receives a copy of the completion certificate (signed by your homeowner customer) at the end of the project. This triggers the start of the term of the guarantee; providing cover for both the homeowner and the builder. We wouldn’t like the homeowner to miss out on cover because the certificate wasn’t received.

What’s next?

The plan is to continually develop the terms and cover of the guarantee over the coming months. These will be developed and signed off by the Halo Guarantees Limited Board and we will let you know as soon as these are changed. Developments may include different types (or an extension) of cover, as well as the opportunity for NZCB members to access extra features – but more on this later.

Thanks for your ongoing support of the Halo 10-Year Residential Guarantee.

Are you using the correct logo?

When we launched the new Halo Guarantee product, we kept the same logo but made subtle changes to the wording underneath the image. It’s great to see so many members using the updated branding. For those who have not, please replace the old Halo Guarantee Insurance logo with the new Halo Guarantee logo.

The only way to build a strong reputation, and ensure homeowners recognise the value of engaging an NZCB member and using the Halo Guarantee, is by getting the brand out there.

How can I help spread the word?

Use the stickers – these are now FREE and can be ordered from the Stationery section, under the Shop on the members’ only Toolshed. Use the logo – the logo can be found and downloaded from the Branding section of the members’ only Toolshed. You can add the Halo Guarantees logo to your clothing, vehicle, site signage, stationery items such as letterhead, business cards etc, your website, your email signature, and all advertising material. Read the Brand Guidelines – download the Brand Guidelines from the Branding section on the members’ only Toolshed and refer to them for file format usage, print colour specifications and rules to ensure the Halo Guarantees brand remains consistent. Don’t forget to send them to anyone else using the logo, such as signwriters, web designers, or printers.

If you are unsure or have any questions, please contact Halo Guarantees Limited on 0800 141 490 or gabby@halo.nz.

Grant Florence Chief Executive

Your Halo 10-Year Residential Guarantee is administered by Halo Guarantees Limited, a company owned 100% by New Zealand Certified Builders Association. All Halo Guarantee documentation can be found on the NZCB members’ only Toolshed. If you have any questions please contact Gabby on 0800 141 490 or applications@halo.co.nz