Amidst the current economic challenges, our commitment to you, remains unwavering. Following the release of the September 2023 CPI data, the Annual CPI inflation stood at 5.4% in the September 2023 quarter. This marks the third consecutive quarter of diminishing annual inflation down from the 6.0% annual rise observed in the June 2023 quarter, and significantly down from the peak of 7.8% recorded in the December 2022 quarter. Furthermore, the trimmed mean annual inflation of 5.2% in the September quarter is a noteworthy decrease compared to the June 2023 quarter's inflation of 5.9% and the peak of 6.8% seen in the December 2022 quarter.

Within this dynamic economic landscape, it's essential to recognise that the bar for customer service has been raised. While the initial response might be to cut costs, changing dynamics underscore the strategic importance of customer support. For business owners and property investors, this shift is a unique opportunity to not only navigate the challenges posed by significant price rises in automotive fuel (+7.2%), rents (+2.2%), new dwelling purchases by owner-occupiers (+1.3%), and electricity (+4.2%) but to emerge stronger. These numbers reflect the challenges that both SMEs and property investors face in managing their budgets and investments.

Efficiency and responsiveness in customer support have a profound impact on customer loyalty. The more confidence your clients feel about your commitment to their needs, the more likely they are to stay loyal. Therefore, investment in customer service, whether through hiring skilled professionals, enhancing training programs, or deploying innovative support solutions, is an investment in business resilience.

Periods of high inflationary pressures, despite their challenges, can be seen as an opportunity to reinforce business-client relationships and safeguard against future uncertainties. Acquiring new customers during a tight economic climate becomes increasingly daunting and costly. In a competitive market with reduced purchasing power, the cost of customer acquisition typically escalates, diminishing the return on investment. This necessitates a strategic pivot towards retaining existing customers.

Existing customers are already familiar with your business, have experienced your products or services, and are more likely to remain loyal, especially if their past experiences have been positive. Ensuring their satisfaction becomes paramount. Scaling up your customer support is the way to efficiently communicate your commitment to addressing client concerns. Satisfied customers are not just loyal; they also serve as organic, cost-efficient marketing channels as they recommend your services to others.

To succeed in this environment, consistency, personalised service, and open communication are key. By maintaining these pillars, we can build strong, long-lasting relationships with all our clients, regardless of their size. These principles not only apply to business owners but also to property investors who seek wealth creation and financial stability.

In conclusion, we want to emphasise that during times of economic uncertainty, customer support is not an expense but an investment in our future. By focusing on our existing clients, providing them with top-notch support, and maintaining open lines of communication, we can navigate the turbulent waters of economic downturns and come out stronger on the other side. Your success is our success, and we are committed to supporting your goals around wealth creation and financial stability. Thank you for being a part of our journey.