TRAINED as a middle-distance runner in his early 20s, Mark Hegarty knows that determination counts when running a race or running a business. Mr Hegarty, 42, was trained by national sporting identity John Toleman and won the two-mile events in Australia's most famous and richest foot race, the Stawell Gift, in 1991 and 1992.

A knee injury forced Mr Hegarty out of the running game but he applies the same determination, effort and planning in running his business. He started up finance provider Future Finance Corporation four years ago.

In his constant attempts to streamline financial services, Mr Hegarty developed an SMS application so vendors can get almost instant quotes for loans anywhere in Australia at any time.

Mr Hegarty says some vendors aren't in the office when their clients ask for quotes on loan repayments. "Rather than (presenting the answer) on paper, our vendors register with us and the calculations are automatically calculated and SMS-ed back to them in 30 seconds.

"We listen to our vendors and get to understand how they do business and what tools they want in the marketplace. We identify how we could improve their business and then develop a solution.

"We saw vendors giving their clients quotes that were prepared on scrappy bits of paper, or payments offered on the back of a business card, so we employed an SMS programmer (to develop the SMS idea)."

After 14 years in the finance industry, Mr Hegarty has learnt that the client is always right. "Listen to a client and supply what they want rather than what the industry thinks they want."

He talks about vendors who sell their products on a weekend and want the buyer to sign a contract that day instead of waiting for a bank to approve a loan. "Typically in the banking industry a client applies for a loan, it is processed and then a contract is mailed out. It is a two to three-step process.

"We developed a website so clients could buy from our vendor and apply for a loan direct. The vendor can process the client in one hit. We do the credit scoring. We developed a program to do that so the client can sign a contract at point of sale. The loan can still be declined if it does not meet our required credit standards.

"We spoke to a number of banks and they said 'no, the industry does not do it like this'. We were able to develop a solution (with) the use of our own funding, and a website that enables the loan application and contract process to be reduced to a simple one-step process. This has enabled some of our vendors to double their (sales).

"I think the banking industry has taken to the IT space more slowly. It has used IT for storage and processing but not for the true benefit of the customer."

Mr Hegarty still runs (and swims and paddles) to keep fit and give him a break from work.

"When I'm training it clears my head and allows me to open up and think about things differently, and I can deal with something that has been bugging me for days. Exercise lowers my stress and my weight. You can't worry and run at the same time."

The best advice Mr Hegarty can give budding entrepreneurs is to listen to people who have been successful and use them as role models.

"They achieve their goal by trying something new or trying it differently - doing new things out of the norm. We do new things differently outside the banking industry, some have worked and some haven't."

He says the best athletes or the best business people have an immense amount of determination.

"Don't underestimate its power. Lance Armstrong showed determination in the face of death and adversity when he developed cancer and, despite the critics, returned to the sport winning the Tour de France six times.

"Jack Welsh changed the face of General Electric. GE is now regarded as one of the best finance companies in the world.

"One of the things that Welsh will be remembered for is his leadership qualities - the strength of which is reflected in that he was the CEO of GE for over 20 years."

Next Lessons

- To be successful, you need to be determined.

- Understand how your clients do business.

- Listen to a client and supply what they want, rather than what the industry thinks they want.

- You can't worry and run at the same time.

- Listen to people who have been successful and use them as role models.