Episode 2: In Conversation with...Rachel Clacher CBE, Co-Founder of Money Penny, the telephone answering start up that has become a global scale up

Lindsey Moore: In Conversation with SMEs (Seriously Motivated Entrepreneurs)

This podcast aims to provide inspiration, motivation and energy to those looking to start, scale or pivot their business, by hearing the stories of others who have been brave, followed their heart, kept their nerve and grown something quite remarkable.
In this episode I interview Rachel Clacher CBE, Co-Founder of Money Penny and Founder of the charity We Mind the Gap.
Rachel is someone who has inspired me for many years by the values, belief and commitment she has in using business as a genuine force for good.

Back in 2000, based on a big idea and £10,000, Rachel and her brother founded Money Penny. Today it is the world’s leading provider of telephone answering, outsourced switchboard and live chat services, with offices in the US as well as the UK. Chances are you’ll have spoken to a Money Penny PA without even realising it.

The team of over 750 handles over 15 million customer interactions annually on behalf of their clients who range from magic circle law firms and the British Veterinary Association to Instagram influencers such as Joe Wickes The Body Coach.

As someone who believes fundamentally that business is a force for good, Rachel is committed to developing the agenda on the subjects that she is passionate about including customer service, culture, entrepreneurship, opportunities for all, coaching and corporate social responsibility. Money Penny’s driving ambition has always been to make a difference rather than just make money. But in doing this they have become more profitable and more robust than any of their competitors.

Rachel has said: “ what people want from their leaders or managers is genuine concern,’, known as the happiest place in the land, Money Penny is in the Top 20 Sunday Times Best companies to work for.

In 2014, Rachel brought Money Penny’s unique approach to people development to a whole new cohort with the establishment of We Mind The Gap, which gives new opportunities in life and work to unemployed under-served young women through providing totally holistic paid traineeships. The first traineeships proved so successful – with 70% of all participants moving into full-time work or education – the programme now runs across four locations in North Wales and the North West, with plans to expand to sixteen traineeships by 2023.

Rachel has said “I strongly believe in doing the right thing, treating people well and providing ongoing support. This is not about ticking boxes, it’s about business and communities, and helping young people who are operating within a system that often doesn’t communicate.”

In this interview Rachel talks openly and candidly about what the journey has been like going from a 2-person start up to a multi-national business – the challenges they encountered early on getting a bank to support them, and why quality and getting the small things right has always been more important to Money Penny than growth.

“It always felt like it would work but only because of our commitment to our service…and then the money came later” she says.

Recorded in September 2020, and first broadcast in November 2020.