Survey highlights how brokers are adapting to market shifts and preparing clients for the year ahead
Commercial finance brokers are preparing clients for long-term growth, despite continued economic volatility, a new survey by non-bank lender Shift has found.
More than 200 commercial brokers were surveyed on the challenges and opportunities they face in the current environment. The findings suggest that, while businesses are still dealing with key financial pressures, brokers are positioning themselves to support clients and grow their own businesses.
According to respondents, the most significant hurdles for clients are managing cashflow, dealing with persistent cost pressures, and securing appropriate funding for expansion.
At the same time, brokers identified several areas for business growth, including building lasting client relationships, capitalising on improved business sentiment tied to the potential for lower interest rates, and tapping into new industries.
Shift’s head of broker sales, Andrew Wagg (pictured above), said brokers are thinking ahead. “Sectors such as civil and trade services are showing ongoing momentum, with many brokers coming to us for repeat business with clients in these areas,” he said. “These brokers understand their clients’ businesses, considering both past performance and future growth, while also anticipating potential challenges.”
Will Overman of Magnolia Lane also noted that brokers are already assisting businesses in setting financial strategies for the coming year. “The last year has thrown up challenges for SMEs and as a result for commercial brokers,” he said. “Our view has been to maintain a whole-of-business approach, to balance a client’s immediate capital needs with their business plans over the coming years.
“This is in the best interest of our clients, and results in repeat business for us and relationships that stand the test of time and whatever the economy throws our way.
“With the end of the financial year approaching, naturally we’re seeing momentum from businesses looking at how to leverage instant asset write-off, but our view is to ensure that any purchases and capital decisions made now will benefit them in the long term.”
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