2024 a year of value-add for commercial brokers 

22 April 2024

Asset purchases high on the agenda 

Sydney, Australia – 23 April 2024 – Into the second quarter of the year, commercial brokers have indicated that their biggest opportunities lie in helping clients with asset purchases and retaining clients by delivering value-added services. 

This is according to Shift, a leading provider of credit and payment products to Australian businesses, who in March surveyed almost 300 commercial brokers in its network about the biggest challenges and opportunities for them and their clients this year. 

Kristian McCausland, Sales Director – Shift commented that even in an unpredictable economy, solving problems for clients that go beyond arranging finance helps set brokers apart. 

“Now more than ever, taking a business first approach to client relationships makes all the difference,” said Kristian.  

“For instance, when we review an application for equipment, rather than assessing the asset we look at the strength of the business overall, to gauge the ways in which we can support them in the long-term.  

“This is the approach we’re increasingly seeing brokers adopt by taking a comprehensive view of their clients’ businesses and building networks to become a trusted long-term partner.” 

Brokers said that accessing finance in challenging economic times and managing cashflow are two of the biggest challenges that their clients will face this year, showing that a business first approach will help brokers maintain and grow their businesses. 

Assets in the spotlight 

According to Kristian, brokers see asset purchases as a key funding opportunity for their clients. 

“Brokers have told us that an asset solution which works now and down the track, rather than going through the process for a one-off purchase, makes their and their clients lives easier.” 

Carissa Hurley, Finance Broker, Quantum Business Finance agreed, commenting that businesses are looking for flexibility in finance to handle whatever twists and turns they navigate this year. 

“All businesses have their unique sets of challenges and opportunities, so increasingly we’re looking to get financial solutions in place that our clients can use down the track, giving them peace of mind that capital is there when they need it,” said Carissa. 

Shift has made its Asset Finance product easier for brokers to use, with the following developments to the experience: 

  • When funding an asset, an additional available amount is provided to give businesses certainty for future purchases, without having to repeatedly go through the application process 
  • A digitised Asset Finance settlement experience allowing brokers to view contracts and initiate settlements at a time of their choosing  

Survey results 

The survey was completed in March 2024, with brokers asked to choose one answer for each question. 

What is the biggest opportunity to grow your business this year? 

  • Retaining clients through value-added services – 41% 
  • Diversifying my product portfolio – 22% 
  • Investing in marketing to acquire new clients – 15% 
  • Using available technology to streamline operations – 14% 
  • Focusing on specific industries – 8% 

What do you see as your main business challenges this year?  

  • Staying across the large number of financial products available for commercial clients – 32% 
  • Consistency of income – 28% 
  • Staying on top of administration and compliance – 16% 
  • Diversifying revenue streams – 11% 
  • Hiring and retaining experienced staff – 13% 

Where do you see the biggest funding opportunity for your clients this year?  

  • Funding asset purchases – 45% 
  • Supporting customers with cashflow options – 24% 
  • Engaging with more flexible facilities – 20% 
  • Assisting with debt consolidation – 11% 

What do you see as the biggest challenge for your clients? 

  • Accessing finance in challenging economic times – 32% 
  • Managing cashflow – 25% 
  • Navigating ongoing cost pressures – 22% 
  • Accessing capital for growth – 21% 

About Shift

Shift’s range of credit and payment products enable businesses to take control of their cashflow, purchase assets, streamline trade terms and choose the right financial products for their ever-changing needs. Shift provides financial certainty to businesses so they can operate and grow.   

For media queries, please contact media@shift.com.au