Relationships and long-term planning create opportunities for brokers

While businesses are still navigating uncertainty, commercial brokers are focused on helping clients map out their financial needs to leverage capital opportunities into the new financial year and beyond.  

This is according to the results of a survey from Shift, a leading provider of credit and payment products to Australian businesses. Shift asked over 200 commercial brokers for their views on challenges and opportunities for them and their clients in the current business climate. 

Brokers indicated that the biggest challenges facing their clients are: 

1. Managing cashflow 

2. Navigating ongoing cost pressure 

3. Accessing the right capital for growth 

Conversely, brokers told Shift that the biggest opportunities to grow their own businesses included: 

1. Growing long-term relationships to help clients while creating ongoing revenue for my business 

2. Rising client optimism and potential for increased capital leverage if interest rates drop further 

3. Exploring new sectors to focus on 

Andrew Wagg, Shift’s Head of Broker Sales, commented that while the results indicated businesses are still navigating a shifting economy, he is seeing many brokers look ahead to the next six months and beyond. 

“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,” said Andrew. 

“These brokers understand their clients’ businesses, considering both past performance and future growth, while also anticipating potential challenges.” 

Getting ahead of the curve

According to Will Overman of Magnolia Lane, brokers are already helping businesses get into shape for the next 12 months.  

“The last year has thrown up challenges for SMEs and as a result for commercial brokers,” said Will. 

“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.”