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While businesses continue to navigate economic uncertainty, commercial brokers are focusing on guiding clients through their financial needs and identifying opportunities to leverage capital heading into the new financial year and beyond.
This outlook comes from a recent survey by Shift, a provider of credit and payment products to Australian businesses, which gathered insights from over 200 commercial brokers on the current climate and what it means for their clients and their own business growth.
Brokers identified the top challenges facing clients as managing cash flow, ongoing cost pressures, and securing the right capital to support growth.
At the same time, they cited key opportunities to expand their own businesses, including building long-term client relationships that also generate sustained revenue, taking advantage of rising client optimism and potential benefits from further interest rate reductions, and exploring new industry sectors.
Shift’s head of broker sales Andrew Wagg said that while the business environment is still evolving, many brokers are taking a forward-looking approach.
“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,” Wagg said.
“These brokers understand their clients’ businesses, considering both past performance and future growth, while also anticipating potential challenges.”
Will Overman of Magnolia Lane said that brokers are already preparing businesses for the year ahead.
“The last year has thrown up challenges for SMEs and as a result for commercial brokers,” Overman 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.”
How brokers can assist business clients was previously explored through Broker Daily’s discussion with Prospa’s general manager of sales and partnerships, Roberto Sanz, who highlighted the EOFY period as a particularly busy time for brokers and clients.
[RELATED: How brokers can prepare for EOFY]
