Businesses have more choice than ever before when it comes to securing finance for investments. It is no secret that there are a whole host of finance options available to businesses. Banks and alternative finance providers are flooding the market but despite the competition, broker-introduced finance continues to grow year-on-year.
In fact, according to the Finance and Leasing Association, finance introduced by brokers was up by 12 percent year on year in 2018, and this impressive growth looks set to continue throughout 2019.
So, what are the benefits of using a broker? What services can brokers offer and how are they continuing to add value in 2019?
Trusted and trained experts
Brokers are experts when it comes to sourcing different forms of finance for their customers. For business owners looking to ensure that they partner with a trustworthy and responsible broker, there are specialist organisations that are set up to help find the right partner. Organisations such as the National Association of Commercial Finance Brokers (NACFB) comprise of over 1,600 experienced brokers, covering the whole of the UK.
These types of associations act as a stamp of approval so that businesses can access the finance they need, safe in the knowledge that they are working with a trusted and trained broker.
Finance brokers are constantly researching, learning and analysing the markets to ensure that they are always ahead of the curve. Developing a comparable level of financial knowledge is simply not possible for many business owners. As a result, not only do they put in all of the leg work when it comes to market research, they are also able to see the bigger picture, looking ahead at the future needs and demands of a business. A good broker will align with the objectives of a business to help them grow efficiently and economically.
Their work doesn’t stop at finding the right finance for their customer. Brokers continue to support their clients throughout their journey and continue to evolve with their businesses.
Accessible finance and cutting jargon
Recent research has shown that using too much financial jargon in a sales process is off-putting to potential customers. Not only does jargon over-complicate things in some situations, it also means that busy business owners need to spend extra time understanding complex terms before they are ready to make the right financial decisions.
By working with a finance broker, business owners can rest assured that they will be offered the best deals available, and the ones that are most suited to their businesses needs. A broker will take the time to explain all of the relevant terms and ensure that no stone is left unturned.
Success built on reputation
William Shakespeare once wrote “Reputation, reputation, reputation!”.
Today these words continue to ring true. Much of the success of a broker’s business is a result of building up a portfolio of clients who will continue to come back time and time again. This portfolio becomes even more invaluable when those clients begin to refer their network to the broker.
The key to securing repeat business and maintaining a good reputation is, as with any business, offering customers a reliable and consistent service.
This comes down to forging a two-way relationship built on trust. For business owners working with experienced brokers, the expectation is that the broker will understand their business and the field in which they operate, including the various challenges and opportunities they face.
By using brokers to access the best finance options available, busy business owners can save themselves time and money, whilst resting assured that their finance needs are in the hands of the experts. Allowing for business owners to focus on what is important to them; the running of their businesses.