Business Banking & Finance


personal touch is still very much required especially when trying to establish a customer’s needs and financial requirements. Combining these provides one very powerful solution. That solution has a name, “broking”, the new form of banking. Banks are unquestionably still


the biggest players in business finance, and will be for years to come, but seemingly reserve this boutique experience for their larger, stronger customers. The entrepreneurial businesses on the other hand, must seek out the most appropriate of the new innovative, fast moving suppliers. In recent years, a raft of


products, lenders and services have developed in the business finance market. These include asset based lenders, invoice finance, spot invoice financing, peer to peer, crowdfunding, online term loans, supply chain finance, trade finance and asset finance. The list is extensive and, to a small business, can be confusing. What type of finance do they need to complement their business bank account? What are the terms? Where do they look to find it? Every business is unique.


Evaluating and understanding a business’s requirements and providing a bespoke service with the products they require is best done face to face.


Established quality brokers, such


as Finance 4 Business, are doing just that. Not all customers are fortuitous enough to fall in the best category, with good assets and an excellent credit profile. A professional broker can take a holistic approach with business owners to plan ahead, considerate of the clients’ specific circumstances or past. A computer terminal can’t. High Street bank products will


form part of a broker’s offering, as many banks utilise brokers as part of their overall distribution strategy. As a leading broker, it is having the knowledge and experience to present a transaction in the right way, that enabled us to successfully approach a client’s bank and facilitate a transaction, when initially they said no. The case in point occurred when


we recently reviewed a business’s borrowing requirements, with particular focus on their commercial mortgage. The existing rate was high and significant savings had been identified in this area, which could then be utilised in another side of the business. Their bank, a traditional High Street, said no, yet when we packaged and presented the case fully, we placed it with that very bank. This is a prime example of how a true brokerage should work, using the wealth of knowledge, experience


and understanding a business fully enabling us to present a case like in traditional banking days. Some of the new challenger


banks only facilitate business via external distribution channels meaning clients cannot approach them directly. They will audit a brokerage to ensure they meet the requirements to offer their products to customers - this is imperative and provides our clients with an additional layer of comfort while assisting them with their needs. Without utilising the services of a


broker, how does a customer know that they are getting the right products for their business? The days of traditional bank


lending, the overdraft as core borrowing, are behind us. A modern business has a wealth of choice about what finance facility is best suited to their cashflow and asset profile. The only slight set back is understanding that breadth of choice to find the right solution, but help is at hand. Banking is in great health in the


form of broking. Traditional values combined with new products, technology and knowledge is the way forward. Partnering with a specialist broker enables you to build a relationship you can trust. We take the time to understand your business and your needs, enabling you to enhance your business.


Feature


November 2017 CHAMBERLINK 51


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