Broker Trends and Opportunities – July 2024
Depending on who you listen to, VAT isn’t likely to move this year – but one thing that is definitely on the rise is VAB – Value Added Broking!
Politics aside, some summers are jam-packed with a variety of major sporting events—and 2024 is a great example with the Euros football, Olympics, Paralympics, Cricket, golf, Grand Prix galore—and more!
While these events are already in full swing or imminent, they provide a tangible example of how brokers can add value to their clients.
Planning ahead
All top performing athletes at the top of their games, these events are inspirational and a compulsive watch for many – and retailers and hospitality venues will have been planning for additional stock, staff and events that centre on getting their customer’s spending and their turnover up.
Planning ahead also involves spending ahead. There will have been up front speculative costs in relation to stock, hiring staff, maybe equipment, and venues as well. (With a roof or cover, probably, as we all know how the great British weather likes to play its part these days!)
Commercial finance can be the key to unlocking opportunities that your clients might not otherwise be able to afford the upfront costs of; few businesses run a large cash surplus, and most have to work hard to manage their cash flow and working capital. However, not being able to capitalise on opportunities like multiple events of interest to the public will be an opportunity and financial cost to businesses.
Adaptability
My local pub/restaurant tried the first three days of the Euros’ football free’—it didn’t take them long to appreciate that they were also client-free. Since installing a very large screen, the business has been full again daily. They financed the equipment.
Affording business opportunities can cause business owners sleepless nights – all of the costs of taking on a new business opportunity are immediate and up front, with all of the revenue from sales at a later stage when they have the customers spending on the event days.
You don’t have to be a commercial finance expert or a qualified accountant who can dissect a set of company accounts—you just have to leverage your relationship and the conversations that you are already having with customers to add in another couple of questions about what they are doing in their business and any current obstacles that they’re facing.
Value Added Broking
Commercial brokers welcome enquiries, which are either problems to solve or opportunities to help access—they’re the client’s commercial drivers, and they need to understand this to source the most suitable outcome.
With access to a range of business finance products, the client can source suitable funding that fits their cash flow situation and what they can afford to leverage to unlock business opportunities.
Whatever other results happen in July, Value Added Broking will ensure that your clients are on to a winner!
Mark Grant, Managing Director, Fiducia Commercial Network.
June 2024.
About Fiducia Commercial Network
Fiducia Commercial Network is a commercial finance ‘Appointed Representative’ network created to allow independent firms to provide commercial property finance and trading business finance options to their existing client base and network.
Joining the network provides opportunities for professional brokers to offer a full range of commercial finance solutions by acting as an Appointed Representative (AR) with the full support of the Fiducia Commercial Network team.
The Fiducia Commercial Network membership includes FCA authorisation and reporting, PI insurance, and NACFB membership, plus business, compliance, finance, system, and admin support from a company with over 20 years’ experience in commercial finance.
If you’d like to discuss joining Fiducia Commercial Network or you’d like to apply to become an Appointed Representative…
To discuss Fiducia Commercial Network or to apply to become an Appointed Representative email the team via by clicking this link.
For all media and marketing enquiries contact – pr@fiduciagroup.co.uk
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