As SMEs struggle with financial confidence, it's crucial that finance and mortgage brokers supporting SMEs are actively talking to their clients and offering them personalised financial solutions rather than a one-size-fits-all approach.

Tip: Your Finance and Mortgage Broker should delve deep into the specific challenges and needs of each client and their business, offering tailored advice and solutions like flexible loan structures or alternative financing options that align with the SMEs cash flow patterns and their business model.

The right mortgage product can also suit and hugely support SMEs, especially an Offset or Line of Credit account that is linked to a 55 day interest free credit card which for SME’s help their cash flow cycle from purchasing stock in bulk on discount (interest free) to selling it. Even better, you can have some of these products linked to the cheapest fixed rates locking in stability with this current climbing interest rate period.

This can all be done by talking with your client and then offering them a full property refinance. It's giving their finances full makeover, which can save them money, improve their tax effectiveness on the money they have borrowed for their business, and make accessing future credit a lot easier.

Some SME finance solutions may also include business loan produce that some brokers don't know exist, or are fully briefed on. Business Loans such as Fast 2nd Mortgages. an unsecured Line of Credit.

Educational Support
Many small business decision-makers may not be fully aware of the range of financing options available to them.

Tip: Mortgage brokers can bridge this gap by providing educational resources and workshops on the latest financial products, trends, and strategies. This not only builds trust but also empowers SME owners to make informed decisions. Brokers also usually have strong relationships with specialists that they can call on to help.

Building Long-term Relationships
Only 45% of SMEs feel good about their financial health, indicating a need for ongoing support, not just transactional interactions.

Tip: Encourage your broker to review your opportunities regularly and build long-term relationships. Regular check-ins and updates on market conditions or new opportunities can make SMEs feel more supported and confident in their financial journey.

As a finance specialist in the SMEs space, I am speaking to my SME clients as a minimum quarterly to ensure finances are all up to date and to see if I can help with any temporary solutions as there is always a situation that comes up.

Streamlined Processes
The complexity and time involved in securing finance can be daunting for SMEs.

Tip: Finance and Mortgage Brokers should today streamline the application and approval processes where possible. Utilising technology to simplify paperwork, improve application turnaround times, and keep the business owner updated can significantly enhance the client experience.

The process is too slow and becomes overwhelming if there is no technology in place. Also ensure your finance and mortgage broker has a CRM system so no documents get lost. It keeps your client records safe and in one place so as a SME client you are not having to double up and go back and forth all the time.

As a specialist in this industry I utilise technology day in, day out to help speed up the process for my clients, slash the admin for them, keep their information safe and secure from being hacked, which is exactly what SMEs need. The technology that I use has helped 11,000 clients.

Advocacy and Negotiation
SMEs often lack the leverage that larger businesses have when negotiating terms with lenders.

Tip: Mortgage and Finance brokers can serve as powerful advocates for their SME clients. With their expertise and industry connections, specialists can negotiate better rates and terms on behalf of SMEs, ensuring they get deals comparable to those secured by larger entities.

It is not just about refinancing to a cheaper rate (in some cases maybe) but ensuring that the SME has the best deal where they are with the right product features suited to their business.

By focusing on personalised service, educational support, and strong advocacy, finance and mortgage brokers can help SMEs navigate financial challenges more effectively giving them more comfort and control over their financial health and future.