Current challenges and opportunities of being a finance broker
Wednesday 19th January 2022
The last few years have created many challenges for businesses in the UK and as a result, finance brokers. The impact of the pandemic and Brexit along with other issues has affected the landscape of the economy.
The shortage of workers and problems across worldwide supply chains has had a significant impact on many businesses affecting their future growth potential. Added to this are the changes to the way people work with many businesses moving their operations online and increasing numbers of people working from home.
In spite of the devastating impact the pandemic has had on business it has also created a lot of opportunities. Many new businesses have formed and many existing ones have expanded. This altered landscape means that for finance brokers there is a need to understand how these changes now define the way that many businesses now operate and grow. There is also a need to try to identify the areas of the economy that are doing well and the sectors that are able to operate and importantly flourish in this post pandemic era.
It’s a new and exciting time for finance brokers. The challenge is now to find where the growth is, to identify the businesses and to create the schemes that make the most of the new opportunities. This set of new challenges comes with an opportunity for finance brokers to improve the service they offer to their customers.
In the current climate, many business owners are experiencing uncertainty and anxiety about the future. Delays in receiving supplies and understanding the changing rules of importation and exportation have led to many financial concerns in particular around cash flow. Finance brokers now have an opportunity to hone their people skills and develop new ways of communicating with their clients to help anxious customers old and new to feel heard, understood and cared for. For customers who might be struggling financially due to the change in the current economic situation, it is vital for a finance broker to be able to help businesses free up capital and to have access to funds quickly in order to help them grow.
There is now a greater need for finance brokers to provide clear and understandable information to help relieve their customers’ fears and for the broker to be more aware of their customers’ needs, adapting their approach to make it more bespoke to the customer and its business. It has been a tough time for many people and honesty and empathy will go a long way to help maintain trust and hope for the future.
The use of technology has accelerated over the past couple of years and it is now essential for finance brokers to be IT savvy. An opportunity exists to develop or hone IT skills and to become more innovative. Be aware of how customers increasingly engage with IT through email, blogging and social media and the chance to learn the digital tools that will allow more effective and efficient ways of working.
The other great challenge for modern day finance brokers is to find ways to learn the skills that will enable them to move with the times and to adapt to the changing environment in a way that will benefit both them and their customers.
No sector has avoided the impact of the last few years and the opportunity to embrace the change and to look for ways of developing and learning, as well as understand its impact will provide you with the chance to stay one step ahead of the competition.
