"Most successful businesses have a requirement to access funding at some point, whether it is to finance growth and investment, or to solve a short-term cashflow issue. "
This means there were 1,059 businesses per 10,000 resident adults, or effectively, more than one business for every 10 people. Of these businesses, 96% have fewer than 10 employees and the overall number of businesses has grown by 63% since 2000.
This is perhaps a long-winded way of demonstrating that the growth of small businesses has boomed in recent years, and the likelihood is that a good number of your clients are business owners. So, who do they turn to if they need to raise finance for their business?
Most successful businesses have a requirement to access funding at some point, whether it is to finance growth and investment, or to solve a short-term cashflow issue. Which means that, if you are not already talking to your clients about their business funding requirements, you are missing an opportunity to ensure they are receiving the correct advice and to add a new income stream to your business.
Your clients’ personal finances will depend largely on the success of their business and the decision they make regarding their business. So, it’s important that they receive the correct guidance to make the right decisions.
Commercial lending is very different to the mortgage market of course, but you don’t have to be a commercial specialist to point your clients in the right direction. Simply refer them to an expert that is. Partnering with a specialist commercial broker could help your clients when they need it most, provide you with a stream of referral income and, if the right commercial loan helps your client’s financial position, it could even increase their appetite for further mortgage funding in the future.
