5 must-knows for finding the right SME broker 

Finding the right broker is no small feat. Come with us as we delve into the qualities that small-to-medium enterprises (SMEs) should look for in a commercial business broker. 

The Australian finance industry is booming, with many residential brokers diversifying their skillset and entering the world of commercial finance. But what does this mean for SMEs seeking a commercial broker who truly understands their business and its needs? 

Though the assessment of transactions is similar, there are integral differences between residential and commercial finance – and more so, commercial property finance and commercial business finance. 

So, we’ve put together a quick five step guide for SMEs on must-knows when searching for the right broker – and spotting the difference between a property specialist vs a business specialist. 

1. They understand your business model 

There is no ‘one size fits all’ when it comes to businesses, and this rings especially true for SMEs.  Plus, SME businesses are always adapting to everchanging consumer psyches – and a great commercial business broker will know this. Your finance application is dependent on your business performance and industry, so choosing a broker who understands the nitty-gritty is important. 

2. They kick the tyres 

A good broker will kick the tyres (so to speak). This means they’ll make time to visit your business and understand its day-to-day operations. They might check stock levels, see how well maintained the premises are, how many staff are on site, whether equipment is in good nick, the efficiency and design of the space, and observe customer service firsthand. Never underestimate the power a simple drop-in can have. 

3. They find opportunities in your financial statements  

A great commercial broker will identify areas of concern or provide suggestions on items that need attention in your financial statements from a lending perspective. They will consider your overall financial position and business performance in order to present your application to the lender in the most effective way. This gives you the best chance of success.  

4. They collaborate with your accountant 

A broker-accountant partnership is worth its weight in gold. Brokers with an understanding of tax strategies and corporate structures can work in partnership with your advisors. It not only saves you time and money, but allows you to access a greater range of financial solutions. 

5. They’ve ran an SME themselves 

Nothing beats firsthand experience. A commercial business broker who has run an SME themselves knows the ins and outs of business ownership better than most. A broker is a trusted advisor to an SME – and your financial outcomes can be maximised by someone who truly knows the ropes. 

At Duo, we’ve been proudly diversified since day one. And we know what it takes to specialise in true commercial business finance. We’ll kick your tyres, identify opportunities, and catch up with your accountant.   

The journey to obtaining finance looks different for every SME. And we’re here to help. 

Chat to us today.