Braemar Newsletter - Optical

2024 Issue

Optical News Introduction: Who are Braemar Finance?

Meet the expert: Gail Cormack Business Barometer: Optical Professionals’ view on a range of key subjects

Welcome to Optical News

Welcome, I am delighted to bring to you the latest business news from Braemar Finance. In this issue, we present a Q&A with one of our finance specialists, Gail Cormack. We also dive into the results of our recent Business Barometer survey results.

In the Q&A, Gail provides an insight into her role and what she enjoys most about being an Area Sales Manager.

Our latest Business Barometer survey gathered opinions from Opticians across the UK. In this newsletter we explore their thoughts on a wide variety

of topical issues impacting businesses, from missed business opportunities, and predicted business performance to artificial intelligence.

We hope you enjoy the read and as always, we look forward to working with you!

Aileen Boyle Managing Director, Braemar Finance

Who are Braemar Finance?

Braemar Finance was founded in 1992 and quickly grew to become one of the main finance providers for the Professions in the UK.

Sales Managers provide a local personal service across the UK and Ireland, offering support on the most suitable method of funding.

Specialising in asset finance, our tailor-made products are designed to help with the growth and development of individual businesses; whether it be an established Optician or a new business, we provide access to the equipment, vehicles, and technology needed without compromising cash flow.

We also have a dedicated team working directly with equipment suppliers to help support their customers with funding options.

We take pride in developing lasting relationships with our customers and our experienced team of Area

As a direct funder committed to supporting the Optical sector, we understand the challenges and opportunities our customers face and support businesses throughout all economic cycles.

Find us on social media @BraemarFinance www.linkedin.com/company/braemar-finance

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Welcome

Meet the Expert Gail Cormack

Gail Cormack is an Area Sales Manager for Braemar Finance covering Scotland, Northern Ireland and the North East of England. Gail has been with the business since 2002. In this Q&A she tells us a little bit more about her role and herself.

Tell us about your role and responsibilities…

My current role involves providing an informative and efficient service to customers who are looking for a finance solution within the Professions sector. I can offer support on which products best meet their individual finance needs, whether it be finance for a small piece of vital kit or setting up of an entirely new practice from scratch.

Who is a ‘typical’ customer?

There is never a ‘typical customer’. They could be a customer purchasing their first practice, a long-established business looking to invest in equipment or even a company director wanting to spread the cost of their tax bill. There is nothing typical about them, other than the need for finance to support business growth and excellence.

An important part of my role is ensuring every customer has a seamless and professional service, from the initial enquiry, through our underwriting process to working with their suppliers and signing the documentation. My job is to make the process as straightforward as possible as we appreciate our customers are extremely busy doing their day jobs!

Give us an example of how you’ve helped a customer…

After more than 21 years with Braemar Finance, there are so many examples of how I’ve helped customers.

What do you enjoy most about your role?

Interacting and building relationships with customers.

I enjoy getting out and about, meeting new people.

I like to chat things through with customers to find out what they are really looking to do within their practice, understanding their vision, dreams, and aspirations.

I love to see a happy customer at the end of the process – there’s no better feeling than a job well done.

Covering Scotland, Northern Ireland and the North East of England, driving around the country and seeing practices you have helped to set up, develop, and grow, always brings a smile to my face.

When you’re not in work, what do you like to do?

I live in rural Scotland, so I enjoy hill walking and discovering outdoor spaces I’ve not been to before.

I also have animals that keep me very busy!

Our teams are experts in asset finance and loans. Their Professions knowledge means they really understand the challenges their customers face. To find out more about the finance options available to you, contact us today: braemarfinance.co.uk/contact

Meet the Expert

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View from Optical Professionals Business Barometer results Braemar Finance recently conducted its latest Business Barometer research, which examines current Optical sector trends and the view of business owners about a range of issues, from their appetite for investment to predicted business performance. In this piece, we get under the skin of the data to find out more…

Appetite for investment The appetite to invest in their practice among Opticians is very strong, with 83% of respondents aiming to seek funding for investment in the next 12 months. This closely tracks the 84% average for the professions sector as a whole.

Missed business opportunities At 57%, the number of Opticians who have missed business opportunities because of a lack of available funding is significantly higher than in many other sectors in the UK. This result highlights the importance of business owners to investigate the different funding options available to them.

Q Have you missed a business opportunity in the last 12 months due to a lack of available finance?

Yes

No

Opticians

57%

43%

Professions average

58%

42%

UK average

41%

59%

Economic outlook From a macro-economic perspective, Opticians are generally optimistic about the UK’s economic prospects, with results in line with the views of business owners in the wider Professions sector.

Q How would you best describe your business’s current economic outlook?

Confident economy will grow

Concerned economy will slow

There won’t be a significant change

Opticians

47%

41%

12%

Professions average

49%

41%

10%

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Business Barometer

Artificial Intelligence While Opticians think AI will influence their profession in some way, they’re still largely unclear of its likely impact on their business: • • • • •

A large impact - 23% Some impact - 56% Not much of an impact - 16% No impact at all - 2% Unsure - 3%

Despite 18% of respondents being ‘very concerned’ and 50% ‘somewhat concerned’ about the rise of AI, 60% are of the opinion it presents opportunities for growth and employment.

Predicted business performance Predictions about future business performance are – considering the various challenges business owners have faced over the past few years – positive, and points to the resilience of the Optical sector.

Q In general, how do you expect your business to perform over the next 12 months?

Expand

Stay the same

Contract

Close down

Opticians

48%

47%

5%

0%

Professions average

49%

44%

6%

1%

UK average

36%

54%

9%

1%

Cost of borrowing Over half (54%) of Opticians have seen their cost of borrowing increase, causing 46% to change their funder, and 68% to increase their prices. More positively, three in five Opticians think interest rates have peaked, and 56% are considering alternative forms of finance to mitigate their increased costs.

Acquisitions Two-thirds of Opticians have considered making an acquisition to grow their business or see it as a way to own their first practice. And, according to 43% of Opticians, they have seen a rise in the number of acquisitions in the past 12 months – 23% think there’s been a fall while 32% say there’s been no change with the rest being unsure.

Methodology All figures, unless otherwise stated, are from a Censuswide survey conducted in January 2024. The survey canvassed the opinion of over 1,200 senior members of the Professions across the UK on a range of issues affecting their businesses.

To read the full results please visit braemarfinance.co.uk/sme-data Business Barometer

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Specialist finance for the

Optical Profession Braemar Finance provides flexible finance for the Optical Profession.

Equipment Finance Hire Purchase and Lease Business Loans Personal Loans Flexible terms: 1-7 year options No deposit options Facilities from £1,000 braemarfinance.co.uk/optical

Products and services are subject to eligibility, status, terms and conditions and availability. All lending is subject to status and our lending criteria. The right to decline any application is reserved.

Braemar Finance is a trading style of Close Brothers Limited (“CBL”). Close Brothers Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (firm number 124750). Close Brothers Limited is registered in England and Wales (company number 00195626) and its registered office is 10 Crown Place, London, EC2A 4FT.