Braemar Vet Newsletter

Veterinary News

Introduction: Who are Braemar Finance?

Meet the expert: Gail Cormack

Business Barometer: Veterinary Professionals’ view on a range of key subjects

to Veterinary News Welcome

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 Vets 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.

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 Veterinary practice or a new business, we provide access to the equipment, vehicles, and technology needed without compromising cash flow.

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

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

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

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

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.

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!

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.

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.

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.

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:

View from Veterinary Professionals Business Barometer results

Braemar Finance recently conducted its latest Business Barometer research, which examines current Veterinary 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 Vets is very strong, with 89% of respondents aiming to seek funding for investment in the next 12 months. This is higher than the 84% average for the professions sector as a whole.

Missed business opportunities

At 65%, the number of Vets 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?

Economic outlook

From a macro-economic perspective, Vets 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?

Artificial Intelligence

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

• A large impact - 29%

• Some impact - 55%

• Not much of an impact - 14%

• No impact at all - 1%

• Unsure - 1%

Despite 24% of respondents being ‘very concerned’ and 42% ‘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 Veterinary sector.

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

Cost of borrowing

Over half (54%) of Vets have seen their cost of borrowing increase, causing 49% to change their funder, and 72% to increase their prices. More positively, 60% of Vets think interest rates have peaked, and 62% are considering alternative forms of finance to mitigate their increased costs.

Acquisitions

Two-thirds of Vets have considered making an acquisition to grow their business or see it as a way to own their first practice. And, according to 46% of Vets, they have seen a rise in the number of acquisitions in the past 12 months –24% think there’s been a fall while 28% 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