Special Feature
Cometh the hour Stepping-up for your clients will help see them through
Chirag Shah Chief Executive Officer Nucleus Commercial Finance
D
uring a crisis like the one we currently find ourselves in, change suddenly becomes a non-negotiable part of everyday life and helping to protect your clients from the implications that arise is and has always been our top consideration. According to data from Startups, more than 85% of small businesses are worried about their operations during COVID-19, and the vast majority of companies have two main concerns right now… how to survive the present and how to best prepare for the future.
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Sticking to the status quo will not help your client during this tumultuous situation, so consider alternative lenders alongside the banks, rather than just as an afterthought
Listen when no one else will Most SMEs find themselves in limbo, with no clear guidance about when the lockdown will end or when normality will resume. The here and now demands they make tough decisions about addressing their furlough situation, and for some, potentially making unwanted but forced redundancies. Worrying about what their business will look like post-lockdown is the main concern for your clients, so helping to alleviate the challenges they may face once restrictions are lifted is the best way to support them in the current economic climate. For those of us offering financial services to businesses, we need to communicate effectively with our customers – and often. We must listen, understand their problems, and identify viable solutions for what the business picture will look like once the lockdown is fully lifted. 28 | NACFB
Cast a wider net to pinpoint every opportunity Cash flow will be a point of contention for almost all of your clients, as recent data found that over a third of businesses are concerned about their day-to-day cash flow, and a further 47% are worried about a drop in sales. But not all funding was made equal… Working with lenders that offer multiple products will help provide the exact type of finance your clients need, as bespoke funding tailored precisely to their business needs means you can help tick every box.
