Let’s get creative NACFB: 50 lessons from

Let’s face it, the summer was a washout. One to remember for all the wrong reasons. Whilst we may be teetering on the edge of a second national lockdown, the shock and impact of the first continues to reverberate.

Last month, Commercial Broker approached the NACFB community seeking to understand key learnings from the year so far. The learnings range from professional developments, ways of adapting to the pace of change, or simply the personal ways that some have coped.

The responses are honest, reflective, hopeful, and even personal non-work-related achievements. This collation acts as a snapshot of the time we have lived through and emphasises that the NACFB membership is a genuine community – one that continues to remain resilient.

1. “Before lockdown I had a healthy pipeline of business, then CBILS and BBLS landed. They’re great schemes and a life saver for SMEs. However, this crippled me financially.Businessesborrowedfrom their own banks. Many alternative funders weren’t yet accredited, so business dried up. I’m still here rebuilding lost revenues – but remaining positive!”

Tamara Renshaw, Managing Director – Acorn to Oak Business Finance.

3. “If you are not a shining example of good attitude, your team won’t be optimistic either. It is this awareness of being responsible for others that keeps me on the right track and keeping in mind that this situation is temporary and just another hurdle on the entrepreneurial journey.”

Aga Moczynska, Managing Director – Hussaria Group. 2. “Lockdown has allowed me to establish a better work life balance, I have utilisedthecommutingtimetobettereffectforanewhealthiertrainingregime. I have spent 102 hours in the saddle, covered 2,134 km and lost 30lbs since the start of lockdown. This is the new norm for me.”

Paul Goodman, Chair – NACFB.

4. “Pivot is not a word that I usually would use, but it’s become more a word I use to describe my actions during lockdown. We pivoted to meet client expectations on customer service and loyalty, with Zoom for one-to-one meetings, alongside telephone, email and text. This has helped further build a knowledge of what the client loves: favourite football team and hobbies etc – getting to really know your customer. Getting new government-backed funding out to clients creating awareness of what’s available – making access to funds easy, painless, and stress free. Saying thank you tocustomerswithasurprisegift.Peoplealwaysrememberhowyoumakethemfeel. Personally,Ivaluedmyhealth,garden,officespace,andthesimplepleasuresinlife like a walk with a friend in the forest. Also, a staycation in Cornwall, with no stress of quarantining when you get back! We have never come through a pandemic before so there is no precedent. We pivot as we go!”

Jo Malyon, Managing Director –Blue Badger Financial.

5. “2020hascertainlybeendifferent and not like anything we expected as the clock stuck midnight on New Year’s Eve.AftertheinitialshockofCOVID,we settled into a great way of working and we took each day as it came, keeping calm and carrying on is the Watts Commercial way!”

Phil Gray, Board Director – NACFB.

7. “You need a lot of volume when margins are capped at 1-2%. Nevertheless, CBILS allowed us to really help many SMEs, particularly where we were able to restructure existing higher cost debt to give breathing space, real cash savings and reduce Personal Guarantee exposure.”

Nick Ray, Director – Claratus.

10. “Lockdown revealed three primary facets: about our clients, about our lenders and about ourselves. We discovered which clients knew how to plan, had maintained reserves and were survivors. We discovered which lenders were reliable, with experienced staffandwerealisedthatweworktoo hard. We will remember these lessons.”

Richard Alliston, Director – Corporate Finance Leasing.

13. “2020 brought a plethora of challenges – challenges which we all faced together. For me, it has been a year of resilience. The team came together when we all needed it most. Through that camaraderie, I knew we would get through any challenge we faced.” 6. “COVID is not all negative. I’m not naive to the challenges but our systems and processes were designed to be agile and mobile. Clients want more of our time, seeking opinion and guidance, clients lean on us more than I realise. Now, we’re closer to our clients and lenders than ever, they are our partners, part of our family. COVID has taught me how much this matters”

David Farmer, Commercial Finance Specialist – Lime Consultancy.

8. “Stick to a daily routine. Take regular breaks to ensure your sanity, do a little household chore. Take a full lunch break and make a proper lunch. Try not to graze (this is my guilty pleasure). Set small goals – call three or four people a day – don’t try and take 30. Make calls purposeful, not just to hear someone’s voice. Take a walk – it’s great thinking time, clears the head and helps with the calories. Take a phone call into the garden Director – Matchbox Finance.

notjustyouroffice.Haveaproject.” Paul Cox, Director – Asset Finance Northampton Limited. 12. “Most people have a busy and hectic work life, but lockdown has

11.“Thebusinessinterruptioninoffice was zero. But the business interruption in the market was tough until June – it’s been better since. There will likely be further interruptions in future – but the impacts unknown. There’s been an opportunity to pivot my business. I’ve been able to expand the range and scope of funders, products and clients. The environment remains challenging but certainly brighter than in March. 2021 is simultaneously interesting and scary!” Board Director – NACFB. 9.“Without trepidation, we decided to open Matchbox Finance during this historic pandemic. Despite limited access to BDMs, unpredictable call waiting times, and whiplash causing volatility, we have been forged to be adaptive and accepting of a world of new digital norms and virtual relationships. It’s certainly an exciting time.”

Ishbir Singh Rakhra,

Mike Deacon, reduced the possibility of missing out on memorable moments with family. Having such limited and restricted contact led us to stay close to our loved ones which wouldn’t be possible when in the rat race. Family time has become so much more important and enjoyable. Working from home has provided productivity gains due to fewer interruptions and a lack of daily commute. The disadvantages are missing the wonderful people I work with and not being able to give them a hug or go for a drink.”

Caroline Boughenou, Senior Business Support Officer – NACFB.

14. “Notonlyhaveweprovedthatproductivityisnotaffectedbyworkingremotely,it’s comewiththeaddedbenefitofreducingourcarbonfootprintandimprovingstaffwork/life balances. If anything, us old dogs have been taught new tricks and we’re questioning why we’d ever go back to the old days.”

15.“InlockdownIrealisedthatafter four years in business I was too busy helping clients and had not captured the data of all the people I had met networking over the years and I had no way of communicating with everyone about the daily changes in our industry during COVID. So, I invested in the digital side of my business and took on a specialist. He moved my CRM to a more marketing focussed system, added lots of content to my website so people could be informed of our products and services Adrian Brooks, Director – Chatsbrook.

and started to do more social media posts. Now I am communicating with the people I meet and keeping our clients updated on our services and the up and theracetothefinishlineCBILS.”

Gillian Palmer, Director & Owner – Lending Made Simple.

19. “Lockdownwastimetoreflecton the last thirteen years. We have made big Inexhaustible perseverance.”

decisions over the years; relocating out of the city centre and utilising cloud-based technology,whilstretainingprofitsinthe company. These wise choices enabled us to emerge even stronger – refreshing to pat yourself on the back once in a while!”

– Chartwell Funding. 16. “Anticipating a severe economic downturn, we started to warn various contacts beforehand. When lockdown occurred, we immediately prepared a document to signpost clients, professional contacts and the wider business community as to where they could potentiallyobtaincashflowhelp–thelocalcouncillinkedtothedocument.” Sarwan S. Ghatoura, Managing Director – Montana Corporate Finance

17. “We coped having been able to draw heavily upon the experience of trading through the credit crunch. Don’t panic, do what you do best and speak to your customers soon to calm their nerves around what will happen next. Our customers need us more than ever now, we’ve got this!”

Andrew Pritchard, Director – Simple Commercial Finance. 18. “Over recent months it is clear to see the businesses which provided clients support from the outset of the pandemic shall experience strength for future with both funders and end user relationships. Throughout lockdown Chatsbrook kept in touch with clients to support challenges that were faced facilitating arrangement with funders.”

20. “Shock, disbelief, confusion – the creation of an emotional roller-coaster came with declaration of global pandemic. Rainbows of Hope supporting our NHS. Bounce-Back-Loans/ CBILS announced. Calls silenced. Conversations hushed with distancing rules. Regular NACFB updates reinvigorating businesses. Broker agile thinking via Zoom, marketing, technical developments, and additional funding partners. Community support – new life-long friends.

Helen Boylett-Smith, Owner & Founder – Go-Factor Limited.

21. “We’ve learnt that we’re all in it together. Lenders, professionals, clients, brokers are all in the same situation making the adjustment easier. Therefore, if the signal is bad on Zoom and you sound robotic, or your toddler runs in screaming for a hug whilst you’re on a conference call, carry on being sympathetic.”

Nimesh Sanghrajka, Managing Director – Mantra Capital Group.

23. “Althoughatimefilledwithchallenges,therehavebeenpositivestotakefromittoo.

We have proved both at Praetura and as an industry, that we are robust, accommodating and adaptable. I believe we are an even stronger team at Praetura because of the obstacles we Robert Winfield, Managing Director 22. “Ithinktaking87callsonthefirst day of the CBILS announcement. This took us all by surprise and the lack of clarity around what the schemes looked like and the changes around security and PGs didn’t help matters. We were accessible to all our clients and emailed out within a few hours of the announcements which put us on the front foot. But judging by some of the calls I see big concerns ahead with many clients not able or willing to support their businesses with their own

have faced and overcome together.” cash or assets. I am sure the schemes were designed with good intention, but I can help feel further trouble ahead particularly around the Bounce Back scheme.”

Darren Willoughby, Managing Director – 2XL Commercial Finance.

24. “I believe the biggest lesson learnt about going into lockdown was to keep as much routine as possible, which allowed working life to continue. We carried on business as normal which meant we had a lot of structure to our days. This massively helped all our mental health as we were still working for a purpose. Not only that, we had a lot of customers comment that we were the only companies pro-actively reaching out through lockdown and they were all grateful. I personally carried on Knox Lending. Rob Penman, Managing Director – Simpli Financial Solutions.

training and took up running as it kept myheadclearandtookmymindoffthe surrounding situation.”

James McGregor, Director – Mesa Financial.

28. “The biggest thing I have learned over the last few months is how adaptable we have all become. COVID has certainly altered my outlook to change. It has taught me that in business you have to be constantly evolving and be prepared to diversify when things aren’t going as you hope.”

Joe Barbera, Managing Director – 25. “Diversity of products has helped ensure we turn survival into a thriving business once again. We diverted resource from second charges to mainstream mortgages, while demandforbridgingfinancehasneverbeenhigher.OurpipelinecollapsedinAprilbut isnowashighasitwas12monthsago–itjustlooksdifferent!” Alistair Ewing, Managing Director – The Lending Channel.

26. “Trusted business relationships proved their worth during these challenging times. We’ve all had to change mindsets and ways of doing business to adapt. Last minute obstacles became the norm – so being able to have very open and honest dialogue with clients and contacts ensured wecouldalwaysfindasolution.” Ed J Ogden, Managing Director – 27. “It’s not what you say, it’s how you say it. Biggest learning came from how quickly people adapted to using technology when working from home, even those more senior had fun looking at themselves, how they project to clients on live screens, understanding the importance of smiling, listening and building rapport.”

Liquid Commercial Finance.

29. “I started to plan early for my team to be remote working so when lockdown came, we were ready, but it has been challenging. We are used to working independently, but the lack of personal contact has been hard. We have missed engaging with business owners in their own environment. Zoom was okay to help conclude deals and keep in touch. Having been through it all as a team we are more together now than ever.”

Gary Cain, Director – Reach Commercial Finance.

30. “Lockdown has really made us evaluate how we do business; we have all become expertsatZoom/Teamsandhavelearntwaysofbeingmoreefficientthatwewilltake forward into the new normal. It has been great to work for a company who really values familytimeandflexibleworking.” Natalie Charteris, Operations Director – South West Business Finance.

32. “Within lockdown we learnt that our team at Aureum Finance is very strong and have built even stronger communications and relationships with our clients. We have worked hard to diversify and support our clients within an ever-changing environment, successfully placing many requirements within a challenging market.” 31. “For me, it’s all about people, some we love, some we like, some we haveadifferentviewon.Onething is for sure without people we cannot survive, I continue to be amazed by the compassion of some but there are still toomanywithaselfishstreakwhich undermines the great work of the few. Family and friends have never been so important in times like these, hopefully with everyone supporting each other through work and play we will all become stronger and provide a legacy to future generations of how to navigate through troubled periods and enjoy the better times ahead.”

Norman Chambers, Managing Director – NACFB.

33. “Thefinancesectorreallyhadtocometotheforeduringlockdownasitwasalifelineforso many SMEs. I kept up with the constant changes in the banks and created solutions daily for clients to help them access the much-needed funding. It was exhausting but so satisfying to support businesses during the ongoing challenging times. Pilates and a very understanding husband helped me throughout!”

Julia Wilkinson, Director – Funding Ground.

35. “The learnings I have taken is the importance of pivoting your business by having a Plan B, which means diversifying your income streams, being creative when focussing on customer demand, being disciplined when it comes to investing in yourself and believing in your strategy. The results will eventually come.”

Razvan Syyed, Director – Sword Finance and Investments. 36. “Try and anticipate the unexpected. Redwood’s fully cloud hosted infrastructure meant that it was well placed operationally butbenefittedsignificantlyfromlessons learned from a business continuity event simulation exercise only a few months before COVID. This enabled the whole workforce to immediately and seamlessly transition to working from home.”

Gary Wilkinson, CEO and Co-Founder – Redwood Bank.

38. “I have learnt of the value we placed on excess – the excess of spending on names and brands. Since lockdown, we have not met face-to-face, this has meant that people do not see your brand or the maker of clothing, or your laptop, watch, or shoes. I think we have lost our care for brands and it means we can focus our spending or more Sterling Professional Finance.

meaningful attributes.”

James Hinch, Senior 39. “We created a website to help with CBILS, whilst sending e-shots on aspects of mental health and working from home. As a team, we helped with volunteering for those that were shielding and charities. I also chaired a Facebook interview with Lord Bilimoria & Baroness McGregor-Smith on the ‘New Norm’ for Businesses & Professions, viewed by 9,000 people.”

Sanjay C. Rughani, Senior Manager – Compliance Officer - NACFB.

40. “For the property market in general, it has forced everyone to embrace the technology that’s out there. AVM’s are becoming more commonplace on straightforward residential investment purchases. For the more specialist sector, there will always be the need for a surveyor visit,althoughthereistechnologythatcansupportspeedingupthisprocess.Weareaflexible industry that I feel has adapted well and made changes to keep the doors open.” 34. “We have a specialist team focussed on helping our customers succeed. Armed with quickly developedsoftware,thatsurveyed the extent of the threat to our customers, they were rapidly able to identify those that most needed support. The ability for customers to talk to someone who emphasised with their situation and could help was hugely valued.”

John Davies, Executive Chairman – Just Cashflow.

37. “Lockdown 2020 has been a rollercoaster ride for the duration. Newfinancialproductslaunched within a matter of weeks; bank policy and products changing on an hourly basis; clients in distress as their businesses ground to a halt overnight. And don’t get me on to home schooling! Empathy, being methodical and a sense of humour were needed throughout. The dog and running helped my sanity too!”

Lucy Painter, Director – Funding Ground.

41. “This period has been very challenging for everyone at Norton but has made the company more versatile. It has shown us that technology is more useful than ever and has enabled us to allow our stafftocontinuetoworkfromhome seamlessly. The main positive to take from this has been it allowed time to concentrate on Norton launching our new bridging department to all intermediaries to refer their enquiries into.Weareconfidentofthisbeing a success.”

Sonny Gosai, Senior Sales & Development Manager – Norton Finance.

42. “What I’ve learnt from lockdown is to always be open to change. This is for both personal and professional life. Businesses need to be innovative at the best of times, but an ability to change rapidlycanbethedifference between success or failure during momentous events such as this.”

Tiba Raja, Executive Director – Market Financial Solutions.

44. “I have really enjoyed the flexibilityofworkingfromhome and it has increased my awareness of a healthier work/life balance. However, during lockdown I have had time to reflect how much I miss human interaction with my colleagues. I miss the social pint afterworkandtheopportunity to relax with them.”

Claire McGovern, Financial Controller – NACFB.

48. “Although we all stepped into this new normal with slight apprehension, we soon got the hang of it and, more importantly, have started to appreciate our new working environment. No more rush hour commute and the money this saves, no more standing at the ironing board every morning, and no more expensive Pret lunches. Although working from home has alleviated some pressures of modern officeworking,Ican’thelpbutmiss the old routines. Wearing a suit, in my opinion, changes the way you walk, the way you interact with people and, importantly, provides a distinction between work and relaxation, one thing I think we all need to have when working from home. I’m even missing thecufflinksandcollarstiffeners.” Nicholas Murphy, Business Engagement Officer - NACFB 43. “Whilst my blood pressure has lowered, I did have to cancel my wedding – you win some you lose some. Although not a natural optimist, I’ve tried to see the positives. When againinouradultliveswillwebegiventheopportunitytostepoffthetreadmillinsucha way? The acceleration of working attitudes has brought us forward a decade in a matter of months. It does make you wonder what other social norms are similarly archaic. Ironically though, I used to use the cycle commute as a time to decompress and transition between states, and on some days, I miss that distinct separation.”

Kieran Jones, Communications Manager – NACFB.

45. “What I have learnt in lockdown is to truly appreciate and master a work life balance. Whilst being a pivotal moment for many companies determining the future of their businesses, it has certainly made Aureum Finance stronger, embracing our roles and encouraging us to stay productive.”

Natasha Howe, Relationship Manager – Aureum Finance. 46. “Lockdown presented challenges for all. A common problem was how one should occupy al the newfound time. I personally took up cycling, investing in a new bicycle with much excitement and enthusiasm. To date, I have covered over 500 miles, which isn’t a huge amount by some standards. But, having the option to escape from the 'new normal' for a few hours was - and is - highly enjoyable. Next stop, Tour de France 2021…”

Dean Williams, Compliance Officer - NACFB.

47. “In a world where we are constantly on the go, why do we then feel an overwhelming sense of guilt when we stop and do nothing? At the start of lockdown, I would have the constant needtofillanysparetime.IwouldhaverealdreadonaSundayeveningatthethoughtof returning to work on Monday having not produced or achieved anything. But being productive 100% of the time is not actually productive. Doing nothing is not ‘lazy’ and you should feel no guilt for simply relaxing. It is more than okay to simply do nothing.”

Laura Mills, Graphic Designer – NACFB.

49. “At Blaise Commercial Finance, so many things changed. We all started working from home. Communication was key, with weekly online meetings introduced this has had a positive impact. It allows us to keep up to speed quickly with government support schemes with bank lending policies changing so quickly Banking Professionals.

– but delivery for clients remained key.”

Aled Morris, Director – Blaise 50. “Properly used technology is your friend, COVID-19 dragged a lot of us kicking and screaming into the 21st century and now we have arrived we are wondering why we didn’t get here before. Humans got sick, but the planet got better. Also, my fuel bill has halved.”

Rod Whitehead, Director – Independent Commercial Finance.