Results from the Business NSW Business Conditions survey revealed that SMEs are more optimistic for the fourth quarter of 2023, up from the previous quarter.
CEO of Business NSW Daniel Hunter relayed that business conditions looked positive, with 17 out of 19 industries feeling less worried as they foresee a rebound this quarter and anticipate improvements. However, Mr Hunter noted that conservative consumer spending diminished that positive outlook.
As a result of the shifting confidence, a multi-speed business environment has developed. Some business leaders anticipate things to slow down in the current financial year, while other businesses anticipate ‘major success’.
While concerns about the impact of interest rates waned in the previous quarter, there are businesses wary of consumer spending. “It’s never been a better time to support small businesses, go out there and shop in your local community,” Mr Hunter said.
Brokers, on the other hand, have more reasons to be cheerful and should expect a bright future, according to industry experts, especially in the next three years.
The next 12 months in particular will present brokers with improvements that will extend the commercial broking market.
Innovation, automation, and technology should be embraced, and brokers should look into harnessing these advancements to strengthen the relationships they have with their clients.
As business leaders become increasingly time-poor, brokers have an opportunity to proactively support these clients to help them grow their businesses.
Business owners are turning to their brokers now more than ever to provide them with advice and bespoke solutions.
Brokers are savvier to the situations of their clients which makes it an optimal time to assess their needs and give insight into what financial products are best suited to them. Doing so will cut through the complexity and help businesses achieve their growth objectives.
Industry experts noted a great inclination for commercial finance as more brokers crossed over into the commercial lending and asset finance space.
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