The impact of COVID-19 on your asset finance business
Tips to help you minimise the impact
Few events in history have had such a sweeping impact on society as COVID-19. The highly contagious nature of the disease, which has infected more than 3 million people around the world, has forced governments, large organisations and small businesses to make a series of difficult decisions affecting employment, resources and profitability.
As a new or seasoned asset finance broker, coronavirus has undoubtedly affected business as usual for you. However, there are a few things that you can do today to minimise the impact of COVID-19. No one can control events, but you can choose how you respond, which may ultimately determine what happens next for you and your clients. Here are a few suggestions for how to proceed:
1. Keep in touch
One of the most unnerving aspects of the pandemic is the uncertainty that it has caused. This is part of the reason why federal and local governments are constantly providing updates to the public about the current situation. Try to use this same strategy with your clients as regular communication is vital during times like these. You're in the business of helping others grow theirs. Being as transparent as possible about the steps you're taking can help to establish or re-establish trust. This can ultimately lead to a better ongoing broker-to-client relationship.
2. Establish expectations
Economic experts have noted that COVID-19 is a game-changer, and every sector will experience a long-term impact one way or the other. Speak to industry leaders inside of the asset-finance sector to get their take about how they see things playing out in the short- and long-term future. You can then relay these forecasts to your clients so they can get a better sense of what these change(s) may look like.
3. Speak to a mentor
Whether you're a fairly new asset finance broker or have been in this line of work for several years, you likely have a mentor who has been a source of support and inspiration. If you haven't already, talk to them to see if they have any recommendations or insights as to how they're dealing with the pandemic. They may offer some suggestions that can help you develop a strategy of your own.
4. Use online resources
Social distancing has made COVID-19 seem like a lonely experience. But we're all in this together - albeit technologically. There is an abundance of online resources available at your fingertips. From the Commercial & Asset Finance Brokers Association to the Small Business Mentoring Service, these and several other organisations have a wealth of tools you can log on to for guidance and direction during these tumultuous times.
As Australia's leading aggregator, we stand ready and willing to assist you throughout this crisis through the ongoing support of our team. From email templates that can help you stay in touch with your clients to interactive worksheets and mapping tools, Connective Asset Finance is here for you to help stabilise your business and come out on top.