With SMEs accounting for 99% of UK businesses, three-fifths of total employment and around half of private sector turnover, it’s little wonder smaller firms are referred to as the ‘engine room’ of the UK economy.
Covid-19 has undoubtedly impacted the UK SME sector and time will only tell by how much. From a commercial broking perspective, SMEs remain a natural focus, especially given the entrepreneurial synergies many intermediaries share with smaller organisations hungry for success.
That said, commoditisation is evident across many business lines and brokers lacking the ability to invest heavily in digital innovation, promotion and delivery are feeling competitive pressures from the many tech based distributors entering the market. In all likelihood, this situation will only worsen.
In the face of Covid-19 and agile new market entrants, wider professional value propositions have created an opportunity for many of the UK’s 2,500 brokers. Covid-19 has pushed the demand for professional business advice to new levels. Brokers who are able to satisfy this demand by offering added-value services to their SME clients will drive sustained customer loyalty and protect future revenue streams.
This content provides a blueprint for commercial broker success as we emerge from the Covid-19 pandemic.
Topics covered include:
• The potential market for commercial brokers targeting SMEs in the UK today.
• The challenges faced by SMEs.
• How brokers can solve these challenges through added-value partnerships.