For the first time this year, the SME Bootcamp opened its doors to both brokers and accountants across Australia.
The event, hosted by The Adviser and Accountants Daily in partnership with principal partner Dynamoney, was held over two weeks in September travelling to Brisbane, Sydney, and Melbourne.
This year, over 1,000 participants attended the bootcamp eager to enhance their skills and better serve their small and medium-sized enterprise (SME) clients.
A new era of collaboration
The SME Bootcamp was designed to equip finance professionals with the technical knowledge and strategies needed to address the unique challenges faced by SMEs, particularly in areas like tax and financing.
With brokers and accountants often acting as the primary advisers for these businesses, the importance of collaboration between the two professions could not be overstated.
Leading the event was Accendo Financial, whose partners Stuart Donaldson, John Sgambelluri, and Trent Carter masterfully led brokers and accountants through the skills they require to write SME finance, scale their business, and turn into a credit advisory powerhouse.
Speaking to The Adviser following the event, the team said that the bootcamp provided a valuable platform for brokers and accountants to build relationships and explore the benefits of working together.
“This year’s SME Bootcamp provided an opportunity for brokers and accountants to form relationships and understand the benefits of collaboration for them and their clients,” they said.
Adding to the conversation was Dynamoney, which served as the principal partner for the second consecutive year. The lender specialises in providing easy and fast access to capital at competitive rates, enabling SMEs to operate more efficiently and effectively.
Dynamoney said: “As the lifeblood of the Australian economy, we are passionate about supporting SMEs, whether they are in the early years of growth and expansion or well-established and looking for support to sustain productivity. The reach that brokers and accountants have within this segment extends well beyond our own, which is why we were proud to support this initiative in the capacity of principal partner for the second year running.”
The Dynamoney team said that the SME Bootcamp offered relevant insights, tools, and connections that empowered brokers and accountants to diversify and broaden their services, ultimately adding more value to their client base.
“As a multi-product provider, we can assist SMEs well beyond their immediate requirement, providing business loans, asset finance, and insurance premium funding. Demand remains strong across our products with many SMEs looking for ways to preserve their capital, cautiously investing in growth and expansion of their business,” it said, identifying an increasing uptake of their interest-only overdraft facility, which allowed businesses to procure more stock with flexible payment terms.
Dynamic networking opportunities
The networking aspect of the bootcamp took on a new dimension this year.
Accendo said: “Networking opportunities are always a feature; however, this took on a whole new meaning this Bootcamp. Brokers and accountants were sharing, challenging, and workshopping all day, and then again during the breaks.”
This collaborative environment encouraged attendees to connect and engage deeply, sharing insights and best practices that could be immediately applied in their work and provided the foundations for future referral partnerships.
Practical strategies for success
Later in the day, Sgambelluri and Carter from Accendo shared actionable insights on critical topics such as break-even analysis and credit risk assessment. Sgambelluri focused on mastering break-even analysis, a vital tool for helping SME clients understand their financial health and make informed decisions about growth and investment. Meanwhile, Carter provided a deep dive into identifying credit risk factors that brokers should consider when assisting businesses with financing options.
Carter also outlined how finance brokers could transition to a fee-for-service model for their SME clients.
“Brokers who have never charged their SME clients for their services require a shift in mindset,” he said.
He said that brokers’ value extends beyond commission-based remuneration and includes crucial upfront discussions about clients’ business goals, key risks, and value drivers.
Carter proposed various fee arrangements depending on the complexity of the deal, saying that brokers could charge anywhere from $350 to thousands of dollars, reflecting the expertise required.
“The first thing brokers need to do is qualify in their own minds that they’re adding value, regardless of whether the business loan application progresses or not,” he said.
Enthusiastic feedback
The enthusiasm at the bootcamp was palpable, with attendees expressing their eagerness to implement the tools and strategies they learned during the sessions and post-event responses, suggesting that the knowledge shared was translating into tangible benefits for both professionals and their SME clients.
The landscape of SME financing underscored the critical role that brokers and accountants played as trusted advisers. Accendo said: “When accountants and brokers spoke the same language – understanding financial statements and the nuances of each other’s work – they could provide comprehensive support for their clients.”
As these professionals work together to support SMEs, they will undoubtedly play a pivotal role in shaping the future of the Australian business landscape.
