What we believe in

We believe in a fair go for small business

The lack of expert, independent, accessible & affordable banking advice places small businesses at a disadvantage when trying to get the best funding arrangements for their business.

We believe small business owners need and deserve to be better informed so we exist to empower them with knowledge so they are able to develop and maintain the best financing arrangements for their business.

Small businesses generally don’t understand banks and are reluctant to engage with them. Many have concerns re trust. Most believe big banks are all the same and tend to adopt an attitude of “if it ain’t broke, don’t fix it”. This is dangerous because it means in your time of need the bank is less likely to be there for you.

It is encouraging for SMEs that a wide range of non-bank lenders have entered the market such as fintechs and challenger banks but the challenge herre is understanding what these lenders do (and don’t do) and how they might be different to banks.

Unfortunately there are few places where small businesses can go to get expert and practical advice on business finance options. Research by East & Partners suggests that 39 per cent of small businesses do not have anyone they would nominate as their trusted advisor.  This research also revealed that only 9 per cent saw their accountant as their trusted advisor. Small business owners are increasingly turning to the internet for business advice. The internet enables users to search for what they want in their time. The risk is they can’t be sure of the quality of the content they are accessing.

Governments at various levels are now finally recognising the importance of this sector but there remains a knowledge and communication gap between SMEs, bodies which represent SMEs and governments and government departments.

The small business sector is highly fragmented and representative bodies like The Australian Small Business & Family Enterprise Ombudsman, The Council of Small Business Australia and The Australian Chamber of Commerce & Industry have limited financial support to represent small businesses. Compare this to the Australian Bankers Association which assertively and proactively represents the big banks that all willingly provide substantial funding in order to promote their cause. It’s hardly a level playing field.

We believe in working with and not against the banks

We understand banks need to make a profit and acknowledge the inherent conflict in trying to serve the best interests of all stakeholders especially shareholders and customers. We reject “bank bashing” as an unproductive activity but we also understand that banks will place their capital and liquidity position above any customer relationship, as they should.

In dealing with lenders, we are guided by three practical and fundamental beliefs:

  1. Knowledge is Power. The more knowledge you have, the better your outcomes will be.
  2. Trust but Verify. You are entitled to trust what your lender says to you but placing blind faith in your lender is not smart. Trust but verify is a sound practice.
  3. Work with your bank,  don’t fight them.  You may win a battle with a bank but you will never win a war.

We believe in honesty, integrity & transparency

We believe both suppliers and users of banking and finance products and services would benefit from a greater level of honesty, integrity and transparency. Relationships between banks and their customers are at an all time low. All parties including lenders, customers, media and advisors would benefit from paying greater attention to creating long term mutually rewarding relationships rather than pursuing short term financial outcomes.

Our reputation is our most prized asset and we are totally committed to displaying honesty, integrity and transparency in all our actions. We are proud members and supporters of the Banking & Finance Oath movement and actively in encourage other industry participants to do the same.