Abhishek Maharaj is a ServoPro partner and a finance & lending specialist. Recently we asked Abhishek to share some wisdom with ServoPro members.
Can you tell us a bit about yourself and Winquote?
I am the General Manager of Winquote SME Finance and have been so for over 8 years. We specialise in providing tailored finance solutions to Small to Medium sized businesses across Australia.
How does Winquote differ from your average finance broker?
We are considered finance specialists for SME’s. Apart from just offering commercial, equipment, residential and many other finance solutions, we project manage outcomes in a timely manner, thus taking away the stress from our clients which lets them focus on their core business. Along with their accountant, we become “the client’s finance department”. This collaborative approach is a value-add to our client’s strategic growth plans.
You look after the finance for some large, fast-growing independent service station groups. What are they doing differently to your average business owner?
Our clients are purchasing sites which need some love and renovation in order for the site to be optimised for capital growth and for the business to be run to its potential. We are able to assist their strategy by providing funding not only for the initial purchase but also for the renovation and working capital needs. This means that our clients are sufficiently funded to meet their goals.
From a finance perspective, what are the biggest mistakes you see business owners making?
The 2 most common mistakes that business owners regularly do as below:
- Requesting finance from existing lenders without understanding current credit policies – through habit and familiarity, when finance is required, clients usually go straight to their current banker. It may not be possible for their banker to assist with their current finance requirements. This then leaves clients searching for another solution which they will find at a huge cost of time.
- Not being ready with their financial documents and clear business plan – In today’s strict credit environment, it is vital for clients to have all their financial information in order and understand their financial results as lenders are looking for clients who can provide transparency with their information and demonstrate good business management.
Why would a service station owner use your services rather than just going to their bank for a loan?
We understand the numerous business models services station operators adopt. Our key value-adds would be:
- Winquote assists clients with finding the right bank/lender for their current and ongoing needs. This saves customers time in lodging multiple applications (possibly adversely affecting their credit record) and not being able to obtain the right financial solutions.
- Winquote will project manage the finance application to ensure the desired result is achieved in a timely manner.
- We co-manage the lender relationships on an ongoing basis.
- Our commitment to potential clients continues to be that we only take on an assignment that we can deliver on.