"My role is to work with brokers to unleash the potential of their small business customers"
In this edition of BDM in the Spotlight, MPA catches up with Pete Birrell, business development manager at alternative lender Prospa.
Birrell believes in the virtues of curiosity and taking a multidisciplinary approach to the broking industry.
This series is dedicated to shining a light on the stand-out BDMs and relationship managers working in Australia’s vibrant broking sector.
- Full name: Pete Birrell
- Job title: Business development manager – Victoria/Tasmania
- Company: Prospa
- Number of years in the industry: Three
- Location: Melbourne
When and how did you join the finance industry?
I joined the finance industry a little over three years ago, following a career in franchising. Having worked closely with franchisors and franchisees in various roles across multiple brands locally and overseas, my passion for small business and the impact that it can have on a community, employees and the economy led me to Prospa, and since joining Prospa, the finance industry and broker channel, I haven’t looked back.
What does your current role involve?
Ultimately, my role is to work with brokers to unleash the potential of their small business customers. This involves a mix of education and engagement with brokers, aggregators and associations. Any given day, you could find me hitting the phones, running education or planning sessions in brokers' offices or attending or running events to engage and support brokers and their businesses.
How do you assist brokers to grow their business?
I am fortunate enough to have a diverse range of partners, each with unique needs and at different stages of their journey. This means that with one broker, I might be focused on educating them about the opportunity within their business to support them in writing their first-ever commercial deal, which I am doing more and more of, as many of the brokers I work with are unaware that these types of solutions are available to their clients. And with another, it might be a strategic review of performance and putting plans in place to continue to grow the working capital lending in their business, as well as everything in between.
What do you enjoy most about your role?
I love the variety. Different partners with different business models and priorities, unique customer challenges and the opportunity to understand so many brokers, businesses and clients. It feels like I am always learning something new or being presented with something different, and I love the challenge of that. In addition, I love hearing the stories from brokers about how the funding we have been able to provide a client has made a difference to their business and their life.
What’s the most important advice you can offer to a new-to-industry broker?
My key piece of advice to new brokers would be to remain curious with your customers. There is a tremendous opportunity to work with clients across multiple needs, especially SME clients, and by understanding their actual needs, you unlock the ability to add real value. Often, customers may not know what they need, but they will recognise the challenge they are trying to overcome. By remaining curious to identify the high-yield need in these situations and then providing the right solution, you are adding actual value to your customers that they will remember forever.
How vital is broker feedback in ensuring you provide the best service?
Broker feedback has been and continues to be the driving force behind the evolving solutions and services provided to brokers. Listening to what matters most ensures we are focused on delivering solutions and service that make a real difference, empowering brokers to deliver great experiences for their clients.
Recent innovation in product and tech have been initiatives driven by broker feedback, with enhancements to market leading tools such as Prospa IQ or Partner Led applications, both of which allow the broker to enhance their value proposition to SMEs by offering solutions with speed, efficiency and greater transparency. And with more broker-inspired initiatives on the way, it’s our way of demonstrating the importance of partnerships with brokers.
What makes a great BDM or state manager?
It comes down to understanding that it’s a partnership with a broker – and not just being focused on the transaction. This comes through in being curious and really getting to know a broker's business – and understanding first if and then how your product can add value – then working with the broker to bring this to life within their business through a clear plan of attack.
If there’s one thing you could change about the industry, what would it be?
Honestly, the industry is in excellent shape overall. The one thing that comes to mind would be female representation across the industry, while improving, still has a way to go.
Describe your ideal weekend:
I have two young kids, so definitely spending some time connecting with them and my wife is a huge priority in my life. Beyond that, probably firing up the smoker or the pizza oven for a cook and bringing family and/or friends together for some great food, great wine, and quality conversation is always a highlight for me.
