In conversation with Philip Brennan, head of Businesscomparison.com

When I spoke to Philip Brennan, the head of Chester-based Businesscomparison.com, I wanted to know how such an enterprise hopes to establish itself in a comparison sphere dominated by big names like Confused and MoneySuperMarket.

Philip got into the game after working for MoneySuperMarket for seven years. He told me: “While I was there I saw a big opportunity in the business comparison space, which is one of the channels I used to look after.

“At MoneySuperMarket, the focus was on consumer products like home insurance and car insurance. These sectors were incredibly successful, which led me to think about branching out by creating a website with a specific business focus.”

It became apparent early on in my conversation with Philip that he’s passionate about small business and the unique needs of SMEs. He said: “I knew, from speaking to my partners, that smaller enterprises were crying out for more attention.

“I approached some of my ex-colleagues who’d set up their own comparison-based internet company and, after talks, we decided to get a team together and create a new website.”

Businesscomparison.com launched in October 2014 with a beta site called Co Hub, which Philip and his team ran until April this year. It was a learning curve, he said.

“When April came,” Philip continued, “we knew the direction we wanted to take it and decided to go with a brand that explains exactly what we’re doing. We wanted to show businesses that we really are a place where they can come and save money.”

“I think in many cases, businesses are simply held back by a lack of knowledge of what’s available.”

Much of Philip’s drive, I could sense, comes from an urge to help entrepreneurs, to serve a segment of the business community he feels has always been pushed to the sidelines when it comes to accessing finance.

He spoke about SMEs and how they’re the lifeblood of the economy, pointing to research by the Federation of Small Businesses which found that for every £1 spent with an SME, 63p is re-spent in the local area. In comparison, Philip said, only 40p spent with a larger business is re-spent locally. Supporting small businesses is something with which I wholeheartedly agree, being a Liverpool resident and understanding the importance of areas like Bold Street and Seel Street not just to the city’s culture, but also its commercial vitality.

Philip drew my attention to the millions of SMEs operating in the UK and explained how, of the 45% declined by their bank, 50% do not look elsewhere for finance. He believes that before Businesscomparison, there wasn’t anywhere for them to go when they needed cash to realise their expansion goals. It was a network, he said, based on referrals, based on who you know.

He outlined his business’ goal: “We want to use technology to help people find the best deals, whether we create that technology ourselves or outsource for it. That’s our focus.”

I quizzed Philip about his background with MoneySuperMarket. I wanted to know how much the experience informed his decisions with Businesscomparison.com.

“The experience was massively important, because there’s an understanding of how customers work,” he explained. “For instance, you could be an expert in finance, but it doesn’t necessarily mean that you can create a great journey for the customer.

“If someone lands on your website, for example, and they’re not engaged to continue, follow through and complete the journey, then you’ve missed out. It’s about finding the balance between detail and ease of use.”

He added: “We have a really strong development team, so we’re able to create good journeys to help the customer.

“We want to save our customers time as well as money. I’ve read that small businesses lose thousands of hours every year in admin tasks, which is senseless.”

By saving time, Philip said, business owners will be able to spend more hours focusing on the fundamentals of their enterprise.

Businesscomparison.com’s immediate goals were clear to me at this point , but I wanted to know where Philip plans to take the company. Does he have ambitions to make it a nationally recognised brand? The first port of call for SMEs seeking finance?

“Absolutely,” Philip told me. “We want to be the first platform that businesses think about when they want to save money. We’ve got business current accounts, business finance, van insurance and business insurance, which should be up and running shortly.

“Those are our four main channels, but we also have international money transfers, which is important for exporters, and also energy.”

Philip’s plans are definitely ambitious, but his approach seemed realistic.

He explained: “We want to touch 50% of all SMEs within the next three years. That’s millions of companies, so it’s a massive challenge! We know we’ve got to stretch ourselves and really try to get out there.”

Taking into account Philip’s knowledge about small businesses, I asked what he considered to be the biggest obstacles facing SMEs today when it comes accessing finance. Is it the attitudes of the lenders, or is it down to the business owners?

“There are more alternative lenders than there have ever been. That’s what we want to expose.”

He considered his answer, looking thoughtful. “Business owners are definitely being more cautious,” he said. “And there’s definitely less lending going on. I think in many cases, businesses are simply held back by a lack of knowledge of what’s available.

“Of course, that’s where we come into it. As I’ve said, the vast majority of businesses go straight to their bank when they need finance, and if they’re declined, many will stop looking.”

Philip added: “We want entrepreneurs to know there are alternatives, like asset finance or invoice finance. There are more alternative lenders than there have ever been. That’s what we want to expose.”

Over the next 12 months, Philip said he plans to focus more on enhancing the business’ current channels than introducing new areas.

“I think in the short term, the focus will be on improving the journeys we’ve got,” Philip continued. “We’re very keen to work with other companies and find technology partners who can enhance what we’re offering to our customers.”

While Businesscomparison.com is still a young company, I wondered if Philip would do anything differently if he had a chance to revisit the firm’s beginnings.

He chuckled when I asked. “Getting things signed off from our partners could sometimes be a slow process,” he explained. “So if I could go back and change anything, I’d change the way we worked and make processes clearer and more streamlined for our partners, aiming to better help them better understand who we are and what exactly we’re looking to do.

“I’d make it clear from the get-go just how significant Businesscomparison.com will be as our operations grow.

“There are also analytical tools and other pieces of software I would use if I were to start all over again, programs that tell you how people are using your website and show you what works and what doesn’t.”

To wrap up our discussion, I asked if he thought the North West would progressively become an even friendlier commercial environment over the next decade. Philip replied: “Well there are more small businesses now than ever before, and the likes of HS2 and companies trying to get out of London to reduce costs will make a big difference.

Technology, he felt, is also continuing to fuel entrepreneurship.

“The internet has allowed people to start companies with lower overheads,” Philip said. “You can easily operate an enterprise on a part-time basis until it gets to a level where you can take it on fully. I definitely feel like people are becoming more adventurous.”

Philip, it seems, is aiming to give that adventurous spirit a healthy nudge and encourage entrepreneurs by making finance more accessible.

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