The weather seems to be warming up, at last. Which is just as well as the longest day of the year, 20 June, is coming up fast. Yes, we’re almost half way through 2016 already – time to take stock, review performance so far, then make plans for the remaining 6 months. This means it’s also a particularly appropriate juncture for considering invoice finance – if the plans are going to work you have to find some way of putting the necessary cash behind them.
Must try harder
Your mid-year review may highlight the fact that certain areas of the business are not meeting the targets that have been set. This in turn may convince you that urgent action is required to turn things around – maybe you need to hire extra staff, invest in new machinery or give more impetus to your sales and marketing efforts. Whatever the strategy, however, you won’t get far without the funds to make things happen. Which is where invoice finance comes into play.
Your money, but quicker and better
Invoice finance is a means of unlocking the money you have tied up in unpaid invoices – instead of waiting 30, 60 or even 90 days to access that cash a provider such as Ultimate Finance can make an advance which is in your account the very next working day.
The facility is relatively quick and easy to set up. What’s more, unlike an overdraft, it cannot be withdrawn without notice. Another advantage is the fact that the more invoices you issue the more funds become available – you don’t have to ask for your credit limit to be raised. With an overdraft, on the other hand, a growing business will continually find itself going back to the bank for the bar to be raised. Getting a decision takes time, and the answer may well be “computer says no”! So invoice finance is much more reliable, flexible and convenient.
Saves stress too
Chasing your clients for money is no fun, it wastes valuable time and employing in-house staff to take care of it just gives you a fresh set of hassles. With our invoice finance products we give you the option to outsource your credit management and sales ledger functions to our experienced experts. These arrangements can be tailored to suit your individual requirements so that your clients are happy with the way things are handled.
Once you’ve shifted this workload away from your own team you can refocus your business on the things it does best and the areas that generate revenue – it enables you to concentrate on making money instead of chasing it.
Alastair Logan, June 2016