Safeguarding success – Evolution Recruitment Solutions Ltd
Amongst the many essential ingredients for business success, it is worth keeping in mind that a sale is not a sale until payment is received and this is more pertinent than ever before in a climate where debtor failure is a very real risk for SMEs.
More and more businesses are realising the benefits of credit insuring their debtor book to safeguard against the potentially devastating effects of protracted default and debtor failure. However, with some credit lines still being withdrawn or tightened, accessing this much needed protection is proving a challenge as Operations Director of Evolution Recruitment Solutions, Nick Elliott, discovered as the credit crunch began to take its toll.
Formed in 2000, the recruitment business specialises in supplying both temporary and permanent staff to the I.T sector. With a strong start, the business was achieving a steady level of turnover and had a healthy cash flow. Unfortunately, the business was left with no credit insurance in the height of the recession after the current provider decided, without warning, not to renew their agreement, making it instantly vulnerable in a high risk climate.
Having experienced the benefits of credit insurance, Nick Elliott realised that ongoing cover was a necessity for the business to sustain its success, safeguarding the business against extended credit days and bad debts, allowing stability and facilitating a steady cash flow.
Hilton-Baird Financial Solutions approached the business and, after discussing the challenges that Evolution Recruitment Solutions was facing, the search for a replacement insurer commenced. As funding was not an issue for the business, it was decided that a stand-alone facility was the best option.
Hilton-Baird recognised the strength of the business and a new provider was identified quickly. A replacement credit insurance facility was offered to Evolution Recruitment Solutions under an initial one month trial for both parties which was successful and a permanent solution is now in place.
With the shield of credit insurance reinstated, the business is once again able to concentrate on winning new business with the peace of mind that so long as there is a designated limit in place, payment will be received, however tough the climate gets.
To find out more about Evolution Recruitment Solutions Ltd visit www.evolutionjobs.co.uk.