Should I give up, or should I just keep chasing payments?
Without stable cash flow no business can thrive, and for a new start business the challenges caused by trading on credit terms are amplified.
Our client, a newly established provider of temporary recruitment to the care sector, was on target to turn over £250,000 in their first year. However, the income they were generating was being tied up in outgoing invoices.
As a new business with limited reserves, paying weekly salaries whilst offering clients credit terms of 30-60 days was becoming a serious hurdle.
Knowing how crucial the reliability and flow of capital in and out of the business was, they decided to contact Hilton-Baird Financial Solutions in a bid to secure the solution that would be the most appropriate and beneficial for them.
Delighted to assist, we carefully examined our client’s situation and helped them to explore suitable facilities that could enable them to manage cash flow and support growth. As the client was in the recruitment sector, we were able to introduce three options which not only boosted cash flow, but also gave the business additional support with the funder also handling the back-office function.
This particular type of invoice finance together with the back-office function allowed our client’s limited resources to no longer be consumed maintaining cash flow and chasing payments.
If you would like to secure a financial solution tailored for your business, we can help. With over 20 years of industry expertise as commercial finance broker, we’ll identify the most suitable facilities available to your business. Click here to get an instant quote or call us on 0800 9774833.
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