Should I give up, or should I just keep chasing payments?
Cash flow is undisputedly the holy grail of all business affairs, as without it normal functionality could not continue or progress. This extends even to small gaps, which can cause a lot of damage in just a short space of time – especially so for new-start businesses.
Our client had just been established, providing temporary recruitment to the care sector. Though they were forecasting turnover of £250,000, the income they were generating was being tied up in outgoing invoices with 30-60 day terms. As a new business, the effects of this were magnified due to there being limited reserves to tide the business over, and salaries due on a weekly basis.
Knowing how crucial the reliability and flow of capital in and out of the business was, they decided to contact Hilton-Baird in a bid to secure the solution that would be the most appropriate and beneficial for them.
Delighted to assist, Hilton-Baird listened to our client’s challenges carefully – and explained suitable facilities that could enable them to manage cash flow during the early stages of growth. As the sector concerned was recruitment, we were able to introduce three options which not only delivered on boosting 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 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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