Talk money? Something not many of us do.
Yet, we should talk about it. How else do we learn – what works, what doesn’t?
This month, 18th – 22nd November, it is #TalkMoney week (formerly known as Financial Capability Week). It’s a time to talk about all the different ways businesses can improve their money management.
Here at Calverton Finance we of course are going to talk about invoice finance (also referred to as invoice factoring and invoice discounting) and how we can help you manage your money – your cashflow – which is actually the biggest reason businesses fail.
Invoice finance is a great way in which to manage your cashflow. In the words of Sir Richard Branson, “cashflow is the lifeblood of business” and he’s right.
FACT: 20% of businesses fail in their 1st year due to lack of cashflow.
You see, without cashflow a business won’t survive. If you suffer from late paying customers you’ll probably be witnessing your cashflow drying up right before your very eyes – even if you are invoicing each and every day.
FACT: 30% of businesses fail in their 2nd year due to lack of cashflow.
Yet, invoice finance gives you a fast flowing fluid cashflow all the time you are issuing invoices.
How? Well, you simply issue your invoice, copying us in. We then advance you payment of up to 90% of each invoice within 24 hours. We pay you the balance, minus our competitive fees, once your customer has settled their invoice. We even include a credit control service within the facility so you don’t even need to worry about chasing payment.
FACT: 50% of businesses fail in their 5th year due to lack of cashflow.
Invoice finance guarantees a fluid cashflow. It enables you to have working capital to seize upon growth and expansion opportunities such as negotiating better terms with suppliers and stock piling, increasing your work force and output; and offers you financial stability. Take our client, Engage Medical Group, for example, their start up growth was accelerated, and only possible, due to our invoice finance facility.
FACT: 70% of all invoices last year were paid late – so check out our tips to try and get them paid quicker...
- 25% of all issued invoices last year were wrong.
This inevitably delays payment. You must ensure that all details are correct including company details, date, billing address, proforma details, VAT figures, point of contact etc.
- Your invoice is three times more likely to be paid quicker if it bears your company logo.
- Many invoices don’t include payment terms – payable in 14, 20 or 30 days – ensure they are clearly included.
- Issue your invoice as soon as the job is completed – if you delay sending your invoice out it can delay payment even more, the work is almost forgotten about.
- Don’t be afraid to chase payment; most companies need (some even waiting deliberately) for a prompt.
This #TalkMoney week talk to us about our wide range of flexible and tailored invoice finance packages. They are quick and easy to arrange – you’ll meet with decisions makers who will approve your facility and it can be set up and fully operational in just a week or so.
Call 01908 268888 – it’s good to talk or go online and get approval in less than 5 minutes.