As specialist contract publishers, Focus Media Solutions create unique magazines for the luxury brands market. Their aims are to build key relationships to create to best possible results for their customers.
Here, we talk to Focus Media’s Director, Will Fulcher, on why focusing on cashflow was a major priority for the media publishing house.
What Problems were you Needing to Overcome by Implementing an Invoice Finance Facility?
“The biggest problem hitting media publishing agencies like ourselves is cashflow. The nature of our business means our end product might take six months to complete which can mean massive outgoings during that entire time yet no option to bill out.”
“Invoice finance with Calverton Finance actually gives us options. We are able to stage bill with Calverton’s facility, giving us vital cash to continue a project and take on additional works – something that wasn’t always possible with our previous provider.”
What made Calverton Finance Stand out from Other Providers?
“Every provider, when trying to win your business, will tell you they understand your industry. Yet proof should be in the pudding – do they understand the importance of staged billing enough to allow it? Most providers would not entertain this idea – neither did our previous provider, which as well as being expensive, was the reason we were looking to switch. Calverton Finance, from the get-go, made it clear they did understand our financial challenges and they did allow staged billing.”
Was the Switch from one Provider to Another Easy?
“The switch was nice and straight forward. Calverton dealt with a lot of the process and the facility was up and running really quickly. We didn’t experience any blips in drawing down monies, so it was business as usual for us.”
Do you Feel you are in Control of your Finances now?
“Most certainly we are; staged billing enables us to build good relationships, so we find we get more out of our supplier network.”
“Previously, without staged billing, we’d have to have a magazine in print before we could draw down monies; not with Calverton. Instead we can draw down monies during the interim period. It also means, when we are faced with the odd client who will pay on a 90-day term we aren’t fearing the worst.”
What are the Perks of Working with Calverton Finance?
“Without a doubt, the people. The team are outstanding. They have a refreshing ‘can do’ attitude compared with other providers who give you a million reasons why not. They are always at the end of the phone and we never feel like we’re pestering them, however big or small our query is. They offer unrivalled support to our business; we really trust them to help support our cashflow.”
What Have you Been Able to Achieve Since Having the Facility?
“Now, 18 months into the facility our business is stronger than ever – we have working capital to invest, investment that provides an unrivalled service to our blue chip clients, with the peace of mind that we have financial stability without feeling like we are chasing our tail the entire time.”
Would you Recommend Calverton Finance to Other Media Agencies?
“They’ve far exceeded our expectations, so yes we absolutely would recommend them. I can honestly say that Calverton really do understand the media publishing industry – the mere fact they allow stage billing says it all!”
Will Fulcher | Focus Media Solutions