Mark Smillie is taking a look at releasing money from your invoices! Remember, if you are interested in getting Mark’s latest posts directly to your inbox, consider signing up here!
Recently, I was speaking with a Company Director. They mentioned in passing that the following day, they would be moving their Invoice Finance loan facility from one company to a new one.
The problem was with their account manager, and the constant staff changes. In any case, the finance company really never understood their business from day one.
My first thought… out of the frying pan into the fire.
I get more feedback about invoice finance than any other form of business lending, because when it goes wrong it tends to go badly wrong.
19 times out of 20 that happens because the wrong finance company was chosen to begin with because the company director who arranged the finance, only looked at four things…
- How much it costs
- The percentage advanced
- The finance company
- What the salesman said
I think I could have predicted the result at the beginning with a 90% success rate.
In fact, I have devoted a whole chapter of my new book to successfully arranging Invoice Finance.
Want to know where to go to get money out of your invoices?
I normally know within 5 minutes of speaking to a client which finance company is likely to suit them best (and also the worst choices for them).
There are over 70 finance companies who will lend you money on your invoices, and they all have their own “Sweet Spot” for the right client.
Why would you put yourself through the stress, lost sleep and the resulting problems of choosing the wrong finance company? When all you have to do is pick up the phone and call me?
These are just some of the things that experience has taught me to look at to get success for my clients…
Your Sector: (particularly if you are in the construction sector, as less than a handful out of the 70 companies offering invoice finance at the moment are likely to be suitable for you)
Current turnover, and expected turnover in the next 3 years. Whenever your turnover substantially increases, the level of service could to! Did you know you need to consider that at this stage?
Level and quality of service your business will need because some finance companies have a high staff turnover and others a waiting list to join so if you need good service, we’ll have to discount them.
The spread of your debtor book and the potential issues that are likely to occur with the finance company. Get that wrong and you will have severe “Drawdown Issues” (ask me about them)
Knowing what problems are likely to occur with your clients and the capability of the finance company to deal with them – this is a tough one and you can only truly know it with industry sector and finance company knowledge
The need for you, the company director, to meet a can do Senior Manager or Company Director at the Finance Company – which I can arrange from day one.
The bottom line, how to get a business loan right now…
Pick up the phone to me today! Tell me what’s on your mind and let’s bounce some ideas around CALL NOW
Please pick up the phone and say hi, you are always welcome to call me on my personal mobile.
The numbers you need: 0800 612 5364 or 07710 466166