Take a look at the latest coverage on the team at Simply Factoring. Featured in the South Wales Argus, our director Steve chats about the business growth in the area despite reports of a slowing market.
The downturn in the UK and world economy was well documented, but Newport-based businesses have been calming fears of another economic downturn by claiming that business is still thriving in select industries.
Our director is head of one of those firms and he was interviewed recently for a piece in the South Wales Argus.
Business Growth at simply Factoring
Steven is sensitive to the plight of small businesses, but realises that invoice factoring services are a key tool in ensuring any economic slow-down has a lesser impact. Our business has grown substantially over the last twelve-months. in an ironic twist of fate, our growth is a side-effect of businesses suffering at the hands of slow paying customers.
Steven also insists that rewarding staff has been a key factor in our success. He does realise that rewarding staff is a bit of a chicken and egg scenario. He is aware that it’s hard to get results with unmotivated staff and results are a necessity to smooth operation. That’s why Steven insists cashflow is key to ensuring funds are available to reward staff consistently.
Steve said: “The main reason for our growth is the structure we set out at the start. If you have a job here you are rewarded very well if you work hard and hit targets. We reward our staff with bonuses and a solid commission structure which rewards hard workers; if they do well so does the company.”
Why Slow Payers Won’t Hurt Your Business Growth When Using Invoice Finance
The availability of funds immediately after a project completion is a primary feature of invoice factoring. This means that monies usually held up by debtors, are liquid and ready for use within 24-hours of raising an invoice.
In most cases, the only barrier to growth really is having the funds to be able to expand. Factoring your invoices means you are only limited by your ability to secure new customers or repeat business.
If you would like to chat about invoice finance and how we can help you grow your business, give us a call on 0333 772 1558.