Keeping Your Customers Close!
With spring right around the corner (well, we can hope) it’s a great time to think about what you’d like to achieve in 2018. For many owners of small and medium sized business, expansion is on the cards. That means tapping into new markets, and it might even mean dealing with customers and clients in another country.
If that sounds a little daunting, the good news is that help is available, whether you’re a start-up or an established company looking to grow this year. Confidential invoice discounting is a great way to ensure your business cashflow is stable, whilst also making sure your business retains its USP. Which, of course, is you!
Prioritise Customer Relationships In 2018
Because customer and client relationships are the backbone of any business, you probably don’t want to trust anybody else with your loyal customers. Invoice factoring has long been a popular choice for businesses of all sizes looking to expand. Not only does it boost your cashflow, releasing funds tied up in unpaid invoices, it also takes away the worry of chasing customers for late payment.
But by doing so, you could be missing out on your well-established personal touch. Keeping in touch with your customers is a great way to ascertain whether you’re meeting their needs, and if not, what you could do better. So what’s the solution?
Could Confidential Invoice Discounting Be Right for Your Business?
Forget invoice factoring and give confidential invoice discounting a go instead. Perhaps you thought that factoring was a great idea, until you realised your customers might find out more about your financial circumstances than you’d like. With invoice discounting, you maintain working relationships with all your customers. As the name suggests, confidential invoice discounting is just that, completely confidential.
Your customers will never know you are dealing with an invoice factoring company. So if you’re experiencing cash flow problems, you can seek help without disturbing the natural flow of your business communications. Staying in control of your customer relationships also means you’re able to provide your customers with the highest possible level of service; increasing the chances they will purchase your products or services in the future.
Is Confidential Invoice Discounting a Better Choice Than Invoice Factoring?
It depends on your company’s needs. If you want to free up time to spend growing your business or on your marketing plan for the year, you could opt for invoice factoring. This means that your factoring company will take care of your accounts receivable, chasing customers for payment. It also means you’ll save money on staffing costs as there’s no need for an accounts receivable department.
If you’re a bit of a self-confessed control freak (what entrepreneur isn’t?) then you might want to maintain control of your customer relationships yourself. In which case, confidential invoice discounting is the perfect choice.
Whether You Choose Invoice Factoring or Confidential Invoice Discounting There Are Benefits
Whichever option you go for, your business is sure to reap the benefits in 2018! Whether you’re a start-up, a small business or a medium sized enterprise expanding into new markets – here are some of the pros of opting for invoice factoring or invoice discounting:
- Stable cashflow means you can pay staff and contractors on time, as well as meet your commitments for tax to HMRC.
- With a factoring company experienced in your industry, expert advice is always on hand.
- Invoice factoring means no need for an accounts receivable department, saving you money and time.
- Even if your customers usually take weeks or months to pay, you can release up to 90% of the funds in unpaid invoices within 24 hours.
- Invoice discounting leaves you in control of your customer relationships.
If you’re curious about how invoice discounting can benefit your customers (and your business) then it’s easy to find out more.
We’re Here to Help
Our helpful advisors are on hand to offer advice and answer your questions about confidential invoice discounting. You can call Simply Factoring Brokers on 0333 772 1558 for a no-obligation chat at any time. Or if you’d prefer to email, you can drop us a note at firstname.lastname@example.org?