As we enter the New Year, we’re all hoping for a far better 2021 but understand that there are still a number of significant business challenges that have come about due to COVID-19.
Many businesses will now be exploring funding options to support a recovery, encourage stability or enable growth ready for the year ahead. So, if you’re working through your plans for 2021 and want to understand more about the business funding solutions available, call our Manchester based team for your free business funding review: 0161 871 9840.
In just four simple steps our experts will save you time, hassle and money, setting you up with the right funding solution for your business at the best deal to suit your needs.
Compare Your Funding works with all major lenders across the UK and we’re able to support your business in arranging everything from various types of asset finance and vehicle finance to bridging loans which help with a gap in funding.
One of the key challenges we have seen businesses facing recently is late payments affecting cashflow. The increase in late payments is no doubt due to the slowdown in business activity and other difficulties caused by the current pandemic. Unfortunately, we see this continuing into 2021 not only because of COVID-19 but the fact that Brexit is likely to disrupt supply chains, which may ultimately cause further delays in payments over the coming months.
This all means that invoice finance including invoice discounting and invoice factoring is likely to continue to be an increasingly popular solution for businesses wanting consistency in their cashflow.
Through invoice discounting your business is able to release cash tied up in unpaid invoices while still managing your own credit control and sales ledger – so customers won’t know you are using a finance solution.
Invoice factoring is very similar in allowing you to free up cash from outstanding invoices, but this solution also allows you to free up time too by having the funder complete your credit control and sales ledger. This also means that the lender takes on the responsibility of chasing up payments, so you don’t have to.
Although Compare Your Funding is based in Manchester and supports many local businesses, we provide services nationwide so if you would like to find out more about how we can work with your business contact us to arrange your free business funding review.