Business funding - don't be caught out!
Posted on 16th May 2020 at 08:17
Are you among the thousands who painstakingly check their house and car insurances on comparison sites yearly, to avoid paying over the odds?
If you are, great, but do you apply the same rigour to your business financing arrangements?
Each year, we speak to too many business owners who are paying thousands of pounds too much, or are stuck in arrangements that don't meet their needs. Yet they're not as vigilant over this as they are about saving just a few pounds on their home or car cover due to complacency, being busy or, more often than not, lacking knowledge of what else is 'out there'.
Invoice financing, used right, can be a funding lifeblood for businesses, particularly growing ones, by bolstering cash flow cost-effectively, and only incurring interest on what they're utilising at any given time.
However, Peacock Finance Founder, Darren Peacock, said: “It’s very easy for businesses to end up paying too much on too-high interest rates, because they don’t know what the alternatives are. Some unwittingly lock themselves into expensive facilities that don’t meet their needs.
“And being with the wrong provider can even jeopardise your business if the funder won’t finance all of a big order, or pulls funding altogether, bringing your cash flow – and therefore your workstream – to a halt.”
He added: “We can help businesses navigate the market because we know which invoice funders will support what products, services and sectors, at the best price
“In fact, we believe this type of funding is so vital, we offer businesses a financial health check consultation which, whether we source them invoice funding or not, is completely free."
High Cost Complacency
Peacock Finance recently saved a local transport company £18,000 in one year! They had been with the same invoice financing company for 18 years and their loyalty cost them dearly, as they ended up paying way over the odds as a result of periodic price rises over that time. A successful former business owner himself, Darren set up Peacock Finance to help others manage their finances, maximise profits and secure the funding they need to grow.
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