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Newsletter: July 2008
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Make cost savings now - here's how
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Dear Colleague
With record numbers of businesses failing, price increases and continued uncertanty about the economy, it's as crucial as ever to look for cost savings.
This month we have more examples of how you can cut unnecessary expenditure and safeguard the financial health of your business.
There's never been a better time to
request a free invoice finance quotation...
With kind regards,
Sean Morrow
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Don't be caught out by bad debt
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If your debtors' businesses were to fail, are you protected?
Equifax recently released their report for the second quarter of 2008 showing that total business failures in the quarter have risen by 10% since last year. And according to many of the financiers we deal with, there's been a big increase in the number of debtors who are failing whilst owing clients money.
Clearly this can have drastic knock-on effects, which is why interest in bad debt protection, which can provide up to 100% cover, is also on the increase.
Find out how you can protect your business from the threat of debtors failing to pay their outstanding invoices...
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Let us help you beat the price increases
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With the finance industry suffering from rising levels of bad debt, inevitably some financiers have increased their rates in order to cover their losses.
Despite this trend, cheap deals are still available if you know where to look. A number of recent clients have approached us because their invoice finance company is increasing its prices. One had experienced almost a doubling of the service charge. In their case were able to find them a deal that was virtually the same price as they were previously paying.
We have regularly completed facilities, for small businesses, with service charges of just £2 - 3,000 per annum.
Why not check how competitive your charges are?
Contact us for a free, independent quotation search...
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SAVE ON THE COST OF CREDIT CONTROL STAFF
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Did you know you could save thousands of pounds by outsourcing your credit control to a factoring company?
As the economy gets tougher it's crucial to keep costs down.
Whereas an in-house credit controlller might cost between £15k and £25k, depending on location, for
a business with an annual turnover of £1 million, a factoring company would typically charge £6 - 7,000 for this service.
And there are other benefits. A factoring company can provide funding should you need it. They can also often improve the time it takes to get paid over and above what in-house credit controllers can achieve.
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Plus, since factoring costs tend to be similar all over the country, if you're in a high cost area this could make it very attractive.
Find out more about cutting the cost of credit control...
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