Companies will claim to achieve anything and everything. Occasionally, this is a lure of the desperate and damned in their marketing escapades, rhetoric to convey themselves as an all-knowing force from their back-alley shop. Sometimes, under the mask of supposed greatness lies an indecisive business identity.
However, the UK government frequently states that small businesses are the backbone of Britain, integral to the economy. Consequently, when aspirations get bigger than capabilities, finances take a hit. The lies of SMEs can impact the blameless traders too, putting a dent in the economy at large. Put simply, small businesses matter, and invoice financing is a great way to convert the rhetoric into more realistic, yet lucrative results.
Crunching numbers can drain the time of businesses. Furthermore, SMEs are reported to spend 19 million hours each month on finance management, losing out to opportunities elsewhere in result. While SMEs fatally market themselves as a bulletproof force, behind the scenes they are frighteningly docile as they await late payments.
However, Touch Financial Support brings strong invoice financing into the mix, saving the SME or sole trader precious resources. It’s tailored to directly correspond with their needs, and those hours spent chasing up and worrying can be practically spent elsewhere in their enterprise. Dates become actions as productivity moves along, allowing time for the bigger issues.
Improved cash flow, enhanced growth
SMEs are at risk in the overall cash flow, stunted by size and delay. Estimates rate over a £250 billion loss of liquid cash flow in SME late invoice payments, which will of course have staggering consequences for the overarching capabilities of an SME.
Of course, funds are the fuel of a firm, not inviting stagnancy, but development. In fast tracking the cash flow with invoice financing, the capabilities of the business at large will expand alongside. Consequently, with funds received on time, the reaping of rewards will fund further opportunities, and the ‘no job too big’ mythos to become slightly more true.
Improved B2B relations
Invoice financing is a B2B pursuit, with standards important to showcase. An SME must slot into the market with solid purpose and integrity to thrive. Consequently, the ‘no job too big or too small’ narrative needs to disappear fast, lest SMEs compete with the entire planet. Focus is key.
Therefore, invoice financing is a great way to show that SMEs and independent traders are dependable, securing an unfailing chain of events. It’s a contract of financial security not only to themselves, but onto others, their steady actions going beyond their word. SMEs will not just be relying on an overused motto, but results. Any fellow business will appreciate what this means; foresight, practicality, security and ultimately, reliability.
Looking for finance? SmallBusiness.co.uk is working in partnership with trusted lenders to find the best business funding deals. Find out more here.