Factoring and Invoice Discounting Helpline

If your business is suffering from any of the following problems:

• cash flow
• inability to pay bills
• more liabilities than assets
• customers who wont pay

If so then your business might be at the stage of distress or insolvency, at this point it is a good idea to speak to a turnaround professional as soon as possible.
If you do find yourself in this situation, don't panic and make decisions without knowing about all your options. Try to avoid court action and personal liability, as this will only make matters worse.

The role of a Turnaround professional

A turnaround professional can be a great help, as they will be able to give you an objective view and they may offer solutions that you have never considered. Whilst this can be very distressing for you, business turnaround specialists are experts in this field and will have a wealth of experience in this area. They can also often identify the root cause of the problems that your business is experiencing, whilst helping you obtain the injection of cash that you need.

A turnaround professional may perform the following tasks in order to get your business back on track:

• Examination of your management accounts and sales order book
• Creation of a business turnaround strategy, detailing timings, financial impact and methods of measurement to determine success
• Formulating a change management plan to deal with the likely resistance felt by many employees. Key staff members will clearly understand the turnaround plan and the consequences of not implementing the changes required
• Communication strategy to all staff to get buy in to the turnaround plan, this includes informing staff of job losses and reassuring remaining staff.
• Communicating with banks and lenders on the turnaround plans, and attempting to renegotiate terms
• Communicating to suppliers and renegotiating more favorable payment terms.
• Identifying assets which are not being used and liquidating them to provide extra cash, assessing overheads and limiting them where possible

Finance solutions

The turnaround professional may recommend some finance solutions to boost your working capital. They may recommend Invoice factoring, which offers businesses a flexible finance arrangement that not only grows with your business but also provides you with the following benefits:

• It can boost your cash flow up to 95% of the value of your sales ledger
• The cash is often available within 24 hours after you have raised the invoices
• The more you invoice the more you can borrow, so this option really grows with your business
• You don't need to offer up any assets as security
• You save time and money on credit control as the lender takes care of this for you
• You have more time and money to grow your business

To understand the whole range of options and to get help choosing the right one for your business contact us on 0800 597 4757 or enquire online using the form opposite.