Ask the Expert

As part of our on-going commitment to providing useful, industry-leading resources on the Opensolutions-London blog, we’re beginning a series of “ask the expert” type interviews on the next-generation sales and marketing techniques being used to grow businesses around the world.

Minimise Business Disruption

with Invoice Finance

Chris Claeys, Business Development Executive at Bibby Financial Services is one of the experts supporting businesses with securing finance for growth through invoice factoring.


Bibby provide Working Capital to Over 10,500 Businesses, they have approved new clients’ invoice finance funding lines in excess of £65m since March 2020.

26 October 2020  

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Opensolutions-London:

Hi Chris, thanks for joining us. 


It’s been an interesting year with businesses facing many challenges such as the logistics of reorganising their teams, the need to implement technology and most importantly, the financial ones. What do you think has been the most common challenge for the small and medium-size businesses? 


Chris: I can only really speak to my experience since lockdown in March. I would say that of course staff having to work from home or find alternative arrangements to the office and having to adopt existing and new technologies to ensure their business survives through the Covid period has been the most common challenge. This change to ‘the working day’ for all of us will inevitably accelerate the change in consumer trends and businesses must keep up-to-date with this and provide their customers with a seamless, convenient buying process.


Opensolutions-London: Can you tell us how can Bibby support clients in this unprecedented time? Do you focus on a specific industry, size of clients?


Chris: We have a range of products and services for many different businesses and in a wide range of sectors from our Construction, Export and Trade Finance products to our Invoice Finance offering, foreign exchange services and Bad Debt Protection. We do not focus specifically on certain industries or clients of certain sizes and have no minimum turnover.


Opensolutions-London: Who is Invoice Finance suited to and conversely who is it not right for?


Chris: Businesses trading B2B issuing invoices on credit terms and businesses who struggle for cash or who are experiencing unpaid customer debts or those who are having difficulties with their bank in extending funding etc. 

Opensolutions-London: What are the primary or most obvious benefits of invoice finance for the first time user?


Chris: Immediate cash when you raise an invoice.

Cash to pay suppliers and staff, negotiate discounts. 

Invest in stock, staff or other growth plans to name a few.


Opensolutions-London: Why is Invoice Finance a great alternative to a loan or overdraft?


Chris: It grows with your business. You do not need to keep extending your debt servicing, it also lowers risks and improves cashflow.

Invoice finance can help maximise growth potential when combined with other products like asset finance stock.


Opensolutions-London: Cost control is one of the major sins of some businesses, and the lack of it is detrimental to growth. Can Bibby provide support for business owners facing that challenge? What about some of the lesser benefits that people may not be aware of?

 

Chris: There is an option of outsourced credit control so you can concentrate on running your business. Lower risk of bad debt. 


Opensolutions-London: Chris, thank you for your time.


To schedule a call with Chris and discuss your current needs and finance options available for your business, please email.

 


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