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Lex Brown has started a discussion: My Experience with Factoring "My experience with Factoring When a partner and myself owned a recruitment agency back in the late 90’s, and a Factoring Company came and introduced us to Factoring, we were both surprised and relieved. We were ramping up into the demand created by the Y2K bug scare, and our clients were increasing the numbers of IT contractors required, whom we needed to fund, and to be honest, we didn’t have the cash reserves to cope with the expansion needed. So imagine our surprise at being offered a method of funding that would grow with us, and our relief, when we learned that it did not require any property mortgages! Being able to get 80% of our invoices funded the day after we wrote the invoices, allowed us to cover the salaries, of the contractors, and made it possible for us to grow our business along with the growth in demand. Carefully managing the cash flow was still critical, however, even with the additional revenue. The key became ensuring our costs were being covered by our margins, and that the increasing turnover was translating into bottom line profit. The reason I got into that recruitment business was all about helping people, and through helping people, enabling individuals and companies to develop and grow. Helping others, wherever I can, has been an unchanging core value for me. In my current role with Earlypay, I am now in the fortunate position of being able to help small to medium businesses, by introducing them to Factoring and setting up a facility that will allow them to grow. If cash flow issues are stifling your business growth, please contact me, and I will do my best to help you. Email: lexb@earlypay.com.au" | ||||||
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