For two years, the owner of a wholesaler of high-quality spectacle frames had been a satisfied user of a factoring facility and a trade finance facility.
It started with the appearance of unexplained items on the business owner’s monthly statements. A sudden reduction of invoice prepayments followed. Finally, it was the cessation of payments to suppliers under the company’s trade finance contract that gave the business owner reason to believe his lender no longer understood or wanted his business.
Amid mounting anxiety, the business owner contacted invoice finance broker and founder of The Business Bureau Simon Button to source an alternative factoring company.
During a meeting with the company, Simon assessed the owner’s factoring facility and quickly discovered the root of the problem.
The issue of non-payment by customers resulted from the process the wholesaler used to receive the company’s online payments. Also, how the company dealt with them.
To help the business owner to overcome his problems, first off Simon sought out where the business owner was having difficulties in understanding its facility. Then Simon gave the business owner a tutorial to build his understanding and confidence.
“Helped me to understand the terminology”
Jargon is isolating. Outside of your field, it loses meaning and makes people feel confused.
“Simon helped me to understand the jargon my finance company frequently used in a way that I understood,”
“Gave me the freedom to ask questions”
No one likes to feel foolish. You worry you’ll appear unintelligent because the answers to your questions are obvious. Or you fear you are wasting people’s time.
“I didn’t feel comfortable asking my client manager questions to which I thought I should know the answer. My one-to-one tutoring session gave me the confidence to ask questions without feeling self-conscious.”
“Helped me to overcome obstacles to achieve my desired results”
Simon spent time helping the owner to get comfortable with operating his online factoring account.
“Simon helped me to understand how my account operates and what actions I can take to increase the amount of money I can get out of it. As a result, I stopped falling victim to common mistakes, and my finance company stopped putting pressure on me.”
“I had someone speak on my behalf and represent my interests”
Gaps in knowledge often prevent people from asking the right questions.
“Clearly, I didn’t understand my finance facility well enough to argue my case with the factoring company. Simon supported me to ensure the finance company understood why problems were occurring. Once resolved, he made sure it upheld the terms of my agreement. One call to the finance company and Simon was able to get my factoring and trade finance facilities back on track.”
“Resolved my problem of a sudden loss of cash flow”
Having worked out the business owner’s problems related to how his company received and dealt with online payments, Simon helped the business owner to understand and run his facility smoothly and efficiently.
“Simon helped me to understand and get comfortable with using my online account. Now I am pleased to say my cash flow is back on track, and I’m confident my suppliers get paid. Most important of all, my time is freed up to focus on running my business.”