Happy New Year to everyone! I hope 2014 is a good one for you.
Winter is now in full swing and many businesses may have started the post-Christmas period feeling a little under the weather.
With expensive annual tax bills to pay and quarterly rent bills to settle, coupled with having just come through the quietest period of trading during December, it’s easy to see why many businesses have entered the New Year coughing and spluttering!
Add to this the annual shutdown over the recent festive holidays, floods and storms continuing to wreak havoc, wage bills still to be paid and a current VAT quarter due soon and many businesses will be suffering a hangover after the New Year as the bills start to stack up.
Unfortunately many banks still have rigid credit policies demanding action if a business makes two or three months of consecutive losses, so going back to the bank cap-in-hand may not be the solution, nor will it give the answer a struggling business wants to hear.
Don’t panic - there are options!
Why not consider a shot in the arm by looking for an alternative form of funding?
Invoice factoring and invoice discounting can offer just the tonic an ailing or hungover business needs.
Both facilities generally provides up to twice the amount of cash as a conventional overdraft without the need to provide your home as security and provides flexibility as your sales pick up, allowing you to get on with nursing your business back to health.
An invoice factoring company is less interested in historic trading performance and balance sheet strength and happy to consider companies in turnaround or highly geared.
Why not contact Skipton Business Finance today on 0845 602 9354 or drop us an email at info@skiptonbf.co.uk for a free and confidential health check for your business.