The Right Approach for Scott`s Commercial
Published December 2016
Scott’s Commercial has managed to find a more straightforward approach to its invoice financing thanks to support from Cranfield Business Finance.
When the recession hit, Scott’s Commercial sought help from its bank to help manage cash flow. The bank offered an invoice finance solution to help reduce the pressure on the business, however this ended up creating more problems for the company.
Pippa Scott, owner of Scott’s Commercial, says, ‘Cash flow did improve but we felt that was down to the work we were doing rather than what the bank was doing.’ Pippa did a full audit of the business and the results appeared to be quite shocking. ‘The cost of the factoring was a very high expense and it really brought home that it was not providing a solution to the problem.’
It was then that they turned to Cranfield Business Finance. As an intermediary, Cranfield is able to offer impartial advice and guidance. The company was able to determine that invoice factoring had been the right solution for Scott’s Commercial but the problem was with the provider.
Scott’s Commercial now has a far more suitable facility that is saving the company time and money. ‘We started at the beginning of the year,’ Pippa says, ‘and I have to say that it has made an astronomical difference to the business. I now deal with the cash flow entirely and have a complete eye on it which makes it so much easier.’