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Grow your business with factoring
Everyone obviously wants their business to thrive and grow. Yet sometimes, it is difficult to encourage business growth. This can come from economic trends, but it also depends on the business. For example, a company that has just started may have trouble getting the right financing. Factoring can be a solution for this. Trouble growing your business in the early stages? Have you just started a business or venture? If so, you may be struggling to grow your business. This is a common problem. This is because cash flow and liquidity are not yet optimal, which inhibits business growth. This is especially common among self-employed and freelancers because they rely heavily on their own money for funding. Banks are often not quick to finance these parties because there is no known data or there is not enough turnover. Why factoring can be a godsend But how can you still grow your business? Factoring can be a godsend in this regard. If you choose factoring, a factoring company will buy up...
What is insolvency?
Insolvency is a legal term used to describe when a person or organisation is unable to meet its financial obligations. This can happen when a person or organisation does not have enough money to pay its debts or when a person's or organisation's income is not sufficient to cover its expenses. Insolvency can also occur when a person or organisation is unable to sell its assets to pay its debts. What types of insolvency are there? There are three laws for insolvency: bankruptcy, suspension of payments, and debt restructuring for persons act. Companies with payment problems and outstanding debts can apply for bankruptcy or suspension of payments. Suspension of payments is granted by the court and gives companies room to put their affairs in order and avoid bankruptcy. Often through an agreement with creditors. If the issues are too great, the company is declared bankrupt. Bankruptcy through insolvency There are several types of bankruptcy or insolvency procedures available in the UK,...
When does factoring make sense?
Factoring can offer many advantages but does not always make sense depending on your company's situation. But when does factoring make sense? Below, we have described some situations where factoring is a valuable addition. For improving liquidity and cash flow Do you want to improve your company's cash flow because you have high monthly expenses? With factoring, you can significantly improve your company's liquidity. Accounts from debtors you are waiting for are paid immediately, improving cash flow. If you can't get credit from a bank Are you just not managing to get more credit in your current account at the bank? Then factoring can help. You are more likely to get financing because factoring companies have different terms and conditions. However, you have to meet some requirements to be eligible: You are a B2B-business or freelancer that works for corporate clients Your company exists for more than half a year Your company makes a yearly profit of more than 50.000 euros a year For...
