‘The largest and best paying customer wrote to say that they would now be changing terms to 45 days from end of month. '
CEO Utilities Maintenance Sector
Our customer worked for a large company for over a decade before opening his own business three years ago
Business has expanded at break-neck speed and is now in three states
The price of rapid growth has been a shortage of working capital to embrace new opportunities
CEO found InvoiceX and was attracted by the confidentiality of funding without lock-ins
Since coming on-board he has the confidence to take on new lucrative contracts including one in the first few months that will increase revenue by 30%
Vegetation control is a recurring need for Councils and Utilities. Our customer initially worked for a major corporate established company with a long track record, but believed he could offer a better service and provide a better future for his family by being his own boss.
After setting up his company three years ago, he has built a thriving business, now operating in three states. He has blue-chip debtors: local councils, and utilities providers. Although they are reliable payers, terms are often 45 days from end of month.
The rapid expansion of the business has been funded by a mortgage on the owner’s principal residence and from cash flow. Growth had put enormous strain on the business, to the point where the CEO was unwilling to take on new opportunities that were being presented to him on a regular basis.
The CEO explored debtor finance to alleviate cash flow pressures and provide the capacity to take on new contracts. The problem with traditional debtor finance products was they were not confidential and locked you into inflexible and often onerous terms. The CEO discovered InvoiceX and was immediately attracted to the offer of confidential funding without any lock-ins.
After trading with InvoiceX for three months, the funding became even more important as his largest and best paying customer (30 day terms) wrote to say that they would now be changing terms to 45 days from end of month.
Having a flexible cash flow solution has enabled the business owner to tender for new contracts. In the first few months with InvoiceX he was successful in securing a lucrative new contract which will increase revenue by 30%. The business is now actively pursuing new opportunities.