Media Hub | News | 2014

So you want the cash?
Then get credit worthy

Television programmes such as Dragons'Den help highlight the fact there is no shortage of good ideas. However, businesses applying for credit could learn a lot from the line of questioning the Dragons adopt and the reason why the common response is "I'm out"

Where is the business plan? Who looks after the finance ? What are the business KPIs ? Just Cashflow is looking for the same information and it really increases the chance of getting finance if the business has the answers and can demonstrate it is being proactive and in control.

Naturally, how the business is going to be financed and how the all important cash flow is going to be managed are key questions businesses should address. Unfortunately, we come across examples of Directors who enjoy then title but obviously have a very poor grasp of business fundamentals.

Businesses should focus on doing everything they can to improve their creditworthiness. We find some Directors focus purely on the company and forget that almost all prospective lenders will also run a personal credit check. Therefore, paying your own credit cards, utility bills etc. and showing you are in control of your own finances is extremely important.

Filing business accounts within the deadline, paying suppliers on time, having a Debtor Book and a system in place for ranking and following up late payers all contribute to building up a very positive picture of a well run business. Being proactive like this doesn't guarantee you success but believe me it does significantly improve your chances.

Just Cashflow is in the business of helping businesses improve their creditworthiness. In future if one of our customers approaches a traditional Bank for finance we will be only too happy to help. A record of drawing down on one of our finance facilities, meeting regular interest payments and repaying in full means we will be able to provide an excellent credit reference.

Date Issued 15 October 2014.

This article was originally published by B2B news portal Bridging & Commercial.

Follow @justcashflowuk on Twitter for more like this.

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