How to find a Cashflow Financing brokerPublished on 3rd September 2019 2019-09-03T11:00:00+00:00 - Last update on 7th October 2019 2019-10-07T02:25:25+00:00
One of the most essential and trickiest aspects of running a successful business is making sure you have reliable cash flow each month. As well as supporting your working capital, your cash flow is also needed to stimulate investment and growth towards a sustainable future. But running into a cashflow shortfall at any point can have a knock-on effect in other areas of your business if left unchecked. That’s why looking into whether Cashflow Financing could be of benefit to your business as soon as any issues arise is so important. Cashflow Financing is a specialist business finance package that covers a wide range of financial solution which allows you to support your finances and target the source of the issue. However, with so many finance solutions available, business owners often seek the services of a finance broker or finance expert to support them - but not all are creqted equal. So if you’re looking to apply for Cashflow Finance but are unsure of which way to turn, here’s what you need to consider when searching for a suitable broker:
- How many sectors do they work with?
- How many products do they cover?
- How many lenders are they associated with?
- How closely linked are they to their associated lenders?
- How do their past customer rate their services?
How many sectors do they work with?
When choosing a broker or finance expert, you should choose someone who has experience and knowledge of your sector. Although cashflow is a crucial element of any business, the factors that affect it can vary from sector to sector. Plus, some brokers may only deal with specific sectors, and if your business operates outside of their expertise they won’t be in the best position to advise you. Therefore, in order to avoid wasting your time, it's always worth asking them to specify which sectors they work with.
How many products do they cover?
In addition, you want to be using the services of a broker who can access a wide range of business finance solutions. When discussing Cashflow Financing, we’re, in fact, talking about a variety of different finance solutions, including products such as Secured and Unsecured Loans, Invoice Finance, Asset Finance, Working Capital Finance, Merchant Cash Advance, Revenue Advance and Revolving Credit Facilities. However, some brokers may only work with a select number of these products and not others. Therefore, you need to seek the services of a brokerage that covers as many of these financial products as possible. Only then can you have the confidence that you’re being direct towards the most appropriate solution for your specific needs.
How many lenders are they associated with?
Another important aspect to consider is how many lenders they can source solutions from. If they can only approach a handful, then you are limited in the offers you may receive, so choosing an expert who can access multiple menders is preferable. This is important as it puts you in a much stronger position to compare the same type of product across different lenders, helping you to acquire a competitive rate and more favourable terms. Therefore, the more lenders that they cover the more confidence you’ll have that you've chosen the most appropriate solution for your business.
How closely linked are they to their associated lenders?
Whilst you want to look for an expert who can access plenty of lenders, it is also important to do some due dilligence and take a look into how far their relationship goes with any associated lender. When using the services of a broker, you’re entrusting them to be impartial and only present products that are to the benefit of your business. However, this may not always be the case. If you feel that you’re being repeatedly shown products from the same lender(s) it might be a sign that their relationship goes deeper than what you were lead to believe. In some cases, it might be that they gain more commission from that particular lender, or that they own the lender in question and vice versa. If you feel that such a relationship exists which isn’t to your benefit, consider your position when it comes to using their services.
How do past customers rate their services?
Another great way of reviewing the services of a potential broker is by assessing how their service stands with previous clients. You can do this by reading their case studies, online community forum or consulting customer reviews. If you spot any issues, try to determine what the root causes were and how they could have been avoided. Although everyone’s experience of a particular broker will be unique to themselves, if you notice a pattern of dissatisfaction emerging, it may mean that there are issues regarding their work ethic and how they operate. If so, you need to think carefully about whether to use their services or choose another broker.
Could your business benefit from a Cashflow Financing agreement?
In order to ensure the success of your business, you need to be able to maintain and push beyond your bottom line. However, should your business run into a slow trading period and suffer a cashflow shortfall as a result, how you decide to react could make all the difference. This is why choosing to apply for Cashflow Financing as soon as an issue emerges can be so crucial. But with so many products and lenders to choose from, sourcing an appropriate cost-effective solution to the crisis isn’t always a straightforward matter to resolve. Fortunately, there’s Rangewell.
At Rangewell, we go above and beyond your typical finance broker. We are an Access to Finance specialist that works with over 300 lenders to offer you a complete and comprehensive overview of more than 23,000 finance products, while our business finance experts work to get you the most appropriate and affordable deal for your circumstances. Our services are free to use and we’ll also guide through the entire application process - we're here to support you from start to finish. So if you need help protecting your business’ growth and sustainability from a cashflow shortfall, apply for Cashflow Financing today or find out more with Rangewell.
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