Some sound business advice and a modest Invoice Factoring facility from Skipton Business Finance addresses a healthcare recruitment start-up’s cashflow issues - and positions it for a successful second year.
Background
Incorporated in July 2017, Kent-based Quick2Care provides temporary staff for the healthcare industry, predominantly to care homes.
Following a concerted marketing effort, the business very quickly secured lucrative contracts, as well as winning a tender to supply a major national provider.
While the majority of these contracts were based on terms of between 30 and 90 days the nature of the business required its temporary staff to be paid on a weekly basis. This left Quick2Care with a significant cashflow problem.
Solution
Looking for a solution, Managing Director Darren Humby approached friends and fellow business owners for advice, many of whom suggested Invoice Finance.
After considering a number of Invoice Finance companies, Humby was particularly impressed by Skipton Business Finance’s understanding of “the ambitions and challenges faced by a three-person operation running a six-figure business”, and the solutions it offered to meet these.
In addition to a basic Invoice Factoring service, which quickly enabled the company to take control of its cashflow, Skipton continued to offer valuable counsel to Quick2Care.
Asked to consider a large prospect, for example, Skipton advised that, while it might have looked impressive on paper, its payment history was less than exemplary.
"By providing this safety check", says Humby, "Skipton allowed the business to avoid a potentially troublesome situation further down the line".
Result
Now in its second year of trading, Quick2Care has just made its first major hire, an executive director of business development, and looks on course to grow its turnover threefold.
The company now has a confidence in its cashflow that will allow it to approach bigger, more valuable contracts than it may have previously been unable to.
According to Humby, “With Skipton Business Finance behind us, we can really hit these bigger contracts".
"We’re based in Kent, with clients in Essex and Surrey, but now we can seriously consider expanding our reach across the rest of the UK.”
He continued, “The knowledge and support they gave me as a new business owner was just invaluable,” he adds, “Skipton is interested in you and your company. They have the time, and they want to listen. I genuinely don’t believe we’d be where we are, growing and looking forward to such a successful second year, without them.”
About Skipton Business Finance
Skipton Business Finance provide businesses with working capital through flexible Invoice Finance solutions, including Invoice Factoring, Invoice Discounting, My White Label and our interest-free Skipton Select solution. We can provide working capital to a business by advancing funds varying from £25,000 up to £5m.