Big businesses are a privileged group when it comes to getting the financial support they need to run and grow their operations. The promise of large revenues and massive loans easily gets the attention of investors and banks. Bankers will gladly spend the time and effort to give personalised advice and recommendations in regard to financing options, and these businesses benefit from that support every day. To ensure that smaller businesses can succeed and grow, they also need a way to access that big business treatment at their financial institution.
Small and medium sized businesses are often left to make important decisions on their own with relatively little help. Worse, they have to deal with slow, impersonal service through call centers, meaning that they rarely get a chance to connect with an expert. This places an extra burden on already overcommitted and under-advised business owners, who are left with a lot of difficult financial decisions to make. Smaller financial institutions like Fifo Capital are working to fill this important niche by offering this type of big business service, and that can benefit SMEs in a variety of important ways.
Accessing new cashflow solutions
A financial representative who really understands your specific business can help you decide which credit decisions will benefit you best. More importantly, they’ll be able to point out options that you didn’t even know existed to help you make profitable and educated financial decisions.
For example, you don’t always need to take out a business loan or tap a line of credit to cover expenses because of a cash flow problem. Depending on your needs, you might be able to save by opting for invoice factoring, or by using Fifo Capital to implement payment plans for your customers that pay you up front. That way you get access to your money faster, and you don’t have to go into debt.
Financial representatives can watch your back
Institutions like Fifo Capital rely on smaller enterprises, and because of that, we’re much more invested in the success of our SME clients than large banks can be. We work to understand every client’s situation thoroughly right from the start, and continue to offer personalised feedback as the relationship develops.
By really digging into your business, smaller financial institutions can help SMEs become more successful, which actually helps both parties. Higher success rates among smaller clients make those smaller investments more secure and viable, and are a key part of what makes Fifo and institutions like us so successful in our niche.
Getting fast loan approvals
Business loans can easily take a week to approve, and it often takes over a month until you actually get access to your funds. This can present an issue considering that cash flow problems aren’t usually polite enough to announce themselves a month in advance.
Fifo Capital offers new financing for established clients within hours (or a day for new clients), instead of days, weeks, or months. Being able to get funding quickly is vital because it gives you a hassle-free way to smooth over cash flow disruptions to pay bills or take advantages of opportunities that could otherwise interrupt operations or prevent growth.
Working on your schedule
Small business owners and entrepreneurs routinely work 60+ hours every week. They wear a lot of different hats, and rarely have time to conform to someone else’s schedule. If this sounds like your work life, you’ll be able to relate to the frustration of not being able to get the help you need because the bank is closed and no one with any authority is available to take your call or meet with you.
To ensure that smaller enterprises can operate effectively without spending half the work day at the bank, they need to be able to access their financial institution after traditional banking hours. Big businesses don’t have this problem. Financial issues can be handled by dedicated executives who can accommodate their bank’s’ schedule easily. Moreover, they’re much more likely not to need it, because their dedicated representatives are likely to be willing to accommodate their very lucrative client’s scheduling needs.
To ensure that SME clients don’t have to deal with this issue Fifo allows prospective clients to apply online, request calls, contact us via email, or call us on the phone.
Making this kind of big-business advisory help available to small and medium sized businesses is especially important because they often lack in-house support from their own dedicated financial experts. They just don’t have the resources to bring someone on, which can seriously interfere with their ability to be successful and grow. By using a smaller SME-focused financial institution, these smaller businesses can get access to the same advantages and opportunities that their larger counterparts enjoy. Give us a call today to see what your options are!