The cost-of-living crisis is unfortunately something that we have all felt the effects of over the last few years, from start-ups and SMEs to large nationwide businesses. And, where there are issues with the economy, we often also tend to see a knock-on effect in the form of an increased demand for borrowing, both for growth and to maintain business cash flow.
Although the outlook for business lending is set to improve over the next year, major UK banks are still showing reluctance to lend to small and medium-sized businesses. This reluctance is quite rightly causing concern over the availability of funding, especially for start-ups in an era of limited cash reserves, high energy prices and reduced margins.
But it doesn’t have to be this way! There are alternative options out there to the traditional bank loan that can help both grow your business and save you time. Read on to find out why so many recruiters are now turning to alternative funding for their business…
Funding when you need it
Put simply, alternative finance providers such as Zodeq will give you access to the funds that you need, when you need them. So, whether you specialise in education and need to maintain cash flow over the summer holidays, or you’re a healthcare recruiter and need to wait a specific amount of time for an invoice to be paid, alternative funding providers can provide you with the finance needed to maintain a healthy cash flow.
Better flexibility
Compared with banks, alternative funding providers have better ability to make quick decisions when it comes to your finances and can therefore be more accommodating. This is perfect for recruiters who work with temporary placements who need to be paid weekly, or those clients whose needs can often change at short notice.
No long-term agreements also often means that the service can be adapted and grow as your business grows – giving you flexibility in the long-term.
More free time
Working with an alternative funding provider that also provides comprehensive back office support for recruiters, such as Zodeq, means that they can even assume credit control and other admin duties on your behalf, such as chasing late or unpaid invoices and dealing with payroll. This gives you the freedom to spend time doing what you do best, driving your business forward. This can result in more sales or better relationships with your clients, or even an improved work-life balance.
Greater peace of mind
When you choose Zodeq, you have a dedicated, experienced team on hand to provide advice when needed. Our team are experts at recruitment and will be able to provide you with the best funding solution suited to your unique requirements, delivering peace of mind that your cash flow is being maintained effectively.
For more information, reach out to us on [email protected].
