Tom Young from Inspired Finance shares his thoughts on the Government's financial support schemes and why he believes invoice finance will play a pivotal role in helping businesses plan ahead in 2021.
Before I fell into finance I worked across multiple industry sectors in both sales and marketing. I worked in London for many years before heading up an international sales office in Thailand. I then worked for both independent lenders and banks within invoice finance before setting up as a broker in 2015.
I partnered with Inspired Finance to support their clients with finding the best and most suitable funding solutions for their requirements from the whole of the market.
The government support schemes have played a pivotal role in supporting businesses across the UK. As the deadline looms I know that businesses are turning to alternative methods of finance to support their cash flow ongoing, rather than just a temporary, short-term fix.
This year, I've noticed a real change in gear as businesses are making decisions about their finance. Invoice finance is a key part of this, enabling them to look to the future and unlock the cash required to push through and grow.
It is almost impossible for certain businesses and sectors to plan ahead and build a recovery plan. Repayments on existing loans will start to click in and this will leave some businesses wondering how they are going to meet these while remaining closed or gradually reopening.
I spend a lot of time planning with my clients to make sure they have access to the most suitable funding solutions to help trade out of the pandemic and beyond. My best advice to businesses is to speak to a broker or finance specialist. Cashflow will be key to their success and using someone that can navigate the market and that knows which lenders are actively supporting will save a lot of time and help catapult them forwards.
Invoice finance will remain one of the most important products to allow companies to win new business, be in control of their cash flow and plan ahead. A selective invoice finance product seems particularly attractive to clients, especially recently, as it allows them to dip their toe in and be in complete control of the cash they need to release.
I have learnt more about the market in the last 12 months than I have in the last five years being a broker. It is more important than ever that lenders jump on each and every introduction, find ways of supporting clients and provide updates at each stage.
Not enough lenders lean on the broker to help keep momentum or help call if a client has gone quiet. The best lenders do this and do it well to drive improved conversion rates.
Satago provide a great level of service to my clients. They're very quick to jump on initial introductions and provide updates throughout the process which is key to any broker. Their systems have had glowing feedback from my clients and seem very easy to set up and use.
My wife is Norwegian, so I spend a lot of time out there enjoying the outdoor lifestyle—hiking, skiing and fishing at their cabin.
I have a love/hate relationship with golf. Some days I feel ready to join the European Tour, other days it's like I'm holding the golf club upside down. It doesn’t stop me trying to get out as much as possible in and outside of work.
Music is a huge part of my life. I have been playing the piano since the age of 10 and it helps me switch off and unwind!