Since Funding Options’ inaugural days as a business finance intermediary, we’ve been constantly inundated with applications for finance or general price comparison searches by hauliers from all across the UK.
We thoroughly enjoy working alongside businesses from such a thriving and reputable sector and welcome any new enquiries; especially so, given our team has a great deal of experience working with both haulage firms and the RHA alike.
As financing a haulier is highly sought after, existing rates can be very good; so it is often difficult to source a solution to beat it. This means comparing the market can often lead to dead ends, especially if you’re going it alone.
To avoid getting caught up in the search for finance, here are two areas we believe hauliers should focus on when looking for extra cash…
Refinance
Essentially, you may have cash lying stagnant in your business that could be spent elsewhere. This can be accessed through refinance, which is an often overlooked part of asset based lending.
By refinancing your vehicle (or entire fleet, if you wish) you can free up much needed cash that can be spent on things like renovation, property purchase, buying equipment, or general cash management. This cash can aid growth and help you improve the way your business works – giving you more freedom to relax about finances and stop worrying. This is especially the case if your business is constantly in a precarious position financially.
There are many other benefits to refinance, including safety of mind when it comes to your vehicle longevity. It is well worth reading up on refinance here.
Cashflow
By focusing on improving cashflow, you are able to safely ensure any unforeseen critical payments can be made. This could include fuel costs, staff wages, hiring replacement vehicles, repair and maintenance, HMRC arrears or VAT payments, rent, VOSA licence renewals (as they require you to prove you have good cashflow).
Most haulage businesses run invoice finance facilities to maintain healthy finance levels but with unexpected costs, there is always a danger of dropping into dangerous cash levels which can put your business at risk.
We have access to numerous lenders who provide unsecured loans (or loans based on turnover) which can run alongside existing invoice finance facilities and overdrafts. These include top-up loans, short term cashflow solutions, and we can even provide help funding single large invoices.
To get the low-down on your finance options, speak to our team today by calling 0845 366 4199, submitting an online form. Alternatively you can search through a huge selection of our lenders to see which options suits your business best.
The post 2 Cash Raising Solutions for Hauliers appeared first on Funding Options: business finance, made easy..
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