Last year, the market for peer-to-peer lending in Britain was worth £1.7bn.
Make sure you follow these 4 steps for good financing
1. Mind the gap
Plan your cash-flow requirements to allow for differences between the payment terms you receive from your suppliers and those you give your customers.
2. Chase payments
Have procedures in place to follow up on non-payment from your customers. This should include letters, emails and telephone calls.
3. Look at the alternatives
Consider alternative credit providers alongside traditional bank loans – weigh the options and choose a product that will work for you.
4. Don’t ask, don’t get
Treat invoicing as a crucial first-step in getting paid by your customers – the sooner you ask, the sooner you can get paid.
