YourBusinessWithJamesCaan2016 - 43

BANKING

that a cheaper bank might not provide.
You will certainly want to ensure that
the right internet and/or telephone
banking services are available to you
- especially if your business is going to
take you overseas with any regularity.
One factor contributing to your final
decision is the interest rate you will be
paid on the cash you've deposited with
your bank.
As rates are low at present, plus the
difference between the commercial
rates on offer is extremely small, you
shouldn't prioritise the available rates
when choosing a bank: money kept in
your account over and above what you
require operationally is almost certainly
a missed opportunity because it could
be earning more if it's invested
elsewhere - including, of course,
back into your business.
And remember to inform customers
who pay money directly into your bank
account of any new one you've opened,
otherwise your cashflow will suffer.

taking on debt may be the most
cost-effective option; so again, discuss
these issues fully with your accountant.

PHOTOGRAPHY: SHUTTERSTOCK

THE BIG LEND

Financing is a very competitive
industry, with a lot of players
competing for the ability to lend
you money at a profit.
You should always shop around for
the best deal, preferably with the help of
an expert.
While the interest rate you'll be
paying on your debt isn't necessarily the
only criterion for selecting a financial
provider, it's still very important - so
put the requisite effort into sourcing
the best option for you.
This doesn't necessarily mean a bank,
of course - funding can come from a
plethora of different sources - although
you may find it easier to get favourable
terms from institutions with which you
have an existing relationship.
Borrowing should never be entered
into lightly. Nevertheless, almost every
business will need to secure financing at
some point. It won't be complicated,
assuming that you satisfy the lender's
criteria. You need to be sure, however,
that you're borrowing in accordance
with your business's needs and strategy,
and this should be discussed with your
accountant before you approach anyone.
Also bear in mind that there are tax
implications to consider - sometimes,

LATE PAYERS

JAMES SAYS
Use a bank that
you have a good
relationship with as
this will be important
to your business.
When banks don't
know you they won't
understand your
business and the
better they know you
and your business the
more supportive they
will become

They're the bane of every company in
the land, with late payment being a
common problem in businesses of every
size, and chasing them can take up way
too much time. Invoice financing can be
a solution to such a situation. Working
independently, or as part of a bank or
financial institution, a third-party buys
your unpaid invoices for a fee, in one of
two ways.
One: with factoring, or debt factoring,
the invoice financier buys the debt you
are owed and gives you around 85% of
the total. They then collect the debt
from the customer and give you the
remaining balance. In turn, you pay a
fee (plus interest) to the financier.
Two: with the second method, invoice
discounting, the financier lends you a
percentage of your unpaid invoices,
again for a fee.
You then collect the debt yourself,
and pay back the financier.
Entrepreneurs contemplating
approaching a bank for financing
should bear in mind we're living in
straitened times, and as a result, you
will need to present a business case
that's as compelling as possible.

43



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