A guide to better business finance in 7 steps

How-to

Business owner stands in front of stacked shelves in his retail shop

When it comes to finding the right finance solutions for your business, it’s important to take a thorough and tailored approach. To get the lowdown on what makes a good deal, and what makes an ideal business to use working capital finance, we spoke with Mark Occhiuto.

Mark is a seasoned sales professional with extensive experience in the finance industry and he currently heads up Fifo Capital’s sales team as Sales Director.

Mark’s vast expertise in finance, paired with his knack for understanding the unique needs of his clients, has led to the creation of a team of skilled business finance specialists at Fifo Capital. His team specialises in working closely with businesses to unlock their full potential through effective working capital solutions.

In the following guest post, Mark gives his tips on how to get the right finance solutions for your business and some examples of how other businesses are really making the most of their working capital.

1. Assessing the business’ needs

When it comes to finding the right finance solutions for your business, it’s like trying to find a needle in a haystack ⁠— except the needle is a tailored solution and the haystack is a pile of generic options.

At Fifo Capital, we use a variety of diagnostic questions to help new clients determine the best finance solutions for their business.

Some key questions we ask include:

  • What is your business trying to accomplish?
  • Are you trying to become the next Amazon or just trying to survive the month?
  • Are you looking for short-term finance? Like a quick sugar hit or something more long-term?
  • What do you need finance for? Expanding your product line or just paying the rent?

We also take into consideration key factors such as the industry the business operates in and their current financial standing.

This information helps us determine the most suitable solution for the business.

By taking a tailored approach and considering all relevant factors, we are able to find the best solution for each individual business.


2. Determining the right solution for the business

Once we have a clear understanding of a business’s needs, we can then determine the most suitable solution.

At Fifo Capital, we recommend a variety of working capital solutions. We believe that it’s important to keep the dialogue open and explore all options to find the best solution for the client’s needs.

One finance method that is commonly underused is invoice financing. This method allows businesses to access working capital by borrowing against their outstanding invoices.

It can be a great solution for businesses that have a lot of unpaid invoices, as it allows them to access cash flow quickly.


3. Working with brokers and introducers

For brokers and introducers, the best way to work with our team is to have open and honest communication. We are always willing to work closely with you to find the best solution for your clients.

Additionally, it’s important to understand the client’s needs and have a clear understanding of the solutions that we offer. This will help you to effectively pitch solutions and find the best fit for your clients.


4. Making a win-win-win

At Fifo Capital, we pride ourselves on making a win-win-win situation for everyone involved. This means finding a solution that benefits the client, Fifo Capital, and any other parties involved in the transaction. We believe this is the key to creating long-lasting, mutually beneficial relationships with our clients.

In finance, it’s all about finding the right solution for the right client at the right time. And at Fifo Capital, we’re all about making a win-win-win for everyone involved.

So, whether you’re a small business looking for working capital or a large corporation in need of invoice financing, give us a call. We’re always happy to help and have a chat, even if it’s just to discuss the weather… or the latest sports results.


5. Understanding the industry

It’s essential to understand the intricacies of the industry in which a business operates in order to determine the most suitable finance solution.

Different industries come with their own unique challenges and opportunities. For example, a retail business will require different working capital solutions than a construction company.

By understanding the industry, we are better equipped to provide solutions that will work best for the business and allow them to thrive in their market.

6. Keep an open mind

When it comes to finance solutions, it’s important to keep an open mind. There may be options that the business hasn’t considered before.

For example, a business may think they need a loan, but invoice financing may be a more suitable option.

By keeping an open mind and exploring all options, we are able to find the best solution for each individual business.


7. Communicate effectively

Effective communication is key when it comes to finding the right finance solutions for a business. It’s important to keep the dialogue open and make sure that everyone is on the same page.

This includes communicating with the business, brokers, and any other parties involved in the transaction.

By communicating effectively, we are able to understand the business’s needs and find a solution that works for everyone.

The takeaway

Finding the right finance solutions for your business requires a tailored and thorough approach.

By assessing the business’s needs, determining the right solution, working with brokers and introducers, making a win-win-win, understanding the industry, keeping an open mind and communicating effectively we are able to find the best solution for each individual business.

If you’re interested in taking steps to improve your business finance, then get in touch with our team.

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