With the £53,000 raised the company was able to take on more work, service the work with the required staffing and build up their reserves to be able to reinvest in diversifying the business. The company has now started an additional venture in the up-cycling business, using the same core competencies of the main business.
Mark Cohoon is the Director and owner of N8 Property Services. He was introduced to RBSS Consulting by his accountants to help with raising finance for his business. The challenge is that not many funders, especially banks are funding firms within the construction industry. Mark had tried a number of options to raise finance without success or when he did get an offer, it was at astronomical interest rates. The business main problem was cash flow issues. It was a profitable business, but many business close down not because they are not profitable but because they have cash flow problems.
This is what followed
In our traditional manner, our Business Consultant conducted a full free Business Health Check focusing on the 5 key drivers of a business: People, Systems, Finance, Marketing and Operations. It’s important that we don’t just focus on the finance alone.
We are first of all business consultants and we really need to do a more robust analysis of the business to ensure we add real value and give constructive guidance. This exercise included a benchmark with their industry sector and competitors.
We produced a report that served as our working document and the basis for discussion with business owner. We had a full discussion with the client and identified the key priority areas we could work on that would give maximum impact within a reasonable period of time and show on their bottom line.
1. We worked with N8 Property Solutions to be finance ready
2. As Business finance consultants and independent finance brokers, we scoured the market place for a funder that would make a credible offer with the best rates, for the purpose of cash flow and the flexibility required by N8 Property Solutions
3. We considered options such as invoice financing, revolving credit facility and a business loan
4. We raised £53,000 for N8 Property Solutions with one of the funders in our portfolio
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