Philip King, the former Interim Small Business Commissioner (SBC) has joined us as a Non-Executive Director. Philip, who was also the former Chief Executive of the Chartered Institute of Credit Management (CICM), aims to champion not only the benefits of invoice finance as a cashflow funding tool, but also the advantages of early settlement in building stronger supply chain relationships.
“I'm extremely excited to be joining Optimum in bringing genuine benefits to the SME community. For smaller businesses to grow, they will need access to future funding, and this is where Invoice Finance has a vital role to play. We have the potential to turbocharge our economy as we exit the current crisis.” Philip says.
“But there is also a much bigger conversation to be started that shifts that narrative from ‘late’ payment to ‘early’ payment and demonstrating the value of not just paying on time but ahead of time in such a way that both parties are better off.
“Smaller businesses can offer larger suppliers preferential terms for early settlement and in turn not only get access to their cash more quickly, but also reduce the cost and time spent ‘chasing’ invoices. Greater visibility over when they are getting paid ultimately supports a better run, more profitable business.”
Philip has worked in the credit industry for more than 40 years and is an acknowledged expert in the world of credit and cashflow management. Throughout his career he has enjoyed senior roles within Olivetti and Vodafone. He is the author of the Managing Cashflow Guides series – including a Guide dedicated to alternative finance – and created the Prompt Payment Code at the behest of Peter Mandelson, the Secretary of State at the former Department of Business, Innovation and Skills.
Ant Persse, Chief Executive of Optimum Finance, says he is delighted to have Philip as part of the team: “Philip’s expertise is second to none, as a champion for small businesses and having written extensively on the benefits of Invoice Finance to support cashflow and business growth.
“Invoice Finance is a product that can help literally millions of UK businesses and we, as an industry, are not serving anywhere near as many as we could. With Philip’s help, we hope once and for all to reverse the stigma surrounding Invoice Finance, starting a new conversation about the benefits and simplicity of releasing cash tied up in unpaid invoices. Together we will develop new tools and services that address the issue of late payment from a more positive, helpful and productive perspective that benefits all businesses, small and large.”
At Optimum Finance, we utilise innovative technology to offer a range of flexible funding solutions, which grow alongside your business. Get an instant quote for the amount of funding you could access by entering your annual turnover into our web app. Products include invoice discounting and factoring that can boost your cashflow and give you access to a dedicated credit control team.
Email or call us to speak to our experienced team of experts and find out how invoice finance could help your business. We pride ourselves on getting things done quickly and providing access to cash within 24 hours of approval. We are passionate about finding solutions and delivering to clients’ needs. Optimum Finance is backed by JRJ Group, a leading London private equity firm.