21 Jun Stop dipping into your own cash!
In part two of our testimonial series, real user Peter explains what his work finances life was like before he took on billzy® as his money partner in business.
“Every time I needed to fund the business with cash, I dipped into my own pocket,” he reveals, in what is a familiar scenario for business owners. If you own your own business, and that’s why you’re here researching billzy®, you know how hard that is. Nobody sets out starting a business knowing they will fail at it and have to prop it with their own cash.
Peter gives us an insight into his business, from which you can draw parallels to your own business to see if it’s a good fit.
“We do a mix of consulting and labour hire, so our consulting business works quite fine without the need for invoice financing, it’s actually the labour hire business that we needed it for because often we can be on very long payment terms. So for instance, some of the payment terms are up to 45 days. So that’s 45 days before we get paid, but our guys who are doing the work get paid every week. So it is quite a big gap to cover.
Asked to paint a picture of what his worst scenario or most dire experience before billzy® came to the rescue, and Peter is very clear.
“Having to dig in my pocket for about $45,000 – so yes, not fun at all. It’s just lucky I did have the money available otherwise it would have been quite a bit of a drama.”