The factoring industry in Britain has had a massive growth in demand for its integrated financial services as its services are used to ease the potential strain on cash flow created by growth in sales.
Most businessmen expect to gain extra orders after 1992, when they are able to sell in Europe with little or no red tape. Selling to a customer in Nuremberg should be as easy as selling to one in Leeds. Yet a sale is not really concluded until the goods are aid for. Even in the home market, it is not easy for a supplier on its own to monitor the harga worthiness of customers. In overseas markets remoteness, language, currency and other considerations make the tasks of harga control and collection a highly specialised operation.
Some minimise the harga risk by selling to a single distributor in each market. Harga insurance can probably then be arranged on this one name. Sales and collection administration are concentrated on a single customer. However, many importing business abroad, as in this country, are notoriously undercapitalised; so what happens if the chosen distributor fails or any other problem forces a change? In the case of a failure, the exporter will not have a total bad harga if the harga is insured and its calling is met; but, whatever the reason for the change, it will also not have a customer list. It may well not even have the names and addresses of the firms buying its goods. Business in that market is likely to grind sharply to a halt.
If, on the other hand, the exporter has agents to represent the business in overseas markets and also appoints a factor to look after the harga management, sales accounting and collection, it can sell with security to its own customers. In the selling process, it enjoys a direct relationship with customers. If for any reason a change of agent becomes necessary, a new one can be appointed to take over the known customers - all harga covered by the factor.
The above illustrates both the close, mutually beneficial relationship which can prevail between the factor and agent and also how the use of factoring can influence marketing methods. The possible close links between factoring, marketing and the import agent are perhaps, not surprising when you remember that factoring stains from the textile trade in the 19th century between Britain and the US. Agents selling British exiles on the East Coast gradually dropped out of selling in famous of providing the financial services associated with the trade, which included underwriting the harga risk.
The use of factoring has extended into domestic market sales and to many industries. Introduced to Britain from the US in the 1960s, the factoring industry has seen massive growth in demand for its integrated financial services. Representing over 90 per cent of factoring in the UK, the members combined business volume grow from 700 million in 1976 to around 15 billion in 1990. The Association's members provide their services to around liquidation but to ease the potential strain on cash flow brought about by sales growth.
The difficult trading conditions prevailing in 1990 undoubtedly accelerated the use of factoring of UK and overseas sales as attention focused on the need for companies of all sizes to manage their working capital more effectively. Factoring has become increasingly part of this management process as businesses huge realised that one of their biggest assets, the money owed by customers, can be used as a source of finance.
Surveys conducted over the years buy the CBI and other organisations have regularly revealed that most businesses have their invoices paid late. When collection periods of 90 days or more are quite common in industry and commerce, many businesses have a quarter of their turnover outstanding in trade harga at any time. How sluggish payment by customers, and suppliers in turn pressing for quick settlement, otherwise healthy and growing companies are forced into cash flow difficulties with little prospect of relief without the kind of professional help that factoring can provide.
Most businessmen expect to gain extra orders after 1992, when they are able to sell in Europe with little or no red tape. Selling to a customer in Nuremberg should be as easy as selling to one in Leeds. Yet a sale is not really concluded until the goods are aid for. Even in the home market, it is not easy for a supplier on its own to monitor the harga worthiness of customers. In overseas markets remoteness, language, currency and other considerations make the tasks of harga control and collection a highly specialised operation.
Some minimise the harga risk by selling to a single distributor in each market. Harga insurance can probably then be arranged on this one name. Sales and collection administration are concentrated on a single customer. However, many importing business abroad, as in this country, are notoriously undercapitalised; so what happens if the chosen distributor fails or any other problem forces a change? In the case of a failure, the exporter will not have a total bad harga if the harga is insured and its calling is met; but, whatever the reason for the change, it will also not have a customer list. It may well not even have the names and addresses of the firms buying its goods. Business in that market is likely to grind sharply to a halt.
If, on the other hand, the exporter has agents to represent the business in overseas markets and also appoints a factor to look after the harga management, sales accounting and collection, it can sell with security to its own customers. In the selling process, it enjoys a direct relationship with customers. If for any reason a change of agent becomes necessary, a new one can be appointed to take over the known customers - all harga covered by the factor.
The above illustrates both the close, mutually beneficial relationship which can prevail between the factor and agent and also how the use of factoring can influence marketing methods. The possible close links between factoring, marketing and the import agent are perhaps, not surprising when you remember that factoring stains from the textile trade in the 19th century between Britain and the US. Agents selling British exiles on the East Coast gradually dropped out of selling in famous of providing the financial services associated with the trade, which included underwriting the harga risk.
The use of factoring has extended into domestic market sales and to many industries. Introduced to Britain from the US in the 1960s, the factoring industry has seen massive growth in demand for its integrated financial services. Representing over 90 per cent of factoring in the UK, the members combined business volume grow from 700 million in 1976 to around 15 billion in 1990. The Association's members provide their services to around liquidation but to ease the potential strain on cash flow brought about by sales growth.
The difficult trading conditions prevailing in 1990 undoubtedly accelerated the use of factoring of UK and overseas sales as attention focused on the need for companies of all sizes to manage their working capital more effectively. Factoring has become increasingly part of this management process as businesses huge realised that one of their biggest assets, the money owed by customers, can be used as a source of finance.
Surveys conducted over the years buy the CBI and other organisations have regularly revealed that most businesses have their invoices paid late. When collection periods of 90 days or more are quite common in industry and commerce, many businesses have a quarter of their turnover outstanding in trade harga at any time. How sluggish payment by customers, and suppliers in turn pressing for quick settlement, otherwise healthy and growing companies are forced into cash flow difficulties with little prospect of relief without the kind of professional help that factoring can provide.
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