Manchester FinTechs BankiFi and Financielle have jointly launched a playbook for SMEs, giving business owners back their most valuable asset – time.
The new playbook has been designed to help SMEs, especially those that are female-led, to tackle some of the most common problems associated with small business management.
Leveraging their combined experience in the FinTech space, the new playbook aims to help founders to reduce the time, costs and stresses associated with managing an expanding business.
While relevant to all SMEs, the new playbook has been written with female founders in mind. It examines some of the difficulties that currently exist around business finance management and offers salient advice on how these issues can be avoided.
In particular, the document assesses the continued problem of late payments to SMEs, which has become an epidemic in recent times and often severely affects the cash flow of small businesses.
“We have taken the decision to launch this exciting new playbook, which gives founders of all genders a helping hand when looking to get on top of their business finances,” said Mark Hartley, CEO of BankiFi.
“Right now, companies that fit this description need all the help they can get, especially if they are led by individuals underrepresented within the sectors they operate.
“Small business owners are the crux of our economy but are often treated like second-class citizens when looking to receive financial support. Through the work of companies like BankiFi and Financielle, these owners are beginning to get the help they need to turn the tide in this fight.
“On average, small businesses are faced with a 55 day wait to receive invoice payments, and this is one of the biggest issues that cause SMEs to go out of business. By utilising our technology, we are now able to reduce this down to 0-1 days, helping owners to gain back valuable time.”
‘I was a financial nightmare – so I built a business to help other women’
Financielle co-founder Laura Pomfret commented: “Small businesses owners are often overwhelmed with the variety of jobs needed to be done and are routinely denied the level of service afforded to their bigger counterparts.
“Sadly, this problem often disproportionately affects female founders, who take on a greater proportion of unpaid labour in the home, impacting the time they can focus on growing their SME. We wanted to make a meaningful contribution for businesses in that position.
“The new playbook represents just that and could make a huge difference for companies looking to take the next step in their business journey. Together, ourselves and BankiFi have joined forces to provide guidance on 15 powerful strategies for small business owners to implement when looking to get on top of their finance management. We hope the document helps to make a difference for those who most need it.”
BankiFi recently launched its ‘Go Get Paid’ app in partnership with The Co-Operative Bank to help reduce the often-debilitating problem of late payments; as well as helping them to manage their business more efficiently.
The Co-operative Bank’s chief people and sustainability officer Catherine Douglas said: “Many challenges are felt by all those who run a small business generally, but there are added complications when those entrepreneurs are women.
“It is even more difficult for women to start their own businesses; from the hardship of trying to raise money as a woman entrepreneur, or having to deal with the societal expectations that women should be the one to look after the family.
“We recognised that addressing these fundamental challenges for entrepreneurs was important, and this is why The Co-operative Bank worked with BankiFi on the ‘Go Get Paid’ app.”