Denise Scores a Double Whammy!
Cashflow Protector in Cashflow news & advice | No Comments
Many retail companies are trying to tempt us to order in time for Christmas and pay next year (or the year after!), but not everyone can offer such ‘generous’ credit terms.
Take the case of award-winning businesswoman Denise Fresco, who runs a thriving courier company in North London with her husband Mark.
In 2006, their company was voted Business of the Year and the duo have just scored a double whammy by winning a High Growth Business of the Year award!
Cashflow Protector’s Managing Director Alan Smith, said: “Denise is one of our clients and all the staff at Cashflow Protector would like to offer her and Mark our warmest congratulations on winning this latest business award.”
Both awards were run by the RSA Trust and Enterprise Enfield who presented Denise with a certificate and a host of other goodies including a £1,000 cheque which has been ploughed straight back into the business.
Denise and Mark from Chigwell, Essex, founded “TCS - The Courier Service” in 2004 and built up a successful business delivering letters, parcels and pallets, but as the company grew, so did its debts.
Despite winning their first business award in 2006, behind the scenes Denise and Mark were starting to fall foul of unscrupulous companies who threatened to destroy their business by withholding payment.
Mum-of-two Denise, says: “We had started extending people’s credit because we didn’t want to lose their custom, but we were taken for a ride (literally!) by some companies which obviously had no intention of paying us.
“It wasn’t uncommon for us to stretch people’s payment terms to 120 days, but then several companies went into liquidation owing us thousands of pounds and the debt just skyrocketed.”
When Denise met Alan from Cashflow Protector at a BNI (Business Network International) networking event earlier this year, the company’s debt had become a serious worry.
Says Denise: “We turn over about £750k a year but that has to support our family, six staff and 20 self-employed drivers.
“All I can say is thank God for Cashflow Protector! It really has been the answer to our prayers! It’s early days but we have already recouped £40,000, which is absolutely wonderful. And now people don’t only pay us, but they pay on time!
“The system is completed automated so it’s really easy to use. But it also takes away the stress of chasing bad debts and makes the company look more professional.”
Denise added: “We have some pretty high profile clients on our books including The Royal Mail, Amazon and dozens of Conference and nationwide League Football Clubs, which shows no-one is immune from cash flow problems.
“My only regret is that I didn’t know about Cashflow Protector four years ago!
“This second business award is really the icing on the cake for us. We’ve had some tough times, but thanks to Cashflow Protector we’re still here to tell the tale!”
