Financial Freedom Explained covers topics such as the different strategies that investors would apply to achieve their financial independence, how to invest (and what to invest in),  property investment explained,  how to achieve a financially secure future for your family, how to budget and how to save, getting out of debt, how to make passive income…and the list continues.

Financial Freedom Explained will be published as an ebook as well as a paperback and it will be marketed through Amazon, iBooks, the Athena Publishing site and selected book stores. Each contributor will be credited for their chapter and we will also publish your bio as well as a link to your site. If you would like to contribute to Financial Freedom Explained please fill in the form below.

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That was the key finding in a recent survey among some 100 small business owners conducted by online selling platform provider, Sasudi.

A staggering 75 per cent of the survey’s respondents admitted that they find selling stressful – and 80 per cent of these believe their aversion has a negative effect on their business.

These figures reflect attitudes to selling that many small business owners will recognise.

People who subscribe to Sasudi revealed similar reservations before taking up their subscriptions.

Asked: When you think about selling your products or services do you:

• A) Jump up and down for joy, set your targets and work towards them?
• B) Think about your targets and what problems might get in the way of you achieving them?
• C) Think of selling as a challenging activity you must do or your business will struggle or die?

the subscribers answered:

• A) 17 per cent
• B) 45 per cent
• C) 38 per cent

They were also asked: When talking with your customers, do you:

• A) Have a script in your mind which you generally keep the same?
• B) Have a script in your mind and you make little changes to keep it interesting?
• C) Say the things that you know are important though it comes out in a different way each time?

The responses were:

• A) 2 per cent
• B) 98 per cent
• C) 0

Clearly, there’s a big fear of selling out there, and it’s holding small businesses back. Lack of confidence leads to lack of structure, lack of process and lack of motivation. We recognise all these symptoms, so we’re here to help small businesses owners get to grips with selling and give them more time doing what they do best.

One business owner who has taken firm action against the fear of selling and signed up with Sasudi is Karen Murray, owner of Oak Growth Consulting. Her business provides business coaching for high performance teams and leadership development programmes.

Karen says: “Because I lacked confidence in my selling skills, my sales plan lacked ambition. I knew that, to win larger contracts, this would have to change. The problem was, having spent time with sales trainers and advisers, I felt even less comfortable. What I needed was sales training that would really motivate me.

“For me, Sasudi’s learning zone is excellent. I can access it anytime to recap on the lessons or when I need inspiration. I love the dashboard too, as it shows my progress and where I need to focus. I’m a lot more confident now and it must show as there’s been a definite increase in the number of people requesting meetings with me at networking events.”

The fear of selling is so great in some cases that it could make or break a company. It doesn’t have to be this way. At Sasudi, we understand the barriers to effective selling, so have created unique learning, inspiration and community zones. We’re not just about sales training – we’re here to support you at every stage, from planning, through building customer relationships to tracking your success.

For more information, sign up for Sasudi by visiting www.sasudi.com, like on Facebook and follow on Twitter.

Leigh Ashton is CEO and co-founder of Sasudi, the world’s first online subscription service that helps SMEs sell their products and services. She is also an author. With the vision to make sales easy for small businesses by changing the way they think, Leigh has spent over 30 years helping people improve their sales skills.

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A typical SME spends 130 hours a year chasing outstanding invoices,[1] equating to a cost of £10.8 billion per year.[2] This cost, combined with the average value of unpaid invoices,[3] equates to £250 billion.

When compared with, larger companies, SMEs continue to suffer from slow and/or late payments disproportionately because they tend to be positioned towards the end of the supply chain.

Businesses with an annual turnover of under £1m wait on average 72 days for invoices to be paid.[4] Businesses with an annual turnover of between £1m and £10m wait on average 53-54 days.[5] This is significantly longer than the largest businesses, which typically wait 48 days.[6]

The problem is being compounded by 90 day payment terms demanded by larger organisations, which are becoming more common.[7]

Although many companies view outstanding bills as an unavoidable drain on their cash flow, solutions such as invoice finance, help address the shortfall and can be used to unlock funding.

By using invoice finance, when a company invoices its customer, up to 90% of the approved invoice total is straightaway advanced by the finance provider, with the remaining 10% paid once the customer settles the balance. Whilst companies still need to ensure they receive payment from the customer, invoice finance provides them with the essential working capital to enable other projects, such as business expansion, without having to wait for bills to be paid.

Ian Cole, Head of Invoice Finance, Siemens Financial Services comments: “SMEs make an important contribution to the economy, accounting for 47% of all private sector turnover,[8] yet they continued to be plagued by lengthy invoice terms and late payments. These continuing problems mean that an increasing number are looking to invoice finance as a solution. Indeed, figures show that invoice finance continues to grow in popularity; funds provided to SMEs recently exceeded £20 billion for the first time.[9]”

The report is available for download here: https://www.siemens.com/uk/en/home/products/financing/working-capital-finance/invoice-discounting.html

https://finance.siemens.com/financialservices/uk/products_solutions/invoice-finance/pages/invoice-finance-uk.aspx

[1] ByteStart, Small firms spend 130 hours each year chasing overdue invoices, 07 June 2012, https://www.bytestart.co.uk/130-hours-overdue-invoices.html

[2] Paul Davies, The UK`s SMEs spend nearly 11 billion a year chasing overdue payments. , 27 July 2015, https://debtcol.co.uk/news/the-uks-smes-spend-nearly-11-billion-a-year-chasing-overdue-payments

[3] Unpaid invoices account for 14% of SMEs’ annual turnover: ABFA, UK SMEs owed GBP 67bn in unpaid invoices, 21 September 2015, https://www.abfa.org.uk/news/101/UK-SMEs-owed-GBP-67bn-in-unpaid-invoices

[4] Asset Based Finance Association (AFBA), Smallest businesses waiting longer than ever for payment, 13 July 2015, https://www.abfa.org.uk/news/97/Smallest-businesses-waiting-longer-than-ever-for-payment

[5] ABFA, Late Payment: An Analysis by Sector, 01 May 2015, https://www.abfa.org.uk/news/92/Late-Payment:-An-analysis-by-sector

[6] ABFA, Late Payment: An Analysis by Sector, 01 May 2015, https://www.abfa.org.uk/news/92/Late-Payment:-An-analysis-by-sector

[7] For example: https://www.telegraph.co.uk/finance/newsbysector/pharmaceuticalsandchemicals/9798947/Glaxo-disregards-suppliers-with-90-day-payment-terms.html

[8] Department for Business Innovation & Skills, Business Population Estimates for the UK and Regions in 2015, November 2015, https://www.fsb.org.uk/media-centre/small-business-statistics

[9] ABFA, UK businesses secure record amount through invoice finance – breaks GBP 20bn barrier for first time, 05 September 2016, https://www.abfa.org.uk/news/125/UK-businesses-secure-record-amount-through-invoice-finance-breaks-GBP-20bn-barrier-for-first-time#sthash.csJjUmHO.dpuf

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