A festive chat with…Tracy Ewen, managing director at IGF Invoice Finance

In the latest edition of our ‘festive favourites’ series on Bdaily South East, we spoke to Tracy Ewen, managing director of IGF Invoice Finance, based in Paddock Wood, Kent, about the company’s highlights from 2015, her perfect Christmas and what IGF is looking to accomplish in the new year.

2015 – Looking back

Q: What were the highlights for your business in 2015?

This year, we launched two new products to help small businesses with cashflow problems – ‘Single Invoice Finance’ and ‘Connect’. Both products enable SMEs to unlock additional cash, either from a single unpaid invoice or by raising working capital. With alternative finance options gaining in popularity for small and medium sized businesses, we’re pleased to offer a greater portfolio of products to our clients.

For the wider industry, the key highlight was the government’s decision to lift the restrictions in place regarding invoice finance. The ‘ban on assignment’ prevented SMEs from using invoice finance as a source of funding, potentially hampering the growth of SMEs. This ban was relaxed in 2015 and was a really positive step towards opening up additional sources of finance to all businesses, which is nothing but good news for IGF.

Q: Looking back, is there anything you would have done differently this year?

Honestly, I would not have changed a thing this year. Every experience has helped me to grow both personally and professionally, so I would not have done anything differently.

Q: How has your industry changed in the last year?

The alternative finance industry has really taken off this year. From crowdfunding, peer-to-peer lending and a huge variety of online finance solutions, there is a wealth of opportunity and business support available for businesses looking for growth, advice or cashflow support.

2016 – Moving forward

Q: What are your key focuses for next year?

Our main priority in 2016 is to help small businesses adapt to the expected developments ahead. With the proposed Enterprise Bill coming into place and the debate around the EU referendum only increasing, it is important for SMEs to remain at the forefront of trends, prepare for all eventualities and embrace support coming in from the government in the New Year.

Q: What are you most looking forward to in 2016?

One aspect I’m personally looking forward to is the adoption of apprenticeship schemes by small businesses throughout the UK. The Prime Minister has recently announced an investment of £85 million to help small businesses implement an apprenticeship scheme, which is a vital step in supporting the next generation of working professionals in the UK. I feel strongly that apprentices are not used as cheap labour, and are instead hired as equal members of staff worth investing for in the long term. Small businesses will ultimately benefit from apprentices not only in the activity and the success of the team, but also by passing on skills and knowledge to create a valuable, loyal member of staff. As a small business with an apprenticeship scheme ourselves, I am looking forward to seeing other SMEs reap the rewards of this endeavour.

Q: What do you expect will be your biggest challenge in the coming year?

Over the course of 2015, we have seen many high-profile names – Tesco, Carlsberg and Debenhams to name a few – failing to pay their suppliers on time, which can have catastrophic effects for small businesses globally if they are a supplier to a larger corporation. SMEs are continuing to struggle with late supplier payments and until support from the government comes into place, they will continue to require alternative financing options throughout 2016. At IGF, we will continue to assist our clients with any frustrations they might have in the coming year in terms of late payments or other financial worries.

The softer stuff

Q: If you could go back in time, which piece of advice would you give your younger self?

I would tell my younger self not to expect life events to follow a prescribed timeline. One of the joys I’ve experienced is learning that all opportunities and challenges have a place, and that adapting to these whenever the time strikes is the key to success.

Q: How will you be celebrating the festive period?

I will be celebrating this Christmas surrounded by my family and close friends, making sure to take the time to reflect on what’s really important as we head into the New Year.

If you’d like to take part in our festive series, please get in touch direct - ellen.forster@bdaily.co.uk.