In this exclusive Q&A session with Cash Flows CEO Hannah Fitzsimons, Business Matters magazine takes a closer look at what SMEs need to know about Cash Flow
Tell us about cash flows
Flows was founded in 2010 with the aim of making receiving and accepting payments as easy as possible through its internal, end-to-end offering. Payments are critical for small and medium-sized businesses, but it is a complex area and businesses can lose out as payments become an increasingly important part of their operations. Since then, the payment experts have been offering merchant account services to customers across the European Economic Area (EEA).
Following FCA approval as an EMI, Flows was one of the first independent UK payment institutions to be accepted as a principal member of Visa and Mastercard.
Financing is an essential cornerstone of every SME and Cash flows A cash advance from traders of over £2m was provided over a nine-month period. Payments are what drives the global economy, and that’s exactly what Cash Flows is designed to do. With a reach across the UK and Europe, this drives billions of transactions across many thousands of businesses – helping them take payments easily and securely, both in person and online.
What was the inspiration behind Cash Flows Advance?
Cash Flows Advance was inspired by the acute cash flow challenges faced by UK SMEs. It is a quick financing solution for existing Cash Flows customers. It provides instant access to funds based on a company’s transaction history, with repayments tied to future sales. Essentially, it is a hassle-free alternative to traditional loans and helps SMEs overcome cash flow challenges and invest for growth.
Recognizing that traditional loans often fail to meet changing business needs, we sought to create a more dynamic solution. By leveraging our existing customer data and risk assessment capabilities, Flows Advance offers SMEs instant access to funds based on their sales performance. This innovative approach eliminates lengthy application processes and offers companies the financial flexibility to capitalize on growth opportunities without being burdened with inflexible repayment terms. Cash Flows Advance was essentially born out of a desire to empower SMEs by offering a financing solution tailored to their specific needs and challenges.
Who do you admire?
I am a classically trained pianist and have very eclectic taste in music, so many of my heroes are musical. Hania Rani, a brilliant Polish pianist and composer, surprises me with the blurring boundaries she creates between jazz, classical and house music. Aretha Franklin will always remain a hero. Not just for her voice and talent, but also for her activism and support for social change, and my teenage daughter now shares with me her adoration for Taylor Swift — an incredibly talented and commercially savvy phenomenon.
But back to the world of payments and SMEs: I am a big fan of Marion King, a talented speaker in the fintech space. She is also a board member of Workflow and recently gave a talk at a Women in Payments event where she used the analogy of viewing our entire lives as canvases that we need to curate and consciously thinking about how we manage our create your own personal work of art. This was an inspiring perspective on our own travels.
Looking back, is there anything you would have done differently?
Knowing what I know now, I probably would have invested heavily in Apple in the early 2000s. But seriously, I’m not sure I would have done much differently. My philosophy has always been to work hard, meet the demands and take advantage of the opportunities that come your way. When things didn’t always go perfectly, I always learned from those experiences, and even an ill-advised move to Belgium in my twenties gave me some life lessons.
So if you start an SME, you should believe in yourself, listen to the people around you, be fully committed to your goals and learn from them when the ideal result is not what you see at first glance. Then, years later, when you are asked what you would have done differently, you can say “nothing” with confidence and sincerity.
What advice would you give to someone starting out?
Take it as gospel that for an SMB, cash flow is the lifeblood of your business. Be prepared to adjust your plans as necessary to ensure continued monitoring and change to ensure the financial health of your business.
Above all, don’t be afraid to ask for advice on anything. Staying on the topic of cash flow, remember that accountants are there for a reason and it’s never a bad idea to get their input to optimize your business. They’ll probably tell you that you should have enough cash on hand to cover operating costs for at least three months — and they’re not wrong.
What defines your way of doing business?
The best approach is to understand as many viewpoints as possible across all stakeholders, and that is certainly my approach to business when it comes to cash flows. Every voice, from your employees to your customers, holds valuable insights. By fostering an open and inclusive environment, you can tap into the collective wisdom of your community, which is the best problem-solving engine you have access to.
This collaborative approach is essential in any dynamic environment like payments. By understanding the different needs of our customers, we can develop solutions that truly meet their expectations. Equally important is our unwavering commitment to our commitments. We believe that trust is the cornerstone of every successful business relationship and that keeping our promises is of the utmost importance. This reliability applies equally to our customers, partners and employees.
Ultimately, our business philosophy is based on the foundation of human connection. By listening carefully and honoring our commitments, we aim to build long-term partnerships and have a positive impact on our customers’ financial lives.
