Fintech Insider Podcast by 11:FS
00:22:44 · S3, David M. Brear, Pranav Sood
[00:22:44] S3: Payments is the engine. Payments is what makes your car go. [00:22:49] S0: Alright. With time to throw shade, let's move on to the next next one. [00:22:53] S10: I mean, that's a great analogy. Right? And I think pet... Kind of like petrol is also the payments bit. It's the fuel that goes into it that makes everything work. But when we work with businesses, I think, you know, the thing we see is people don't go back to run a bad business. And they're really conscious about being bad payers. Business owners hate being late with stuff like that. And the reason they're late is because they don't get money in quick enough. So when we work with a new business and we can chuck in GoCardless or another payment system, the game changes day one. It's immediate. It makes a massive difference. [00:23:21] S0: Okay. Speaking of late, I'm gonna have to cut you off there. Okay. So, next up we have team lending. So, you guys ready to give us your ninety seconds?
00:23:21 · David M. Brear, Anil Stocker, Lauren Harvey, Nikki Adams
[00:23:21] S0: Okay. Speaking of late, I'm gonna have to cut you off there. Okay. So, next up we have team lending. So, you guys ready to give us your ninety seconds? [00:23:30] S11: Absolutely. Alright. Go. So, everyone knows that cash flow is the biggest killer of businesses. It's the lifeblood of any business. And right now, in this uncertain time, having access to cash can give you the winning edge. And if you don't have access to cash flow or finance, then things are gonna get 10 x more difficult. And it used to be that businesses were scared of lending. It was difficult to go and get finance but now there are plethora of different fintech lenders out there, super easy to use, integrated, smart, easy that can provide the ignition to light up your business plan. So I would just say that ultimately revenue is vanity. Profit is is vanity as well. Is can it... Is is sanity and cash flow is the reality. So you have to focus on focus on your cash flow. [00:24:19] S7: Yep. So as Annie was saying, I... For us, you know, thanks to all these other areas, we're now able to have the right discussions that lead us to [00:24:28] S12: be able to help with lending. So we've [00:24:31] S7: got great forecasting in place. We've got great spend management in place, but with the innovation and the real where the value add is for an organization where we are the default place to go to have the discussions about moving forward by having the right lending in place.
00:24:31 · Lauren Harvey, David M. Brear, S5, Nikki Adams, Lara Gilman
[00:24:31] S7: got great forecasting in place. We've got great spend management in place, but with the innovation and the real where the value add is for an organization where we are the default place to go to have the discussions about moving forward by having the right lending in place. [00:24:47] S0: Team lending really building bridges between all of the clients. It's nice. It's good. Feels like you're saying you win. [00:24:53] S5: Both that. [00:24:54] S0: This is very nice. Alright. Team forecasting, give us what you got. [00:24:57] S12: Well, I think this is all really nice. You know? We we need you all, but actually, you're not gonna get lending without a forecast. You're not... You don't really know what to focus on on payments without getting a forecast because, know, unfortunately, it's one of those areas that's the most difficult for small business to small businesses to understand. And spend management, you don't really know what you can spend without doing a forecast. So I'm sorry. Slam dunk. [00:25:21] S5: Yeah. Thanks for coming. This is a sat nav. You're you're damn right this is a sat nav. And we're gonna take you all home to the success for your business. So you're right. How do you know what to focus on? Because it's not all in the p and l. What about the VAT payments? What about HMRC? What about all those things? [00:25:38] S7: The money for the [00:25:39] S6: VAT payments. Know. Know.
00:25:39 · Lara Gilman, S5, Nikki Adams, S3, David M. Brear, Carlo Gualandri, Pranav Sood, Ben Johnson
[00:25:39] S6: VAT payments. Know. Know. [00:25:40] S5: Know? You don't know whether you're gonna have them or not. This is the point. Unless you have a forecast and you drive your car, you're running... You're driving it like this. You're not driving your car, you know, looking through the rearview mirror. [00:25:50] S12: I think... Yeah. Because you can you can drive without a sat nav, but hit... Who here drives without a sat nav? [00:25:57] S5: Not many. Not one of you. [00:25:58] S3: I mean, we're we're [00:25:59] S0: in Central London. Who here drives? Really? Let's be honest. [00:26:02] S5: This is true. You wouldn't recommend any of your friends start up a business without a plan and knowing where they're gonna go. [00:26:09] S8: Monica, honestly. [00:26:10] S0: Alright. So on that note Good argument. Well done. So what I'm gonna do is open up the floor and I want everybody to be reasonably friendly here so far. Like, I don't wanna have to separate you guys, but if you guys can now get... Go open to you. If you wanna kind of follow back, if you wanna, like, snap back to anybody's kind of point that they made, now is the time. [00:26:30] S10: Well, I think that was an interesting point [00:26:31] S2: by forecasting. [00:26:32] S0: Straight away. Well done. Yeah. [00:26:33] S10: About payments because Come on, John. If you got GoCardless and you know when your payments are coming in, why do you need to forecast that?
00:26:33 · Pranav Sood, S5, David M. Brear, S3, Nikki Adams, Lauren Harvey, Carlo Gualandri, Frankie Kay
[00:26:33] S10: About payments because Come on, John. If you got GoCardless and you know when your payments are coming in, why do you need to forecast that? [00:26:38] S5: But isn't that one element isn't that one element of business however? Payments is one element. What about the revenue side of things? What about the staff implications? [00:26:46] S0: What about the HRC? It's not about payments. [00:26:48] S10: Money in. [00:26:49] S5: You're all just one element. You're one element. Whole thing. The entire business. [00:26:53] S3: The better question is, sure, you have a sat nav, but where are going without an engine? [00:26:57] S12: Without? [00:26:58] S3: Without an engine. [00:26:59] S5: So the engine is the business. The engine is the business. No? [00:27:02] S3: What's the... Do you have a business if you can't collect payments? [00:27:05] S5: Absolutely. But you do [00:27:06] S0: I'm I'm glad I'm in between you two. [00:27:08] S7: Like That's a business. Is it, you know, like, that's Cash [00:27:11] S5: is business. Cash is the engine. And enough [00:27:13] S8: of this. [00:27:14] S7: Well, no. And what do you... Thank you for pointing it [00:27:16] S5: out if [00:27:16] S0: you don't. [00:27:17] S7: Yeah. But, no, we forecast. But what do you do when you don't [00:27:19] S0: have it? [00:27:19] S5: Thank you for forecasting. See? Yeah. Exactly. This team uses the forecast. [00:27:23] S9: Can we [00:27:23] S5: can we invest two teams together?
00:27:23 · S5, Frankie Kay, Pranav Sood, Lara Gilman, David M. Brear, Carlo Gualandri
[00:27:23] S5: can we invest two teams together? [00:27:25] S9: Let's just go back to basics that all companies need to understand spend management. Granted, these guys as well. We need the money to come in. [00:27:32] S10: But what if you haven't got any money to spend? [00:27:34] S9: Well, you need to spend money to make money. You need to... [00:27:37] S5: You can't spend money anywhere. If a business just spends, it's not a business. [00:27:41] S9: No. Absolutely. Education comes back to the the small businesses need to understand us first. They need to understand every principle about business first before they even get to your end of the stage. Because if they don't understand it But that's the point. Realize how important it is. [00:27:55] S5: Exactly what the implications of those [00:27:58] S9: decisions forecast if you don't know what you're able to spend or why you're spending it and understand the base [00:28:03] S5: of your expenses. What you can spend versus your revenues. That's the whole point. And then you bring in a solution to help you do those things. [00:28:09] S6: But you... But to be able [00:28:10] S5: to understand whether your business is viable, you need a forecast to begin with. [00:28:14] S9: Day one, you need to understand spending. [00:28:16] S0: So so [00:28:16] S5: so so it's that [00:28:17] S8: you can't spend more than your revenues. [00:28:19] S9: Yeah. Most of companies do that. [00:28:21] S0: They are... [00:28:22] S8: Here exactly for that.