The Challenge
Engage Me are award-winning internal communication consultants that believe in the power of communication to help organisations thrive. The company is focused on improving the way people communicate, interact, and connect in workplaces across the Middle East Region and around the world.
Engage Me works with large clients across both the public and private sectors. Many of these clients have set payment terms of between 45 and 60 days which can be detrimental to the cashflow of any company, particularly SMEs. Engage Me often felt apprehensive about committing to longer payment terms and were seeking a solution to improve cash flow by shortening the time between the issuing of invoices and the receipt of payment.
What Beehive did
Beehive offered Engage Me Customer Finance (CF), part of the Working Capital Finance suite of products, enabling the team to take on larger clients with more confidence due to improved cashflow. CF enables a business to receive cash advances against the value of outstanding invoices that are due within 30-150 days.
The application process was smooth from start to finish. Engage Me had its clients approved through Beehive’s due diligence process and uploaded the approved pending invoices to Beehive’s online platform. Beehive’s CF product allows approved invoices advance financing of up to 80% of their value, and Engage Me received an average of 70% advance finance across 27 invoices from Beehive’s community of investors. Engage Me always uploaded invoices before 11am, which meant the company received the funds the same day.
The result
Since using CF, Engage Me has improved its management of month-to-month cash flow requirements. The team are now more willing to take on larger clients with longer payment terms. This, in turn, has helped their business grow. The Engage Me team continues to use Beehive’s CF product as they feel it has fair and cost-effective interest fees, limited paperwork, and a quick turnaround time, which is very useful in this region.
“Beehive’s Customer Finance product is an invaluable finance tool with excellent service levels and quick response times. Beehive has an excellent reputation in the market and is the ‘go-to financing resource’ for a number of SMEs in the region. Unfortunately, there are very limited options for SMEs when it comes to approaching the more established banks in the region, and Beehive has really filled this gap.”
Brett Smyth, Founder & CEO, Engage Me
