Business World International is a global publishing company which produces business-to-business online magazines in North America, Australia and Africa. The company’s largest presence is in Australia, where the mining and construction industries played a huge role in its success. When the recession hit, both of these industries were hit hard, and the company’s advertising sales started to become stagnant. Customers who were advertising requested extensions on invoice payments, leaving Business World International strapped for cash. Though invoices were due within 15 days, average collections time averaged between 55 and 60 days.
Bibby Financial Services Australia provided Business World International’s Australian division with a factoring facility. The financing provided the company with the funding and time needed to focus its efforts on revenue growth, and as revenue increased, so did the facility. BFS also eliminated the need for a full-time employee to handle accounts receivable and collections, as the company manages those administrative needs on behalf of its customers.
Since engaging with Bibby Financial Services, Business World International has almost tripled its employee base, increased revenue by nearly 60 percent and opened an Asian business division. The funding also allowed the company to buy out its Florida-based partner and relocate all North American operations back to Canada. Business World International recently engaged with the Canadian financial services company for help in funding its North American division. Because of Business World International’s relationship with Bibby Financial Services Australia, the publishing company was able to skip much of the administrative due diligence when it opened its Canadian facility. This flexibility isn’t always guaranteed by traditional lenders.
Moving forward, the company plans to continue engaging with Bibby Financial Services both in Australia and Canada, with the potential for an increase in its Australian facility within the next six months. Additionally, the company may open a facility for its Asian business division as it progresses.