The Client: Crush & Lovely
Founded in 2004, Crush & Lovely is a New York-based strategic design company that helps businesses with their strategy, design and content creation.
Their clients include nonprofits and Fortune 100 companies, says CEO Matt Blanchard. One prominent client is National Geographic, whose transformation from an iconic monthly print magazine to a digital content producer got a boost from Blanchard’s team.
“If you only remember one thing, it’s that we look for and try to create meaning and purpose in everything we do,” says Blanchard.
What the Business Needed
Long Wait for Payments
Working with big clients had one downside. “A lot of them have huge structures in place that involve lots of people to process an invoice,” says Blanchard.
This often meant waiting 60, 90 and up to 120 days to get paid. That’s a tough situation to be in for a company with payroll and other financial obligations to worry about.
Finding a Good Fit
Crush & Lovely tried factoring, which allows a business to get cash advances on unpaid invoices. The system has been around for centuries. But when Blanchard reached out to a traditional factoring company, he didn’t get a good feeling from the conversation.
Many traditional factoring companies are known for imposing stringent requirements, like requiring a set number of invoices for funding each month.
How Bluevine Helped
‘A Wonderful Service’
Blanchard’s accounting team then recommended Bluevine. “From the first phone call, I knew it was right,” Blanchard says. “Everyone was friendly and understanding and they knew our industry inside and out. It’s a wonderful service.”
Flexible Invoice Financing
Bluevine offers far more flexible invoice financing terms. For one thing, a business can choose which invoice to submit for funding.
This works perfectly for Crush & Lovely because the company doesn’t want to factor every invoice. Blanchard makes the call on which invoice to submit for funding based on the company’s needs. And he checks in with the accounting team a couple of times each week to make sure the company’s finances are on track.
Blanchard goes over the invoices and chooses which ones to factor, generally the longer-term invoices. “It’s tough to be a bank,” Blanchard says about covering costs while waiting to get paid. “Bluevine allows us to get the cash flow in when we need it.”
A Reliable Partner
For Crush & Lovely, Bluevine has been a reliable partner that’s been willing to make adjustments when a client hits a bump in the road.
This happened when one of Crush & Lovely’s customers suddenly said they’d be late with a payment.
“We are on net-60 terms with one client. On net-55, they called us to tell us there’d be a 15-day delay on payment,” says Blanchard. “I contacted Bluevine and told them the situation. They completely understood and stepped in and helped us out. In situations like that, it’s a game changer for us.”
About Growing Business With Bluevine
Our clients grow with us. They use Bluevine financing to address everyday funding needs and to pursue opportunities to take their business to the next level. This series aims to highlight the stories of small and medium-sized businesses that have grown and continue to grow with Bluevine.