Course has double impact for growing factoring business

The new owners were keen to carry on that trajectory of growth and Lizzie and Dean wanted to ensure they were equipped with the right skills to lead the team during this period. 

“When I saw an email come through about it, I just thought it was a great opportunity,” said Dean. “It fit exactly with what our investor wanted us to do. We knew we wanted to grow, but there were not the resources available within the business to help us see how to do that.” 

Lizzie agreed: “For me, I was won over by the short timescale involved. I think if someone had said to me it would last six months or a year I just wouldn’t have been interested, but I liked the fact that this was a shorter, more intense focus.  

“I wanted to see quick results, get what I could and move forward quickly. 

“It also helped that it was relatively low cost. It gave us an insight into so many different areas which was exactly what we needed. You could take the bits you needed and really run with them in the future.” 

Both Dean and Lizzie felt one of the most beneficial things to come from the course was the chance to talk to people from outside the business. 

Dean said: “Up until that point I don’t think I ever really talked to anyone except family and colleagues about what the business was doing, so it was great to be able to do that in a structured learning environment.” 

Lizzie had a similar experience: “The opportunity to talk to other businesses, to hear that they all had the same issues we did, was so useful. We were so isolated at that point. It made me realise we were actually doing better in so many areas than I thought.” 

She also says the support of her mentor was pivotal in both her own and the business’s growth since the course. 

“The most useful thing for me was undoubtedly my mentor Justine Upton. She was so inspirational. She helped the business with so many things but also me, personally, with identifying my own leadership and communication styles. 

“She gave me a passion to continue learning and developing myself, and opened my eyes to whole world of education I didn’t know about. 

“I still work with her now and she is also mentoring some of our wider Senior Leadership Team.” 

When asked about what’s had the biggest impact on the business overall, both Lizzie and Dean are in no doubt that it’s the work they’ve done around values and culture. 

Lizzie said: “Our values and guiding principles, and a culture of working collaboratively, really flow across everything we do as a business now.” 

Dean added: “Before the course, we had no brand identity, no culture. Now, we’ve built a business that’s accountable to its core values and a good place to work. 

Since completing the course Lizzie and Dean have implemented a clear strategy and vision for the company, as well as introducing an employee benefits programme, and structured framework on policies and procedures.  

The company now has the goal to be “the most trusted funding partner for SMEs and individuals—empowering ambition, enabling opportunity, and transforming lives for our clients and our people.” 

This emphasis on a core purpose and staff development came into its own in February 2024 when Team Factors, which has its headquarters just outside Hemel Hempstead, acquired a complementary business, Manchester-based Apollo Business Finance.  

“Apollo did not have any company values of its own and the culture was very different to ours. There was also, understandably a lot of fear around the change but, three months into the acquisition, the Team Factors values were shared and adopted – with no changes made.  

“Both brands now have the same bonus structure, same socials and development opportunities for all. The score for Apollo on last month’s employee survey was 94. This is outstanding for any team, but what’s particularly impressive is how much the culture, team values and dynamics have changed since the acquisition- everything is 180 degrees from where it was.” 

In total, the group now has 50 employees (up from 17 in 2023), has seen turnover increase by 26% and has doubled its client numbers in the last 24 months. New business income has increased by 175%. 

For both Lizzie and Dean, the personal growth has continued too: “It’s given me a renewed drive and ambition,” said Lizzie. “I was in my comfort zone prior to this. I genuinely believe in what we do and the course helped me to think ‘let’s really make this great’. 

Dean said: “I have more confidence in my own abilities. I’d got quite comfortable where I was, but it helped me get comfortable with being uncomfortable. 

“I’m now managing eight people and a national sales team. I would not have had the capacity, the ideas or the want and desire to do that without the course. 

“It’s made me think bigger.” 

Find out how the Help to Grow: Management Course can further your business here.