Lions' den success and peaceful sleep: BETTER BE BOLD relies on Tidely
Thanks to Tidely, BETTER BE BOLD has had its liquidity under control at all times and drastically reduced weekly time spent. The financial clarity gained protects the company from financial bottlenecks and ensures a peaceful night's sleep for founder Dennis Baltzer.
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What Dennis Baltzer says about Tidely:
“In my opinion, Tidely is one of the most useful tools for e-commerce companies. After the introduction of Tidely, my basic feeling has completely changed. Tidely gives me great security and lets me sleep peacefully because I simply know that I keep track of all the numbers.”
The challenges of BETTER BE BOLD and the results with Tidely
BETTER BE BOLD is a young e-commerce company that offers high-quality care products for bald wearers. From cleaning to special sun protection, Better Be Bold covers all the needs of bald people. However, the company's strong growth brought challenges in liquidity management, in particular when preparing for the appearance on the TV show “Lion's den.” That's where Tidely came in, which has helped BETTER BE BOLD create financial transparency and stability.
The problem before introducing Tidely
The pre-financing of products was difficult to manage due to suppliers' payment terms and irregular cash flows. Managing finances using Excel spreadsheets was time-consuming and prone to errors. There was a lack of a clear overview of available liquidity, which led to uncertainties and real financial bottlenecks.
The solution from Tidely
With Tidely, BETTER BE BOLD reduced the weekly time spent on financial management from four to five hours to just one hour per week. The financial clarity gained enabled Dennis to make well-founded decisions and sleep peacefully. Tidely made it easier to plan for scaling and boosted the bank's confidence. The clear overview helped to avoid negative surprises and to process incoming invoices without stress.
Lions' den - Easy financing thanks to Tidely
Thanks to Tidely, BETTER BE BOLD was able to efficiently manage the pre-financing for the “Lions' den” performance. Precise liquidity planning has helped to pre-finance the necessary inventory and to cope with the expected onslaught. With accurate cash flow forecasts and scenarios, the team impressed their bank advisor, which led to the problem-free doubling of the credit line. BETTER BE BOLD was thus well prepared for the onslaught and was able to continue to grow safely.
Dennis Baltzer's advice to all e-commerce entrepreneurs:
Dennis strongly advises all e-commerce entrepreneurs not to manage their finances according to the account balance, as this is very risky. Instead, they should consider how much time it actually costs to manage with Excel and compare this effort with other solutions. Many spend hundreds of euros a month on tracking tools, so an investment of 45 or 85 euros per month for a liquidity management tool like Tidely is a worthwhile investment. From his point of view, Tidely is one of the most useful tools for e-commerce businesses.
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