The new year has brought renewed hope, with the vaccine in tantalising sight. While there are still some serious hurdles to overcome as a business and as a community, we are pleased to say that despite the difficulties of 2020, Billmonitor has managed to deliver very strong results in the last twelve months.
The impact of 2020
In terms of Billmonitor, the impact of the first lockdown in March 2020 was hugely negative. However, thanks to our recurring clients, a few one-off projects secured before the lockdown, and the various government initiatives like the Bounce Bank Loan scheme and the Future Fund Convertible Loan Note programme, which supported SMEs such as Billmonitor during these difficult times, we managed to deliver strong results during the second half of 2020.
The additional financing through the government initiatives allowed us to fund new hires and we are now in a much stronger financial position than we were at the beginning of 2020, allowing us to fully focus on revenue generation to reach sustainable profitability.
Social value through innovation and cost saving
In September, we began working on our values in collaboration with Value Match – a values-led organisation that shares the belief that all organisations should be purpose-focused and value driven - in order to address social and economic inequalities, positively impact the environment and bring real cost savings to the public sector.
The Value Match Model helped us to identify our core values, reiterating our belief that Billmonitor can make a real difference, helping clients to save money that can be better used to buy PPE, for staff training, research and development or to simply free up some cash for other core activities.
Media & awards
Billmonitor was featured across a range of mainstream news sites throughout the year, including The Guardian, The Sun, the Big Issue, Metro and Money Saving Expert. We were also selected as one of eleven companies for the PwC Scale-up - South East programme. The programme, which saw about 400 applications vying for a spot, was set up to support business growth through exclusive access to PwC’s resources, connections, and insights.
Looking ahead to 2021, Billmonitor MD Klaus Henke says:
“I am thankful for the great team we have been able to build, as none of our 2020 achievements would have been possible without them. I am equally thankful that many of our clients retained our services during these difficult times and recommended us to new clients. As always, more is needed, and I am sure that we can make 2021 a better year for all of us.”