What Does a Business Owner Do When You Can’t Make Payroll
The answers to the question of what does a business owner do when you can’t make payroll may range from pulling your hair out to pulling up stakes and closing the business. You will be pleased to know that there are other options.
As a business owner, you may often feel like you are on a big amusement park ride. It can be both thrilling and terrifying at the same time. Not being able to make payroll is one of those scary moments but rest assured that you can get through it safely and get you feet back on solid ground.
Things You Can Do When You Can’t Make Payroll
Many people have idealistic notions of what it takes to be an entrepreneur. They believe that you think of a fabulous idea, tell everyone about it, and make millions of dollars.
True small business owners know the reality of fighting the competition and struggling to make payroll. When you have crunched all the numbers and searched the sofa cushions for money but realize that you still may not be able to make payroll, it can be frightening. You might feel like you are on a runaway roller coaster going backwards and downhill.
Some small business owners might try going to the bank for an emergency loan when they can’t make payroll, but this is a mistake. Traditional banks are famously slow when it comes to small business loans and require so much collateral that most could not qualify anyway.
There are alternative lenders, like factoring companies that you can go to for money. However, they could still take weeks to get you your money and they may also affect your reputation by parading the fact that they are helping you.
When you can’t make payroll, your first call should be to a cash advance company, like Financing Solutions (www.fundmypayroll.com). With a cash advance company, you can get the money you need fast, often within 24 hours. This gives you plenty of time to make payroll and put the brakes on that speeding roller coaster.
Unlike banks, the process with a cash advance company is quick and easy. You simply sell some or all of your account receivables and get fast cash based on their value without having to wait 30, 60 or 90 days for them to become payable. Best of all, there is no long term commitment, like you may have by using a factor. You can repay the money in a few weeks or months. By using a cash advance company, you can stop worrying about making payroll and instead turn your attention to making your small business a success.
Why Not Making Payroll is never an Option
As a small business owner, it is easy to become so focused on pleasing the customer that you may forget about the employees. When your workers are doing a good job, the connection between your business and the customer can appear almost seamless, as if the company is operating by itself. However, this would all disappear if you miss payroll, even once.
With the advent of social media, unhappy, unpaid employees can destroy the reputation you worked so hard to build in a matter of moments and just a few keystrokes. Also, good luck trying to hire new employees once words gets around that you are the type of employer that has trouble making payroll.
The Benefits of Owning a Small Business
If you are a small business owner, you are in very good company. Sure, everyone knows about people like Mark Zuckerberg and Jeff Bezos and others who started small and then grew to powerhouse proportions. However, there are more than 25 million other small business owners, like you, that are working hard every day, without recognition, helping to make this country great.
According to Forbes magazine, approximately half of working Americans are employed by small businesses. Without employees, you would most likely be unable to expand and grow. One person can only do so much.
This is why it is so important to consistently make payroll on time. If you are ever in danger of not making payroll, turn to a cash advance company for help and peace of mind.