Who are we trying to kid? Every business, at some point, needs instant business financing. So, when it comes to who may need factoring services, the answer might be your company.
Who may need factoring services comes down to what kind of business you have and what you are looking to achieve. It’s important to learn more about this and other fast business funding options to decide what is right for your business.
How Traditional Factoring Works
Traditional factoring is when you get money upfront for your approved invoices from a factoring company. Your invoices will be directed to a PO Box that the factor has access to.
The problem with traditional factoring is that small businesses with sales under $5 million don’t really need it. It’s more likely that you only need short term business funding just to tide you over for a while.
Getting locked into a long term contract with a factoring company would not serve you well. Additionally, they typically charge expensive fees, often tens of thousands of dollars. Even worse, because your clients will now pay the factor, instead of you, this signifies to everyone that your business is having cash flow problems.
How Financing Solutions Works
Your business can often do better with a line of credit (LOC) from Financing Solutions (www.financingsolutionsnow.com). Unlike other financial products, there is no charge to have it in place. Also, you only use the LOC when you are short on cash.
With Financing Solutions, you get a fast and easy application process and no hidden fees. In most cases, you receive an answer regarding your application in about an hour.
Once approved, you can have the money in your account the same day. They also offer convenient repayment options which allow you to repay the money in a few weeks or months if you like, with no early payment penalties.
Who Will Rise to the Top of Your Industry?
In business, it’s easy to get swallowed by the competition. This is especially true if your industry is full of multinational outfits and mega corporations. You must take the necessary steps to rise above the fray and make your business stand out. Here are some tips and suggestions that may help.
One thing you should do is to locate the gaps in your industry – and be the one to fill them. For example, if you own a bookstore, you can offer something that the big guys don’t. This could include private reading rooms, starting a book club or helping to build libraries for underprivileged kids in your community.
Another key is to stay as close to your customers and employees as possible. You don’t have to wait for an episode of Undercover Boss to keep connected to what’s really going on in your business. Carve out time to periodically check out the sales floor or have one-on-one conversations with staff. Leverage social media to engage customers and find out what they want.
The best way to increase your market share is with a business cash advance or LOC from Financing Solutions. With their help, you can focus less on cash woes and more on growing your business.