They say that all a person needs is a hand to hold and a heart that understands. If you are a small business owner who needs factoring services, what you require is cash.
When you face struggles and challenges in your business, it makes the victories and triumphs that much sweeter. For an entrepreneur who needs factoring services, financial troubles can simply be a sign of better things to come.
Are Factoring Services Better than Bank Loans
Banks are the first place most small business owners think of when in need of a quick business loan. Businesses with good credit and plenty of assets may find it easy to obtain a loan. For everyone else, it’s a lot more complicated.
Even if your business is well established with decent credit, it is still difficult to get a business bank loan. Studies have shown that you have less than a 50 percent chance of being approved for a loan at a bank.
Traditional banks have many rules and criteria which make it hard for a small business to qualify. On the contrary, factoring does not require you to take on debt. Also, with factoring you can get your money a lot faster than with a fast business loan.
Where Can a Business Owner Who Needs Factoring Services Go for Help
Businesses that need factoring services are typically ones that don’t qualify for a bank line or term loan. The way factoring works is that you give your receivables to a factoring company and they pay you up front. Therefore, you don’t have to wait 30, 60 or 90 days for your customers to pay. You can get your fast cash immediately
Traditional invoice factoring is becoming out of vogue in favor of alternative lenders like Financing Solutions (www.financingsolutionsnow.com). They can offer cash advances or business lines of credit.
Financing Solutions has products are easier to get in place and less expensive. This is considered to be more modern day factoring.
What Your Business Needs to Grow
To be a small business owner, you likely had make huge commitments, take risks and be innovative. The same skill set will be needed when its time to grow.
One thing you may need is better technology. With the right equipment and software, you can streamline your processes. As a result, you can get more done using less effort. This will also free up some of your employees to focus on more big-picture concerns.
You should also invest a fair amount of time on networking. While you might have previously viewed this as wasted time that could be spent working, it is actually quite valuable. This is an excellent way to encounter potential customers, mentors, investors and partnerships.
Most importantly, you need fast cash to grow your business, which you can get by contacting Financing Solutions. With their help, you can better manage your cash flow and take your business to the next level.