As the year draws to a close and plans for the upcoming year begin, many business owners and managers examine their finances and look for opportunities to improve their processes. Having adequate cash flow is arguably the most important component of business management. There are some techniques to help your business cash management that will not involve getting a loan.
Topics: Factoring Companies, Business Growth, Cash Advance, Invoice factoring
Are you struggling to find an invoice factoring company that caters to your company needs and the specific requirements of your industry? Discover how a factoring broker can help.
Firstly, let me establish the role of a factoring broker. A broker will work on your behalf to facilitate the sale of your accounts receivables to a factoring company. The process is straightforward, but brokers frequently have industry specific knowledge, which can obviously be handy when you are not sure exactly which invoice financing company to choose from the myriad of possibilities.
Topics: Factoring Companies, Factoring Brokers
A question often asked of invoice factoring companies is will you contact our customers?
The answer is, of course, a resounding ‘yes’. This leads to the importance of searching for a factoring company who understands the business, and is able to interface with your customers at the highest level in a courteous and knowledgeable manner. Let’s examine why the interaction with your customers is necessary.
In simple terms, factoring companies pay you money now for freight bills that your customers may not pay for up to 30 - 60 days. Factoring your accounts receivable helps you maintain a constant flow of cash. In a trucking environment that is by nature hectic, constants are critical! Regular, on time payments from your customers can often be a challenge.
How quickly do your customers pay?
Do you spend time chasing payments?
Have you offered discounts but still spend time collecting?
How many of your customers are 'solid' payers?
Topics: Factoring Companies, The Benefits of Invoice Factoring, Trucking Factoring, Freight Factoring for Trucking Companies
October is upon us, and many manufacturing companies will be beginning to ramp up production to meet the fast approaching seasonal demand.
Careful strategic planning is vital during this period, and failure to plan accordingly could have a serious negative impact on business.
Social media marketing has helped spread the word about what is popular for the upcoming holiday season, from the best toys, to the most fashionable winter clothing, and the ‘must have’ gifts. Unexpected publicity can put a strain on manufacturers who are not ready to meet the increase in demand. Production must increase, but where will the money come from?
Topics: Factoring Companies, Manufacturing and Distribution Financing, Cash Flow, About Invoice Factoring, Trucking Factoring
As a manufacturer, poor cash flow management can really become an issue at two critical times:
As you start out
As you start to grow
In both scenarios, you are more than likely going to take on long, and short-term debt, to finance your fixed and working capital requirements. Financing for manufacturing companies comes in many forms, let’s look at the reasons manufacturing financing is necessary.
Topics: Alternative Financing, Factoring Companies, Manufacturing and Distribution Financing, About Invoice Factoring
Has business for your trucking company started to pick up? As the economy slowly begins to recover, so does the need to transport goods, but you still may be frustrated by slow payment on your accounts receivable. A steady cash flow is often difficult in any given market sector, but there are specific challenges when it comes to the trucking industry. It is necessary to provide the best terms to secure a contract in this incredibly competitive business, but this often means payment is slow. Do you rely solely on invoice payment from your clients to survive?
Topics: Factoring Companies, Cash Flow, Trucking Factoring, Freight Bill Factoring
