Grow your Small Business with financing help

How to grow your small business. Small to Mid-Sized Businesses are always looking for strategic ways to grow and become more profitable.

A good rule of thumb, make sure you have your capital contribution locked down as one of your very first preparation steps.

Funding can come from a variety of sources, including personal funds, a bank, outside investors and your accounts receivables.

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The First 3 Funding Options You’re Most Likely Already Familiar With:

  1. Personal Funds – Reach into your savings to fund your business growth, hire employees, cover day-to-day expenses and so on.
  2. A Bank – Drive down to your local bank, fill out paperwork and wait to see if you qualify for small business financing.
  3. Investors – Work up a business plan, executive summary, proforma, 5 – year profit and loss projections and start shopping your idea around to potential incubators and/or angel investors.

But number 4 you may not be as familiar with. Using your accounts receivables (money your customers already owe you) to finance your business growth. Get paid faster by reinvesting your earnings sooner with invoice financing.

Invoice financing has been around forever it seem, and small startups to huge companies like Snapple use invoice financing to increase their daily working capital and grow their businesses more quickly.

How Does Invoice Financing Work?

It’s pretty simple really. You invoice your customers for payment, and typically they send you a check within 30-45 days. What if you could instead invoice customers and get paid within hours! With invoice financing you can!

Invoice financing uses assets from your business (your accounts receivable invoices) to get your business immediate cash flow to hire additional employees, afford business expenditures, cover payroll, service new accounts and keep your business competitive in your industry.

If you’re not utilizing your invoice receivables as assets and your competitors are, they may be getting a leg up on you by affording them an opportunity to service new larger customer contracts and extend terms to those larger customers.

Don’t be forced to use your own profits to fund your customers business growth when offering net-30 to net-45 terms, instead use an invoice financing company and their money to fund your terms and strengthen your customer business relationships.

An invoice finance company will buy your invoices for immediate cash, so you get your money immediately and can reinvest in growing your business faster instead of waiting for payments while your customers use your profits to grow.

If you’re comfortable with the idea of selling your accounts receivable invoices for a small discount, in order to get paid immediately, then you should explore the benefits of invoice financing.

Get A Few Offers To Buy Your Accounts Receivable Invoices For Cash!

It’s recommended that you get a few offers when deciding which invoice financing company is right for you. You can visit www.factorbid.com and within a few minutes, you’ll have a few competitive offers from invoice finance companies to purchase your accounts receivable invoices for immediate cash. Factor Bid is free online business resource that you can use to get competitive offers from finance companies. You’re under no obligation to use any of the companies competing for your business. Factor Bid is completely free.

Get the knowledge and leverage you need to negotiate the best financing deal for your growing business at Factor Bid.

On The Go – Grab Factor App For Fast Invoice Financing Offers!

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Paypal invoicing, tap unpaid invoices for immediate business cash

Did you know you can invoice customers using Paypal? Based on popular articles and groups we’ve discovered, Paypal has become a simple and great tool for invoicing.

The SBA has some helpful tips for small business owners, when invoicing customers for payment. According to a 2012 Wall Street Journal survey, 64 percent of small businesses had unpaid invoices more than 60 days old while 20 percent say the problem is worsening.

The overall effects of unpaid invoices is particularly troubling for small business owners – impacting;

  • business growth
  • hiring
  • updates to equipment
  • expansion
  • product development
  • not to mention your ability to pay bills on time

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Paypal has done a good job of making it easy to invoice clients. They remind you to add in details that your customers may need to process your invoices more efficiently.

The Standard information includes your billing address, date and other necessary line items, but don’t forget that some clients may require additional details. Details like a contract number, purchase order, tax ID or account number to help expedite payments. Check with new clients before invoicing them to make sure you are giving them the details they need.

It’s also a good idea to attach your work order, statement of work, contract, or other document that outlines exactly what you agreed to deliver. Make sure the documents are signed. This will help your client’s accounts payable department get the invoice approved and paid.

Avoid the lag:

Help your customers process payments with ease by offering online payment options. Amazon Payments, PayPal and Intuit all offer online payment services that can help you invoice customers faster.

Invoicing Stats:

Up to 64% of 850 small businesses surveyed last year – had less than $5 million in annual gross sales, reported having invoices that went unpaid for at least 60 days, and 20% said delinquencies were getting worse.

Over the past four years, big companies such as Apple Inc., Wal-Mart Stores Inc. and Ford Motor Co. have generally increased the number of days they take to pay vendors, according to Charles Mulford, the director of the Georgia Institute of Technology’s financial reporting and analysis lab.

“If you’re working with one of these large companies as your only customer, they have the power. They can go to somebody else, but you can’t go anywhere,” says William Dunkelberg, chief economist of the National Federation of Independent Business, a small-business lobby.

A Ford spokesman responded that 80% of the company’s $75 billion in annual purchases are paid within 40 to 45 days, a period that hasn’t changed in several years, and the rest are paid based on standard industry practices.

Some business owners say there’s often a trickle-down effect from slow- pay customers. “We have to go back to our suppliers and say we need to extend our terms,” says Chris Shult, president of Bevco Engineering Co., a 60-employee company in Sussex, Wis., that builds control systems for conveyors, MRI machines and other systems.

Mr. Shult says at least one of his Fortune 500 customers, whose name he declined to disclose, is pushing for a 120-day payment term. “The choice they give you is take it or leave it,” he says, adding that the company has invoices outstanding ranging from $50,000 to well over $100,000 apiece.

Since over 60% of small business have unpaid invoices, regardless of how you deliver the invoices, and how detailed and complete your invoices are, you may still be a victim of slow-paying customers. As big companies continue to hoard their cash to stockpile their own working capital, you can circumvent your dependency on slow-pay customers by factoring your invoices.

Tap Unpaid Invoices For Immediate CASH:

Factoring and “Purchase order financing” “trade credit” and “accounts receivable financing “ have emerged as important tools in helping small businesses, importers, suppliers, wholesalers, and distributors to take advantage of profitable deals.

Factor Finance Companies buy your unpaid invoices for immediate cash. You can get paid within hours of invoicing a customer for payment.

*It’s recommended that you get a few offers when choosing a factor finance company that best fits your working capital needs.

Factor Bid – gets your company a few competitive offers to purchase your accounts receivable invoices (unpaid invoices) for immediate cash. Get the best deal when factoring and the most money for your invoices, fast!

Working Capital when you need it…Cash Flow as soon as today for unpaid invoices. Give it a try, it’s FREE! You’re under no obligation to factor.

Visit www.FactorBid.com and select the ‘Get Started’ button.

 

Supply Chain Finance – Entrepreneurs start, run and grow your business

Weather you’re a tier 1 or tier 2 type vendor or a supplier company that sells goods or services to other businesses in the economic production chain, chances are you’ve experienced slow-pay in your company’s accounts receivables. But is this a problem for most operating businesses looking to grow their market share?

Proven Financial Resource

Invoice financing is used all over the world by companies large and small. Entrepreneurs unfamiliar with the idea of selling invoices at a discount to increase cash flow may be under an immediate assumption that a company selling their invoices is in trouble with traditional sources of credit and needs alternatives to stay afloat.

That’s not entirely true. Here’s why, invoice financing uses your company’s assets to access immediate cash. Invoices are considered assets because they’re money that your customers owe you for goods and services you’ve already delivered. Your credit is not even part of the lending decision when a factor finance company partners with your business. A factor is looking at the creditworthiness of your customers when deciding on investing in your business by buying your invoices for immediate cash.

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Flexible and Fast Access to Working Capital

Business like invoice financing because it’s flexible and grow with your business. You can access larger lines of funding as your business needs, or scale back and factor less during times when you don’t need more working capital.

Accessing cash tied up in receivables enables your business to keep up with growing sales volume and meet the demands of larger customers. Larger customers require longer time to pay and stretch out payments to 60 days or longer sometimes, leaving your business with substantial carrying costs.

Lower Company Liability and Increase Cash Flow

Redirect the responsibility of carrying and financing your customers by partnering with a factor finance company. A factor assumes the responsibility of your outstanding invoices; the liability that goes with potential non-payment of your receivables and the time it takes to collect money owed to your by your customers.

Let the factoring company finance your customers growth. Free up money owed to your company and put that money to work immediately. Waiting around to be paid is not a smart business practice. Factoring will help increase your working capital immediately so you can grow faster, take on more new customers, payoff higher interest rates or buy supplies at a discount price. As your profits grow, so will your bottom line. The cost of factoring becomes a cost of doing business and as long as you’re making more money at the end of the year and increasing market share within your industry then factoring is a smart business decision and you now can see why companies of all shapes and sizes are using it.

Stop wondering how your competitors are growing so quickly and start taking advantage of your accounts receivable assets. Get the cash you need to grow your business faster.

Recommended that you get a few Competitive Offers

It’s recommended that when selecting a factor finance partner you get a few offers from competing factors to earn your business and buy your invoices. Factor Bid is a free small business resource that enables you to compare invoices finance offers from competing factor finance companies in real-time. Visit Factor Bid, click the Get Started button and within the hour you’ll have competitive offers from the top factor finance companies eager to earn your business and buy your invoices for immediate cash.

Don’t wait 30,60 or even 90 days to be paid while your competitors push ahead and win more new customers, get paid within hours of invoicing your customers and use your working capital to stay competitive in your industry.

Business on the go Mobile Work force

If you’re business is on the go and you’re looking for the fastest and easiest way to connect with financing, download Factor App and within a few minutes you’ll be matched with the top finance companies competing to earn your business.

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