Running a small business can get hectic. Small business owners constantly have to juggle multiple priorities, and inevitably you will drop a ball or two. When your time is stretched thin, your business could suffer. Delegating time intensive tasks to other employees can help free your time for big decision making and business growth. Controlling your cash flow can be difficult when you are thin on time, and that bank loan may be out of reach if you are focused on the short-term. Here is how to keep control of your small business.
Do You Have the Time to Run Your Business?
Managing accounts receivable is a time-intensive process. Best practices involve issuing an invoice immediately upon completion of services or delivery of goods, confirming receipt, following up on payment, and possibly collecting overdue payment. Doing this for each sale you make will require time and patience. Not to mention monitoring credit so as not to put your own business at risk of insolvency due to customer non-payment.
Can You Get Control of Your Small Business?
Regaining control over your business can only happen when you have healthy cash flow and stability. Cash flow problems can occur not only when things are bad but when they are good, too. Growing businesses typically run into cash flow problems that slows or stops their growth. Unpaid invoices are hindering your business growth when you could have immediate access to that capital through invoice factoring.
Will You Be Able to Get a Bank Loan?
Do you have the time to apply for a loan? Not only will it require extensive financial statements, but bank loan approvals do not come overnight. Many small business owners feel discouraged from seeking financing because it becomes yet another ball to juggle. When your business health depends on making more sales, it can be difficult to find the time to focus on other areas of the business.
How to Regain Control of Your Business:
Accounts receivable funding is an alternative financing method that improves your cash flow while lowering your risk of customer non-payment. A/R funding services frees up your time and focus as a small business owner by handling the collections process for you. In addition, A/R financing companies like Eagle Business Credit will advance invoice payment to your business the same day you invoice your customers. This means you don’t have to wait to grow or pivot your business. Instead, you focus on running your business and we handle the rest.