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A change in labor law has implications for factoring companies and brokers that deal with home care or staffing companies. Once in a while, you come across an article or a news story that really and truly surprises you. The recent NPR article “Home Care Aides Await Decision on New Labor Rules” was one such. It might not sound all that attention grabbing or newsworthy on the surface, but when you have been working with home care agencies for years like … [Read more...]
If you are a regular member of a gym or fitness club as they refer to it today, I always find January to be the most interesting month of the year to be a member. At the beginning of every year the place is so crowded that you usually have to wait in line to use the equipment. Then, within a few weeks the crush subsides and the facility is back to normal. I kind of look at business from the same point view. Just like at the gym, this time of year my mailbox is usually full of emails, blogs and pings from contacts wanting to reconnect to see how we can “align our strategies in a mutually beneficial relationship”. Sound familiar? I’m always amazed by the emails I receive from people who do not know what factoring is and what our … [Read more...]
A tough economy, increased competition, and new technology are some of the challenges (and opportunities) being faced in the factoring business. We recently talked with Jeff Callender, President of Dash Point Financial, to get his insights on significant changes experienced by factoring brokers and companies. Jeff answered two important questions and you'll enjoy his straight forward answers! … [Read more...]
A look a how the business of factoring will be impacted by the election results and economic issues. The election is over and no matter what side of the political fence you reside, the people have spoken. President Obama returns for four more years with a divided congress consisting of Republicans controlling the House of Representatives while the Democrats retain their majority in the Senate. No matter who was victorious in these races, tough issues lie before our elected officials. The latest unemployment data released by the US Bureau of Labor Statistics remains close to 8% as of November 7, 2012. The fiscal cliff is looming which includes the expiration of specific tax cuts while at the same time spending cuts of over 1,000 … [Read more...]
Mark your calendars for the International Factoring Association Conference April 24 - 27, 2013, at the Fontainebleau in Miami Beach FL. This annual event is filled with speakers, panels, and networking for factoring companies, brokers, and professionals. Factoring Convention Educational Sessions The Factoring Association has these sessions planned: Speakers • Daniel Gross - Rise of the New Economy • Kevin Mitnick - Art of Deception • Warren McDonald - Challenge of Change • Bob Zadek, Esq - Report from the Courts & Legal 101 • David Jencks, Esq - Transportation Factoring • Darla Auchinachie - Factoring 101 Panels • Point / Counterpoint - Controversy in Factoring • Industry Experts - Predictions … [Read more...]
What are the 10 most common questions presented by a business considering accounts receivable factoring? More importantly, how should you address them? If you have to convince a prospect that he/she needs invoice factoring, or your prospect is picking apart everything you are presenting, you are wasting your time. It’s as simple as “the business either needs accelerated cash flow or it doesn’t.” Therefore a true prospect will not be adversarial in dealing with you, but there will be genuine questions and concerns about the process. That is fair and highly predictable. Accordingly you must prepare to educate your prospect and anticipate the very predictable questions. 10 Questions Likely to Come Up In Your Next Factoring … [Read more...]
Right from the beginning let me first correct the title of this article. There is no “world” of medical factors, it’s more like a very small neighborhood. Within the finance industry, lenders that are approached with funding opportunities involving healthcare providers as the borrower (or factoring client) tend to retreat and decline these types of applicants. The obvious question is why? … [Read more...]
What? August already? Where did the year go? These dog days of summer are about the time of year when I wonder if I advanced my factoring business. Did I meet my goals? Although many people focus on how much money they made, not all goals are financial related. You might want more free time, streamlined marketing, or just to have more fun. Only you can decide your goals. The important thing to do at this point in the year is realize that it is never too late to accomplish them. No, this isn’t going to turn into some warm fuzzy article about finding your inner self and conquering the day. There is probably someone better suited on television for that. No, I just want to share that it is not too late to make 2012 a … [Read more...]
Here's a look at the latest factoring news including upcoming trainings, conferences, and updates from Bibby Financial. Factoring Conferences The International Factoring Association (IFA) finished up their 2012 conference April 18-21 in Huntington Beach, CA. If you missed the event keep an eye on the factoring.org website for the the release of the conference cds. They have also announced the IFA 2013 Factoring Conference April 24-27, 2013 at the Fontanebleau Hotel in Miami Beach Florida. Registration will be available mid October. Factoring Trainings There are several factoring trainings still available for 2012 from IFA. One of these, The Small Factors Meeting, is moderated by Jeff Callender President of Dash Point … [Read more...]
While the demand for small business loans is up, a recent Federal Reserve survey shows the majority of banks are keeping credit tight. This is causing small business owners to turn to alternative financing options. The factoring industry is well-versed in how this need is fueling demand. Two recent articles in CNN Money covered the ongoing small business financing challenges and highlighted one possible solution... Merchant Card Advances … [Read more...]
