My original discussion was gong to be a year end review of the factoring business, but as we all know it is better to look forward than to look back. So let’s approach this from the prospective of setting up your business for next year. What makes a successful sales effort? The most obvious answer is closing lots of transactions. How do we make that happen? What will make 2013 a successful year for your factoring business? … [Read more...]
Archives for 2012
A Factoring Thank You For 2012
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What makes the factoring business enjoyable? Don D'Ambrosio shares his answer in this year end thank you. Wow, time flies and we are looking at closing out another year. Many articles this time of year tend to focus on reflection, comparing estimates to actual results and anticipating the New Year. This year I would like to take a slightly different approach. … [Read more...]
The Unique Problems of Construction Factoring (And How to Solve Them)
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Construction factoring can be every bit as tricky to navigate as it is lucrative. Ask a factor what industries they can fund, and nine times out of ten they are going to claim they can fund almost everything under the sun - everything, of course, except one little pesky industry: Construction. … [Read more...]
Challenging Changes in the Factoring Business
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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...]
Learning The Language of Factoring
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How factoring brokers can approach prospects professionally by learning the language of invoice financing. One never gets a chance to “recapture” credibility. In working with businesses that need cash, the factoring consultant must display characteristics that instill confidence in the prospect. A professional approach requires a … [Read more...]
How the Election Affects Your Factoring Business
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...]
Private Duty: When Healthcare Factoring Isn’t Really Healthcare Factoring
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A look at why factoring services for private duty care and home healthcare are dramatically different in this article from PRN Funding. Home care recipients enjoy the many benefits of care in the comfort of their own homes. It’s easier for family members to be involved in the patient’s treatment and care, and being at home allows patients to minimize the stress of a sudden dramatic change in environment. A practical and financially savvy solution to shifting … [Read more...]
Registration Open for 2013 Factoring Conference
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 for the … [Read more...]
Tips For Starting a Small Business Factoring Company
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Wondering how to start or grow a small business factoring company? Based on two decades of experience, Jeff Callender shares his tips for factors and brokers including why he prefers small invoices, how to avoid his biggest mistakes, and what he would do differently if he started all over again. … [Read more...]
Top 10 Accounts Receivable Factoring Questions
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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...]