Have you ever heard the old saying, “Be careful what you wish for or you might just get it”? It usually refers to the downside of a casually expressed desire. This phrase definitely holds true for anyone who has funded invoices in the factoring industry. We spend so much time on sales and marketing and then it finally happens – we land a new prospect and they complete our application. We hope the prospect will have prefect credit, stellar account debtors, strong financial statements and be free and clear of any liens or judgments. More importantly, we want the deal to glide through the … [Read more...]
Archives for 2013
How to Optimize and Increase Your Factoring Brokerage Revenues
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Most factoring brokers are consummate sales professionals who spend their time talking to small business owners and trying to generate leads. Brokerages come in all varieties. Some brokers focus on a single leads source, such as referrals, and work that source for all their leads. Other brokers run more complex businesses that focus on many sales channels at the same time. An example of the … [Read more...]
The Financial Professional’s Vocabulary
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It's time for factoring professionals to consider, "What's in your vocabulary?" All of us get caught up in linguistic shorthand that apparently works well between financial professionals in the factoring business but very often becomes a usual and customary part of our parlance. When we talk we have choices of words, phrases and nuances that are available at that time. It is a common mistake (in my view) to use the same choices for all listeners. It is with this in mind that we look at how we use words. Factoring Financial Transactions (Not Deals) My first complaint is with the term “deal.” If one looks through my articles, underwriting notes and comments you can see that I noticeably avoid that word. … [Read more...]
The Affordable Care Act, Medical Staffing and Factoring
A look at what the the Affordable Care Act means to medical staffing and factoring brokers. Love it or loathe it, the Affordable Care Act (ACA) is a reality for businesses. While portions of the bill have been implemented since its 2010 passage, the major provisions don’t take effect until 2014. This year it is important to be in-the-know about how the ACA will impact your business--either that, or get blindsided by penalties and fines. It is also important to keep in mind, though, that anything that creates turmoil also creates opportunity. … [Read more...]
Marketing Your Factoring Business? Avoid The Crush
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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...]