Business owners often have many questions when it comes to factoring, since it is a form of financing that is unfamiliar to many. They want to understand the practice and how it will affect their business now and in the future. Being prepared to answer their important questions will help you make them comfortable with factoring and more likely to want to do business with you. Will factoring work for my industry or specific business? Factoring is a viable financing option in many industries, including manufacturing, medical, construction, oil and gas, temporary staffing, trucking and freight, technology, and clothing and textiles. While each industry has its own challenges, they tend to share commonalities which make factoring … [Read more...]
Archives for 2015
Trade Show Tips and Tricks for Invoice Factoring Companies
Trade Shows: the business necessary-evil that you either love or hate. Whichever camp you’re in, trade shows can be an indispensable asset to growing your factoring business (and also where pens and office gadgets go to die). They offer the ability to reach a wide range of potential customers and truly connect with people who can benefit from your services. However, not all trade show exhibitors are created equal. Here are some ideas for having a successful trade show and how to convert the leads you meet! 1) Send your most outgoing people. This seems like a no-brainer, but you’d be surprised at how many businesses don’t factor personality into who they send to a trade show. Even if your social butterfly isn’t necessarily in sales, … [Read more...]
Marketing Apps and Tools to Help Your Invoice Factoring Business Soar
Let’s face it – sometimes your marketing strategy can take the back seat when it comes to building and growing a small business. This can be especially true for invoice factoring companies, in which often times, employees wear more than one hat. Whether your marketing team is one person or ten, these tools are sure to help you expand your marketing operations and increase brand awareness. Hootsuite It’s impossible nowadays to market your business without social media. However, the amount of social media tools we’re now expected to keep up with can be overwhelming. Lighten your load with a tool like Hootsuite, which is a social-media management system. With Hootsuite, you have the capability to maintain and schedule posts for all of your … [Read more...]
What Now? Moving Forward in the Factoring Business After Being Defrauded
Behind every successful entrepreneur there are A LOT of failures, especially in the world of factoring. Being defrauded is a part of the factoring industry and it’s only a matter of time until it happens to you on some level. However, there’s a difference between coming out on top and going under. Here are some ideas on how to deal with being deceived and what to do when you find yourself asking, “What now?” (This article is a follow up to Protecting Yourself From Liars in the Factoring Industry - Part 1) Add it to your business plan We know—this sounds a little crazy. But calculating losses into your expenses before they even happen is a smart idea. Think of this as your ‘rainy-day’ fund: just like you wouldn’t go into retirement … [Read more...]
Protecting Yourself from Liars in the Factoring Industry
It’s no surprise to anyone in the factoring world that fraud is always a risk. If you ask any factoring company owner, it’s not even a matter of “if,” but, “when.” As much as we want to believe that all of our clients are honest and full of integrity, the truth is: some just aren’t. While most factoring companies go through very thorough measures in order to protect themselves, no business is completely immune. When there are hundreds and thousands of dollars at stake, what’s the solution? Unfortunately, there isn’t one—unless you want all of your potential and current clients to take lie detector tests—which probably won’t be great for future business. However, if you know what to listen and look for, it’s possible to avoid being scammed … [Read more...]
Simple Cost-Cutting Strategies for Factoring Business Owners
It’s no surprise that factoring businesses, new or old, rely on steady and abundant cash flow in order to be profitable. Being smart about how and where to efficiently manage funds can make or break the difference between flourishing and floundering in the world of factoring. Check out these ideas on how to cut costs so that you’re not overspending in areas that could be hurting your factoring company. Replace Print with Social Media It may not seem like a big deal, but the use of social media for marketing is no longer an option. Given that social media/networking is the top online activity in the US, small businesses can use it to capitalize on increased brand exposure, web traffic and even possible sales. Social media offers … [Read more...]
Bending But Not Breaking In Factoring?
The factoring industry is unique. If we had to write a mission statement for what we do it would read something like – “To provide cash flow to businesses to sustain and expand their operations”. The cash flow that factoring companies provide is through the purchase of clients receivables at a discount which allows the client to utilize the capital for expansion, take advantage of vendor discounts or any other reason they may have to keep their business an on-going concern. Over the past several years many new factors have entered into the asset based industry, as traditional lenders constricted credit to new and existing businesses. The aftershocks of the great recession had a rippling effect that was felt from Wall Street all the … [Read more...]
Finding Some Luck In The Factoring Business
How many times have you read about a new startup and kicked yourself because you had the same idea? I remember when I was in college there really weren’t any big name coffee shops on every corner but there sure were a lot of students hanging out at the cafeteria sipping on coffee while studying. Fast forward a few years later and the idea of Starbucks seems like such a no brainer. When we started our factoring company a few years ago the concept of financing accounts receivable was anything but new. There were many competitors with vast amounts of experience in the asset based lending arena. Prior to jumping into the ring we had diligently written our business plan, thoroughly studied our niche and built a marketing plan with the … [Read more...]
Four Terrific Productivity Tricks for Factoring Broker
We all know how amazing it feels to be productive. How come sometimes it feels like we’re the most productive on Saturday mornings when we don’t necessarily have to be? Being productive at the office can be a challenge, but it’s not impossible. Setting yourself up for success is crucial to getting the most out of your time. The following tips include small changes that factoring business owners can make in their day-to-day activities to maximize their productivity. Turn on an alarm clock Most of us only use our alarm clock once a day (or more if you’re a repeat snooze-offender): when we wake up. However, most of us have different periods of ‘peak productivity’ throughout the day. Ask yourself: when do you feel like you’re consistently … [Read more...]