We recently received this query from a factoring investor subscriber: "In the past, prospective clients complained about factoring costs being very expensive. How do we overcome this objection?" There are several ways to address the cost question as explained here by Mike Ponomarew. … [Read more...]
Recession is Nirvana for Factoring Business
With the recession and tightening credit markets the timing couldn't be better to be part of the Factoring Industry than right now! … [Read more...]
5 Keys to Factor Marketing Success!
Successful Factoring Consultants utilize a marketing plan to stay focused and on track in developing business. Here are 5 essential keys to building an effective targeted marketing plan, … [Read more...]
Take Aim With Factor Marketing!
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"IF YOU AIM AT NOTHING YOU WILL HIT IT!" What an interesting phrase but how does it relate to the Factoring Industry? Many Factoring Consultants exhaust their marketing efforts with a shotgun approach, never aiming or directing a Target marketed message to a Target marketed audience. Unfortunately, these individuals end up creating a lot of activity but not being very productive. … [Read more...]
Cross Border Factoring – Look to the North to Expand Business
Why do business in Canada one might ask? You may or may not know that Canada is the second largest land mass country in the world with Russia being the first. However, the population in Canada is just over 30 million about the same as the state of California. … [Read more...]
Referral Sources Produce Qualified Leads!
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In order to become a successful Consultant in the Factoring industry, you have to consistently Find your Prospects, Expose your Prospects to you the Consultant, Educate the Prospects about the services you provide and WIFT (What is in it for them) or why should they do business with you? … [Read more...]
Understanding the FEES Principal to Closing Factoring Deals!
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One of the most important things I learned early on in my consulting career is in order to generate revenue, commissions, fees you have to be able to follow the "FEES" Principal on the road to closing deals. … [Read more...]
Mike Ponomarew
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Michael Ponomarew brings with him more than 24 years of experience in entrepreneurship, marketing, and business management. He has established and assisted in vending three other businesses. He currently owns one other company. He started in the factoring industry in 1999 as a consultant, which led to becoming a funding source in 2002. Mike currently serves as the Director of North American operations for Millennium Funding. Millennium has factored hundreds of clients and each year manages in excess of $150 million in accounts receivable. Drawing on his experience as a consultant and a funding source, his responsibilities include training and coaching consultants, first and second stage underwriting and is one of the primary liaisons on … [Read more...]