The 25th Annual Factoring Conference will be held at the Manchester Hyatt in San Diego, CA! The event is hosted by the International Factoring Association and features industry information from accredited speakers, expert panels and roundtable events, networking opportunities and evening receptions. 2019 Factoring Speakers, Panels, Roundtable and More Speakers Erik Wahl - UNthink Simon Anderson - Recognizing the Technologies and Trends That Are Transforming Factoring and Techniques to Make Your Company Future-Ready Cynthia Hetherington, CFE - Searching in the Dark Web: Finding Fraud Online Brian Center - Factoring 101 Pedro Armada, CFE - Unique Challenge of Factoring in Latin America Matt Baker - Sales 101 Elliot … [Read more...]
5 Tips for a Successful Freight Broker Social Media Strategy
Having a strong social media presence is no longer an option for freight brokers; it is a need. Social media for B2B has become an essential method of marketing. It has its leverage in every industry you can think of. While the common B2B marketing tactics include email and website marketing, the power of social media should not be forgotten. It is a missed opportunity when B2B companies don’t take advantage of the perks that comes with social media. It’s a great way to get information out fast to your target audiences. With the proper digital marketing strategies, your business can assist prospects in researching purchase decisions, improve search engine optimization (SEO), generate leads and drive business. Social media platforms … [Read more...]
The Balancing Act of Factoring Invoices
In past articles I have addressed the need for understanding your client’s business as well as having a consistent set of policies and procedures to ensure you effectively manage the risk of factoring invoices. However, what happens when you run across those out of the box deals that do not fit nicely into your company’s comfort zone? Instead of immediately throwing these deals away you might want to consider some adjustments you can make to mitigate the risk. Although we all like to fund deals that are in our sweet spot in terms of size and industry, I have found that some of our best success stories were with clients in industries that we never would have imagined funding. Some past examples include speech therapists, a startup … [Read more...]
Top 7 Factoring Investor Articles of 2013
2013 was certainly an active year for the factoring industry. Given the economic roller coaster, it is no wonder that more and more companies were inquiring about invoice factoring services and seeking help from factoring consultants. Each week Factoring Investor publishes free content – all designed to help you in the area of factoring accounts receivables. As 2013 comes to an end we wish everyone a Happy New Year! To help get your 2014 off to a productive start, we share with you this list of the... Top 7 Most Read Factoring Business Articles on FactoringInvestor.com Six Tips For A Beginning Factoring Consultant or Broker Wondering why some factoring consultants fail and others succeed? Here are 6 tips for starting as a … [Read more...]
How to Set Yourself Apart from Other Factors and Brokers
As far as I can tell, every factoring broker and every factoring company claims to have exceptional customer service, that they can fund clients quickly, and that their prices are the most competitive in the market. Everybody says and focuses on that almost exclusively. Because of this, factoring companies look the same from the outside. It’s easy for prospects to see how brokers market themselves and conclude that all factoring companies are the same – basically a dime a dozen. Is factoring a commodity? Let’s look at the other side of things. Most brokers and factors complain that prospects often don’t treat them well: prospects negotiate harshly, shop incessantly for better terms, and threaten to leave for a competitor at the … [Read more...]
5 Things Successful Factoring Brokers Do
As a factoring broker, you have the opportunity to work with both factoring companies and businesses looking for funding. This requires plenty of time, effort, expertise in an assortment of industries, and a knack for relationship building. Without a doubt, it’s hard work to become a successful factoring broker. Here are 5 things successful factoring brokers do to lay the foundation for a profitable operation. 1. Never Stop Learning Factoring brokers should always stay up to date on the factoring industry, marketing trends, technology, competitors, and current events. Success comes to active learners who are open to new experiences and willing to seek or create opportunities for growth. Build relationships with other factoring experts … [Read more...]
Top 3 Mistakes That Factoring Intermediaries and Brokers Make
Although factoring is not a seasonal business, per se, it does have its high and low periods during the year. We are about to enter what is often the busiest period for the factoring industry – mid-September to mid-December. This is an important period for your business, and it’s critical that you operate efficiently in order to capitalize on as many opportunities as possible. To achieve this result, you need solid factoring partnerships in place, a well-developed sales technique, and a process to manage your sales channels and increase your closing ratios. At the same time, you must be careful to avoid these common deal-killing mistakes. Not knowing your product well enough This very common problem primarily affects newer factoring … [Read more...]
6 Online Reputation Management Tips for Factoring Brokers
Factoring brokers rely heavily on word of mouth and positive endorsements to drive business growth. No matter how large or small your factoring broker business may be, people are probably talking about it somewhere on the web. Potential clients are Googling your company name, commenting on your social media updates and blog articles and most certainly checking out any reviews that have been posted regarding your services (or leaving their own review). Any content posted online about your business makes the difference in gaining or losing clients. Regularly tracking what is being said about your company online is more important than ever. All it takes is one bad review, mock Twitter account or an angry blog post to go viral and your … [Read more...]
Relationships Matter to Success in the Factoring Industry
The famous French philosopher Voltaire once said, “The ladder of success must be set upon something solid before you can start to climb”. You can interpret this quote in a variety of ways and for me it really hits home when I look at our success in the factoring industry. We’ll get to that in a moment. The first question that always comes to mind when talking about success is how do you measure it? Talk to most folks and the answer is usually associated with the bottom line. Anyone that follows the financial markets knows what happens to a company’s stock price when they either beat or miss analysts’ expectations for a given period. Let’s face it, without profits companies cannot sustain their operations and continue to be a going … [Read more...]
How I Sell. My Preferred Factoring Sales Technique
Selling factoring services can be very challenging, especially in this environment where there is very strong competition. Not only do you have to help clients determine if factoring is right for them, you also have to show them how your solution is better for them that everyone else’s. This may sound simple, but selling factoring services in this market is very difficult. It’s a crowded market with every factoring company promoting their benefits. You can expect that most prospects will be talking to four or five different factors. One simple approach is to match what they are saying. But if you do that, you become a “me too!” factoring provider that will only get average results. So, how do you break through that barrier? How do … [Read more...]