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you are a small business owner, then you have probably experienced this -- a bill comes due, but the cash just isn't there to cover it yet. But the frustrating thing is that you have oustanding invoices that customers have not paid you for. One is 30, and another is 90 days out.
Each time you pay a bill on time — or don't pay it on time — you are either building or damaging your credit history. What this means is that it could affect your ability to purchase supplies, materials or to have cash on hand for unexpected business expenses.
In order to maintain good credit history, you first need to stick to a budget so you know exactly where all of your money is going. Make sure to keep daily note of all business expenses.
Next you need to open a savings account and make sure you add funds to it on a regular basis. It will come in handy when you - like everyone else- run into a problem when you don't have cash on hand.
Paying your credit cards off might also help you to keep some cash on hand. This can happen if you can begin to use factoring - also known as accounts receivable factoring. This method has been used by many small businesses around the globe.
Invoice factoring is a proven financial method for a business to stay afloat. Factoring has been around for the last 4,000 years. Small businesses created some 65 percent of the net new jobs in the private sector the last 15 years, according to the Small Business Administration, Office of Advocacy.
Most importantly, you need to have cash flow by planning a budget as much as a year in advance. And don't forget, outside events will affect your budget planning. What if your main customer decides to move, or heaven forbid, goes out of business? Or what if two or three of your customers don't pay your invoices on time?
Factoring is not a lending service - it's a discounted purchase that can help resolve some of these types of issues. It helps for increasing profits make your marketing budget work better, and improve operations. Whether you are a start up business or one that has been around for many years, companies everywhere in the United States are struggling to make a profit.
Invoice factoring provides small to medium-sized business owners with working capital when traditional funding is not available - such as bank loans or credit. Using invoice factoring is one of the most effective ways for a business to raise working capital for ongoing operations.
Factoring is a financial practive dating back to the ancient Roman civilization. some of the other items that factoring resolves:
-Has few limits but provides fast results. -Stimulates growth, and allows expansion with no debt. -Provides companies with continuous working capital, increasing their cash flow. -Is accessible and flexible. -Increases production and sales.
If you can get into the habit of careful budget planning, watching expenses and begin using invoice factoring, you [link widoczny dla zalogowanych], like other small businesses, can survive and come out of the recent recession on top, if you do have credit card debt, transferring the balances from multiple credit cards to one low-interest credit card can save you money.