The simple act of getting paid can take up a big chunk of small business owner’s time while pushing stress levels to new highs. Aside from exploring funding options to help with cash flow problems, businesses can put safeguards in place to stop wasting time on chasing down payments. With the time they regain, they’ll be able to do more business development.
Tag Archives: business financing
Of course, you want to grow your B2B small business. That might be tricky to do if you’re like those businesses surveyed in Wasp Barcode’s State of Small Business Report. More than half of the respondents plan to invest fewer than 3 percent of their revenue on marketing. In this case, it should be no surprise why growing revenue is the No. 1 challenge for small businesses.
According to the SBA, a company’s chances of survival is about 50 percent in the first five years. Babson University’s 2013 Global Entrepreneurship Monitor report says the top two reasons for going out of business are problems getting financing and business isn’t profitable. These two affected more than half of the businesses.
This is a true story. Names have been changed to protect the innocent and the guilty.
A prospect contacted me interested in my company’s services. We discussed the project and came to agreement on the scope and price.
Cash flow makes or breaks a small business. If you don’t have the cash to pay expenses and make payroll, then your business can’t survive. Simply put: no cash, no business. This can and does happen even if you have all the customers you want and talented employees who do their jobs well.
You have many options to get working capital for your small business to ensure you have enough cash flow. Here are common questions to ask to help you find a small business lender that best meets the needs of your company.
Businesses often think they need to borrow money when they shouldn’t. Still, there are times when it’s a good move to get working capital financing, especially when it contributes to growing the business.
A bank approving an application for a loan isn’t a sign that a business needs it. All it indicates is that the bank believes the business can pay back the line of credit or loan. That’s their main goal regardless of how it affects your business.