Five Top Financial Tips Includes Factoring
August 20th, 2010In today's economic times, it is sometimes challenging to make ends meet, particularly if you are running a small business. But the basics for how to be financially successful, no matter how much money you earn, remain the same, both personally and for your company. Here are the top tips for getting ahead financially.
1. Make a budget and stick to it – For both your personal life and business, it is important to budget. Set spending and saving goals and stick to these goals.
2. Spend less money than you earn -- It does not matter how much or little you earn personally, or how much the business makes, simply spend less and earn more. Take a look at those areas where you can cut corners which will usually result in big savings.
3. Make a plan for saving -- Save first, because if you wait until you've met all your other financial obligations before seeing what's left over to save, chances are you'll never save. Put aside a minimum of five to ten percent of your income for savings each month before you pay bills or spend money.
4. Maximize any benefits -- 401(k) plans, medical and dental insurance, or even flexible spending accounts are worth a lot. Make sure you're maximizing these programs and take advantage of the ones that can save you money.
5. Think about accounts receivable factoring -- If your company's invoices are being paid 60 to 90 days out, and often times these are late, invoice factoring is an excellent solution to get paid right away.
Gain Cash Flow via Invoice Factoring
August 19th, 2010Link: http://www.ifgnetwork.com
Lately thanks to the economic circumstances globally, many businesses are experiencing unpredictable cash flow. But it is tough to make incoming cash stretch to cover your short-term obligations. One way to regain your financial balance is to work with a factoring company, which can provide you with working capital when conventional funding is not available.
Once your are set up with a factor, you'll be advanced a large percentage of the face value of the invoice. Credit worthy accounts receivablea xan be traded in or cashed in for immediate cash that is available to you in less than 24 to 48 hours with The Interface Financial Group (IFG)
If you are waiting for the invoice to be paid in the next 30-45 days, or longer, the cost of doing business with a factor is the discount fee. These fees from an invoice factoring company range from one to ten percent, depending on volume, creditworthiness of the customer being invoiced and risk.
Fed Reports Banks Ease Lending
August 18th, 2010Link: http://www.ifgnetwork.com
This is actually the first time the Federal Reserve has seen an easing of standards on loans to small businesses since late 2006. The banks pointed to increased competition in the market for loans as oneof te important factor behind this recent easing of terms and standards.
The demand for loans has not changed significantly since the last time the Federal Reserve conducted a survey in April.
Furthermore, domestic banks also stopped reducing the size of existing credit lines for commercial and industrial firms. It is the first time banks have not cut such lines since these questions were added to the Federal Reserve survey in January 2009.
Easing lending standards because they are facing more aggressive competition from other lenders. According to the banks, small businesses have shifted their borrowing back to their banks from other sources such as credit.
Small businesses are reporting increased financing needs for inventory and receivables - which makes them prime candidates for factoring, rather than borrowing from banks. Invoice factoring provides cash to businesses within 24 to 48 hours, as long as they have already set up an account.
Reinventing Your Business Using Accounts Receivable Factoring
August 17th, 2010Link: http://www.ifgnetwork.com/accountsreceivablefactoring.php
Getting lazy or complacent in your business is not healthy, especially in today's competitive, stressed economic environment. The problem is that when you become complacent you probably will not notice the damage until it's too late. Top-performing business entrepreneurs aren't afraid to take chances and keep expanding their business. They carefully watch their competitors, and think of ways to compete in a smarter way. They're also not afraid to give their business a major overhaul to keep pace within their industry.
If a complete face-lift is what you have decided your business needs -- whether it's a new website, a new product for development, or a new branding ad campaign -- you will need to plan and have the cash on hand to execute your new strategy.
Factoring is an ideal tool for this job, because it is rare that a company has enough cash on hand to implement a facelift, especially during today's challenging economic times. However factoring invoices is something that will not burden you with interest rates like a loan. And you can get the cash fast - whether it is a single invoice that you choose to factgor, or all of your accounts revceivables.
If your clients pay 60 or 90 days out, then by all means think of using accounts receivable factoring for the cash you'll need to do a facelift for your business. Once your client invoices are approved, you can have access to the cash in as little as 24 to 48 hours. It is a smart business idea to help you and your business stay ahead of the times.
Factoring News: Trusting Your Gut in Business
August 13th, 2010Link: http://www.ifgnetwork.com
Research has proven over and over again that successful entrepreneurs know when to trust their gut. This research is coming in from all kinds of research from a number of different fields incouding neurology, cognitive psychology and even economics. The research proves intuition is a real form of knowledge -- a skill that anyone can develop and strengthen.
Gut instincts or intuition is something that could be of particular help in today's chaotic, stressed economic world. Making the right business decisions under pressure sometimes means you need to use your intuition as opposed to when you have more time to be rational. But then again, trusting the gut also enables entrepreneurs to try new ventures, and in some cases develop new products or money saving strategies.
Lets take an example, what if you see the need for a product or new service and just know it will work. However you don't have sufficient cash flow to develop and produce the product. You may not have the cash on hand to commission a market study or conduct a focus group, but you're still willing to stake your reputation and money on the idea because of what your gut is telling you.
And if you need the funds to develop a product that you know in your gut is the right product for your customers, that's when invoice factoring comes in handy. We all know that a business must have cash on hand in order to grow. Well if you need cash, and have outstanding invoices, then you can simply contact a factoring company like IFG and you could get the cash needed to begin development on that new product in as little as 24 to 48 hours.
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