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Expanding your business can be one of the most rewarding experiences, and the most challenging. The only way for manufacturing businesses to stay ahead of competitors in today’s ever-changing environment is to embrace change.

Imagine a scenario in which all of your customers paid their invoices on time. Your cash flow forecast would be 100 percent accurate year round, you could make key business decisions with confidence and your bills would always be paid on time.

Periods of growth can come and go quickly and the consumer’s needs and expectations shift. Trends can change from one month to the next.

While a great vision and business plan are crucial, obtaining sufficient funding is one of the most important elements a startup needs to succeed.

Invoice factoring is a financing tool that allows your business to use its outstanding invoices to generate cash quickly and avoid waiting up to 90-plus days for customer payments. Essentially, your business is selling its accounts receivable to a factoring company at a discount.

For many people, moving into a new year involves taking stock of where they have been, where they are going and, most importantly, what makes up the in-between. If you are one of the many interested in maximizing yourself and your business, the first place to start is your mindset.

If you are a small business owner overwhelmed with a growing stack of outstanding accounts receivable, you are not alone. According to a report by New Sage, 13% of small and medium-sized business’ invoices are paid late.

The relationship between manufacturing companies and their customers is being revolutionized by various marketing and customer experience trends. Gone are the days when word-of-mouth marketing practices and a firm handshake were enough to win new customers and seal the deal.

When it comes to the financial management of growing a small business, cash is king. However, when a gap between paying your suppliers and employees and receiving payment from customers occurs, maintaining a smooth operation can become a real challenge.

 
As a small business owner, you understand just how important it is to stay on top of cash flow and what a challenge that task can be. Without sufficient cash flow, it will be difficult to meet payroll, operate smoothly and meet your financial obligations.