Running a small business is no easy task. Your small business demands your attention at all times. It pushes and pulls you in a million different directions. There’s never a moment where your business isn’t on your mind, and that’s something you love.
Run a Better Small Business with These 4 Tips
Even though you may feel crazy a good majority of the time, doing what you love is one of the most rewarding things—it never feels like work. For those times when you are ready to throw in the towel, here are 4 tips to follow that will help you better manage and run your small business.
1. Utilize Non-Recourse Invoice Factoring
First and foremost, there’s nothing more important that having your business’s finances in order. With poor cash flow, there’s little your business can do. Even if your business is booming, you can’t take on more clients if you don’t have any money to fund their work. It may seem impossible to improve your cash flow when your invoices aren’t getting paid, but thankfully, there’s a solution.
With non-recourse invoice factoring, an invoice factoring company will step in and purchase your outstanding invoices to advance up to 96% of its total in just 24 hours or less. The factoring company then takes on the task of collecting payments from your customers.
With non-recourse invoice factoring, the invoice factoring company will take on 100% of the liability in the case that your client fails to complete payments. This allows your business to get instant access to the money owed to it, without the risk. You can strengthen cash flow and secure a strong source of working capital knowing that your credit will be safe after you have sold your invoices.
2. Reevaluate Your Invoices
One thing that we see many small business owners do is use outdated invoices. Many small businesses don’t understand the importance of a well-written and constructed invoice. If your business is using an invoice with unclear terms, wordy language, and unorganized facts, your customers will be less likely to complete payment, making your job harder.
Take a hard look at your invoices to make sure that your customers will be able to completely understand what is expected from them. Learn how to create clear and concise invoices that will motivate your customers to complete payment fast here.
3. Hire an Administrative Team
One thing we see frequently with small business owners is that they tend to take on every and all tasks. Business owners often take on administrative tasks that only eat up their time. Spend your time more wisely by hiring an administrative team. This will make your business more organized and help you get back to doing what you love.
4. Better Customer Service With Invoice Factoring
Another task that many business owners get involved in is customer service. Having good customer service is crucial to the success of your business. In order to give your clients the service they need and deserve, it is important to implement a team or system that will allow your staff to give the best service to your customers. If you are more involved in the operations side of your business, it might make more sense for your business to hire a team or individual to better manage this important task.