Many businesses sputter along in the summer making June, July and August the longest months of the year indeed to business owners and managers. Yet the stagnation of sales during those long summer months doesn’t have to be such a downer. With a little planning and proper cash flow and revenue forecasting that takes into account seasonal peaks and valleys, summertime can be a productive – and recuperative – time of year for your business and your employees.
One way to make good use of the down time is to take on and assign operational clean up and maintenance tasks. When was the last time you updated your company’s website, reorganized the filing cabinet, or double checked your business’s legal and regulatory compliances? Though some of these tasks may seem unappealing, dawdling business periods are the best time to take care of such important though often overlooked issues.
Mend Cash Flow with Invoice Factoring Services during Valley Business Periods
In addition to doing some business cleanup, summer might be a good time to improve office and administration efficiencies, look at processes and procedures for ways to improve thereby saving time and money. Look at major purchases for ways to save such as office equipment leasing instead of buying. Reining in unnecessary expenses can help save your company money year-round. Summer might also be a good time to have your employees pick up the phone and collect on late paying customers, which negatively impact your cash flow.
Reliably Collect Invoice Payments with Accounts Receivable Funding
Getting money from accounts receivable (AR) factoring is another option many companies choose to stay on top of their finances rather than fall behind, particularly during slow periods.
Factoring accounts receivable when done year round can help your business better manage a predictable cash flow and revenue cycle. Because clients don’t always pay when they say they will, you can’t always count on incoming payments to be on time. Yet invoice factoring companies do pay when they say they will. With factoring accounts receivables, you can have a reliable revenue stream even when sales are flat because you no longer have to wait and wonder when a client will remit payment.