The year is almost over—do you know what that means? The holiday season is upon us. Many companies in many different industries experience a boom in business due to the holidays. Is your business’s cash flow ready for more orders, more clients, more requests, and more work?
How Non-Recourse Invoice Factoring Can Help Get Your Business Ready For the Holidays
There are many ways that your business can prepare for the holiday season. Here are some tips to help your business get ready for the holidays.
Update Your Invoicing System
One of the most important things to do before any influx of business is to reassess your invoicing system. There are many ways to get your invoices paid faster. Here are a few tips to help make your invoices the hardest working employee in your business:
- Send out a quote before the invoice
- Make your payment terms shorter
- Use simple, polite language
- Send your invoices immediately
- Implement late fees
- Send out reminders
All of these tips will help your business get paid faster for its work. You’ll be able to shorten the normal wait time between work and payment.
Building better invoices before the holiday season will allow your business to get paid faster and keep cash flow strong and healthy. Coming into the holiday season, having the most cash possible in your pocket will allow your business to take on more clients, tackle unexpected expenses, hire additional staff, and more.
2. Utilize the Benefits of Non-Recourse Invoice Factoring
With non-recourse invoice factoring, your business will be able to get immediate payment for your invoices. Rather than waiting 30 to 60 days to receive payment for your work overnight, without the risk.
Non-recourse invoice factoring is a financial service where a company steps in and purchases your outstanding invoices to advance you up to 96% of your invoice total in just 24 hours or less. With non-recourse invoice factoring, a factoring company will take on 100% of the responsibility if your client neglects or fails to make payments on invoices.
This is a major benefit for all businesses. With non-recourse invoice factoring, you can get risk free financing. Not only will you get paid faster, but you’ll be able to have the peace of mind that your business’s credit and capital is safe and secure—no matter the outcome.
3. Shop Around for New Vendors or Suppliers
During the holiday season, many vendors and suppliers will offer discounts. Use this time to shop around for suppliers and vendors that offer the best offers. This can help your business stock up on necessary equipment or inventory and keep more cash in your pocket during the busy holiday season.
During the holiday season, cash flow problems often crush businesses. Rather than letting your cash flow problems get the best of you, we hope you consider the tips above to prepare for the busy holiday season. With simple adjustments and implementing new systems into your business, you can help secure a strong source of working capital for your business to take on the busiest time of year with confidence.