Do you consider your business to be in a growth mode, or do you believe your business is successful enough that you no longer have to worry about attracting new deals or customers?
In my experience, a business which is not in a constant chase for new deals or customers is a business waiting to be sold or closed. All businesses have their peaks, their valleys and their plateaus, but the business which is successful long term is the one that understands today’s business deal will soon be yesterday’s news.
Many companies bring in new business by adapting themselves to the demands of the marketplace. Other companies have a product or service which is so stable that minor tweaks are all that’s needed. Either way, for most companies, the impediment to true growth is cash flow.
Over and over again, companies which have adhered to the traditional bank lending have found their competitors landing new deals, investing in the better equipment to get additional customers or accepting new business which requires operating capital which the bank cannot supply. Failure to have a resource to provide the funds required to accept new business or significant deals means the difference between being here today and not being here tomorrow.
Today more than ever, Receivable Based Funding is becoming the method of choice for successful companies to fund their business plans. Receivable Based Funding gives companies access to their cash immediately, without delays, and the financing increases as the volume grows. It is contingent upon the payor’s credit worthiness not the provider and it does not require long applications or business plans.