Growing a business can be fickle, unrewarding work, especially when it comes to gaining and keeping capital. There are countless aspects to consider in growing and maintaining a successful business, but no plan can move forward without available funds. There are many ways factoring can give you the time and money to start, grow, and succeed in your business. Here are five that we think are important to know:
Get You Started
One of the challenges of business life is the capital it takes to start. After all the initial expenses, your bank account could be closer to empty. Factoring gives you some breathing room while you continue to grow and expand your business, making your start as smooth as possible.
Keep You Going
Once you're up, running, and making valuable capital, what happens next? It depends on your chosen industry. For a lot of business owners, invoices start to pile up, most not due for 30 to 60 days. This dreaded lull can sap at your money and make you wonder why you even started. It takes years for most businesses to get to the point where they're lucrative on a consistent basis. In the meantime, you still have to keep the ship sailing. Factoring can provide you with a steady flowing income in-between payments.
Keep You Stocked
A store with no merchandise or services is just a building. Factoring helps maintain a healthy level of merchandise when you're at risk of running low. It can also help with digital services; you need money to stay on top of your craft, to invest in websites, brand ambassadors, etc.
Pay Your Employees
An unpaid employee is an employee who won't consider sticking around for long. When the lull seasons comes, it is imperative that your employees can still feed their families and enjoy their work. Factoring supplies a means to an end, getting you the cash you've earned when you need it, and keeping your employees where they belong: with you.
Capital for Growth
A dream is just a dream until it receives the proper funding. When you have that sinking feeling that all you've worked for is stuck in place, factoring can bring you back to your fighting stance and help you expand your business. Factoring provides a stable way to fund your business's future. Since it doesn't require you to explain why and how you need to spend your cash (unlike a great number of traditional loans) you're better able to make concrete decisions on your own.
Factoring is utilized in a number of situations, including hardships, general purchases, and inventory. Without the fear of wasted energy and long waits for debts, your business receives the time and money it needs to thrive.
Catamount has always been there for us and has been very instrumental in helping us succeed.
Without Catamount we would not be where we are today...period. They have been a tremendous help and are very supportive!
When we needed help Catamount stood up to the plate for us. Their service is outstanding...great people to work with!