5 Tips to Help Your Small Business Thrive During Uncertain Times
Starting and running a small business has never been easy. It takes a lot of grit and determination even in the best of times. And while most experts agree that the landscape has improved in recent years, there’s still a lot of uncertainty. Changes in the tax code, unrest in the Middle East, the uncertain future of the European Union, and other events can have a ripple effect that can impact small businesses in virtually every industry.
Here are five tips every small business owner can use to ensure they thrive during the uncertain times we find ourselves in today.
The Value of Dedicated Account Managers
Financing is the #1 requisite for any business to grow and keep a positive cash flow. There are many options to look at for financing a business including traditional bank loans or alternative options such as factoring. Once the financing is in place, that relationship will continue as you grow and manage your business. It is important to know who will be handling your account going forward. One thing to remember as a business owner is that as your business continues to grow and stabilize, your needs will be ever-changing.
Credit is Crucial
Credit-worthy customers are crucial to any business. As a business owner, it is important to limit your own credit risk, practice due diligence regarding your customer’s creditworthiness, and refrain from extending credit that is beyond profit margins.
Customers at risk for not paying your invoices put your business at risk. Confirming the credit-worthiness of your customers before you enter into a business relationship should be a routine business practice and there are a good number of companies that can provide credit services. Read More “Credit is Crucial”
American Receivable Corporation considers their relationships within the financial community to be one of its greatest assets. American Receivable’s relationships within the banking community and with professional CPA’s spans over 38 years These relationships have been mutually beneficial to us, bankers and CPAs as well as our factoring clients.