The challenges of 2020 have not stopped. Looking back at the end of 2019 business owners were getting ready for another banner year. The red-hot economy allowed some companies to succeed despite some sloppy business practices. Here are some tips that would help a company thrive in a good economy and survive when times are at their toughest.
FOCUS ON THE IMPORTANT
One of the biggest challenges with running a business is distraction. This often stems from the need to wear many hats. You may not have the financial resources to employ a full-time accountant, lawyer, and marketer you are force to fill these and many other rolls. Studies show that “multitasking” can seriously derail your progress and possibly even put you out of business. So, stop being a jack of all trades and put your energy into what you set out to do. Bring in the right people to manage the tasks that distract you from what’s important.
OUTSOUCE NON-PROFITABLE BUSINESS ACTIVITES
If activities, like payroll, are taking precious time away from running your business consider using a service. If slow-paying customers are creating cash flow problems Factoring your invoices will solve that need.
Invoice factoring allows you to receive immediate cash for your outstanding invoices in exchange for a small fee. Depending on your circumstances, factoring your invoices can be an attractive alternative to time-consuming in-house collections.
STAY AHEAD OF THE GAME
From your employees, technology, to your bookkeeping and finances stay current with best practices. Computer security constantly needs to be updated as more companies rely on the cloud. Learning to motivate and manage a remote workforce is far different from what worked six months ago.
We hope you found these tips helpful. Founded in 1978, American Receivable Corporation is still owned and managed by its founders. Decisions are made by the original founders, not by an out of state loan committee. Having initially focused providing factoring for the staffing industry ARC quickly broadened their market to include manufactures, fabricators, service companies, packaging, logistics, and distributors, among others. Call Jack Stieber or Brad Gurney at 972-404-4726 or call complete our quick application form.