Why Should Your Business Consider Hiring Veterans?
It can be challenging for veterans to transition back to civilian life, especially when it comes to finding a job. Many of the tasks performed and skills acquired during military service don’t translate to the skills listed in a more traditional resume. However, with some understanding of how military skills can be utilized in the corporate workspace, employers will find that there is a great advantage in hiring veterans.
Top 5 Reasons for Hiring Veterans
1. Trained for Leadership
First of all, veterans excel at working in and leading teams. Military training includes putting the greater good ahead of personal interests. Trained in collaboration and cooperation, veterans look out for the goals of the team and not just personal gain. This develops trust among the team and helps it to succeed and achieve their objectives. In the military, veterans learn leadership skills and also gain valuable experience working with both subordinates and superiors. Plus, as most men and women join the military as young adults, they have developed and honed their leadership qualities for a longer period of time than most corporate workers.
2. Quick Learning
Veterans were constantly learning to meet the expectations and master the skills necessary to fulfill their duties in the military. Through personal development, formal schooling, or in unit training, veterans started learning from the moment they joined the military. They develop a growth mentality and continue to seek out new knowledge and training. Military personnel is expected to learn quickly and efficiently, retain the information, and shift to something else.
3. Adaptability and Flexibility
Another asset of military training is adaptability. When hiring veterans, you gain an employee is quick thinking and can switch gears as needed. In the military, one never knows what the day might bring, what obstacles may be encountered and what tasks need to be accomplished. A veteran will be able to adapt to new environments, hurdles, and changing goals.
4. Performance under Stress
Hiring veterans will give you an employee that handles stress well. They will not be shaken in stressful situations and won’t buckle under pressure. In the military, mistakes and bad decisions can permanently affect lives, so veterans are trained to take their jobs seriously and avoid rash decisions. They analyze information, work through the problem, and trust their intuition.
5. Open to Direction
In addition, veterans can take constructive criticism well. They are used to debriefing and reviewing after tasks and actions. They know how to gain insight and identify areas that need improvement. When your company hires a veteran, you get the benefit of his or her experience with analyzing situations for missed opportunities and/or blind spots. Plus, you can be assured that any fixes and corrections will be applied without hurt feelings. Veterans will continually seek growth and improvement.
Common Characteristics of Veteran Employees
When hiring veterans, you also gain an employee with a vast array of additional experience and qualities:
- Technical experience and training
- Organizational skills
- Problem-solving skills,
- Keen decision makers
- Isn’t afraid of hard work
- Takes responsibility seriously
- Initiative and drive
- International familiarity, which can be a great asset in our global economy.
If you aren’t already convinced that hiring veterans is a wise business decision, you will be excited to learn that there are some available incentives and tax benefits. To learn more, visit the Veterans Affairs website.
Are you looking for other ways to help your business? Do you need money to finance payroll, inventory, and other expenses? American Receivable has over 100 years of combined financial service experience. Since 1979, our outstanding professionals have been dedicated to each client and their specific needs. There are no up-front fees, hidden costs, or long-term contracts, which are common with our competitors. Call for a FREE Quote Today: 1-800-297-6652 or complete an application for factoring online.
The Evolution of Invoice Factoring
Factoring has been around in some form or another for centuries, yet it is still a relatively untapped source of finance for many businesses. In fact, invoice factoring is typically a small part of the curriculum in many university finance departments. Let’s take a look at the history and evolution of the world of factoring.
The principal of factoring began sometime during the Mesopotamian Era around 1772 BC. It is believed that the rules for factoring or financing of trade was laid out in the Babylonian law code called The Code of Hammurabi, one of the oldest deciphered writings of significant length in the world. This alludes that factoring was used as a source of cash flow for businesses in England prior to the 1400’s.
In the early 1300’s and into the 1400’s, factoring was predominantly used by clothing merchants and traders. The “factor” would take possession of the physical good and provide cash advances to the merchant. The “factor” would then extend the financed credit to the buyers and insured the credit strength of the buyer. In the early 1600’s, factoring reached the Americas and colonist took quickly to the idea of factoring as they needed advances on the raw materials they were shipping to across the Atlantic to England. When the Industrial Revolution began, non-recourse factoring became a popular option for clients who were creditworthy. As the United States neared the early 20th century, the garment and textile industry brought factoring full circle as they utilized factoring as an avenue to continue to purchase raw materials.
Factoring continued to take shape throughout the 1900’s as small businesses who were not eligible for bank loans needed funding. In the 1940’s, banks in the United States began offering factoring services as the need for factoring had boomed in the textile and manufacturing industries. During this time, banks and “factors” were now purchasing a company’s invoices or receivables rather than taking possession of the physical goods. This idea transformed the industry into what it is referred to as today, invoice factoring or receivables factoring. The factoring industry continued to gain popularity in all business industries. When the savings & loans crisis began to heat up in the 1980’s, banks were in need of assistance with their customers and turned to factors for assistance. In the early 2000’s the U.S. economy plunged increasing the use of factoring companies as businesses were struggling to stay afloat.
Over many centuries, invoice factoring has been a means of financing for many businesses. As the economy continues to grow and new businesses emerge, the factoring industry will continue to be a source of financial support for centuries to come.
How Technology Has Improved Invoice Factoring
In today’s time, many people cannot imagine running a business without the aid of technology, and the evolution of technology has changed the way we do business on a daily basis. Computers, software, apps, video, etc. have allowed companies to expand their businesses well beyond the borders of their home base. For factoring, it has created endless possibilities for how and where business can be done.
In the late 70’s early 80’s as factoring was just coming to light as one of the newest options to assist businesses with cash flow, everything, for the most part, was done by hand, limiting the amount of business that a factoring company could take on. Because computers were relatively new to the business world and incredibly expensive, many companies used what they knew best, pen and paper. It took hours to process schedules, write checks, post payments and create and sign contracts. Face to face time was not lacking and allowed companies to build relationships with their clients, but it limited the number of clients one could take on.
As technology advanced, the factoring industry began to explode. Software programs began to take the place of pen and paper, allowing for more information to be processed faster, giving companies the ability to take on more clients. The use of email was a game changer for all industries. Faster communication with their clients created an avenue for growth. While face-to-face time is often lost, factoring companies could now expand their factoring efforts across the US and beyond. Online banking has given clients the ability to be funded immediately, right into their bank accounts. Social media has given the freedom to advertise and reach mass markets reducing marketing budgets.
Technology is an ever-advancing force that will continue to allow companies and industries to push beyond what they ever thought was possible. Factoring has grown exponentially and will only continue to reap the benefits that technology has to offer benefiting small businesses across the world. While technology has its positives and negatives, in the world of business, it’s again for everyone.
American Receivable Remains #1 for Third Consecutive Year
Dallas, Texas– For the third consecutive year, Top Ten Reviews has ranked American Receivable as the #1 factoring company in the U.S. American Receivable was one of the first factoring companies in the DFW metroplex, and for the last 39 years, American Receivable has provided cash flow solutions to businesses across the nation.
American Receivable offers custom tailored working capital for each client at some of the lowest and most competitive rates in the industry starting at .8% with up to 95% advances. American Receivable offers a quick and seamless application process with no upfront or hidden fees. Clients can receive funding in as little as 24 hours and require no monthly minimums or maximums.
If you need financing call American Receivable at 972.404.4726 or on the web at www.americanreceivable.com
A Record Month for New Factoring Clients
American Receivable Corporation is excited to announce its biggest month of 2017. We welcomed twelve new clients for the month of April.
April’s new clients include:
- A Mesquite, TX environmental contracting company
- A Williston, ND based oilfield maintenance company
- A Richardson, TX telecom company
- A Plano, TX computer programming company
- A Des Peres, CA water system supply maintenance company
- A Hawley, PA low voltage wiring and cabling installation company
- A Conneaut, Ohio based hydraulic hose fabrication company
- A Santee, CA hospitality staffing agency
- A Bristol, CT courier and delivery service company
- A Frisco, TX electrical staffing agency
- A Wilmington, DE based seasonal wholesale importing firm
We would like to offer special thanks to our sales team and network of bankers and brokers for all the April generated leads who helped make April successful. Here’s to a continued prosperous 2017!
Is your business social media savvy?
Most small businesses have been forced to become Social Media Savvy. Whether you use Facebook, Twitter, or any of the other hundreds of social media tools, they help businesses connect with leads and customers like never before. Social media is an affordable way to target your audience, help promote your business, create brand awareness and establish trust and credibility. When used properly, social media can help drive traffic to your site and potentially increase your revenue.
Here are some social media tips from experts:
- Be Consistent – Social media is just one of the many tools you can use to grow your business but you must commit and actively use it for it to work.
- Be identifiable – People work with people they know, like and trust . Profile your company and that of your staff whenever possible. Engage your audience by posting videos that answer relevant questions, provide valuable information or tell your story.
- Build Loyalty – Turn your online audience into customers for life by delivering exceptional customer service and distinctive and informative content that keeps them coming back for more.
- Be an Industry Expert – Become the “In-the-know” person for your industry. Be there to answer questions, provide valuable content through your blog or guest blogging.
- Know Your Brand – Continually monitor who you are and who you are perceived to be on the various social media channels. Update your image when needed to keep it fresh, motivational and interesting.