The Top 3 Business Stressors and How You Can Avoid Them
During the entrepreneurial journey, by owning a business you will likely face a range of emotions from confidence when things are going well to feeling ill-equipped during challenging times. How the business responds and survives really depends on the resources and relationships available to you and how you use them to your advantage. In this post, we’ll take a look at stressors that impact business owners and how you can fix or avoid these problems and keep your business running.
Business owners are often challenged with finding and retaining the right staff. Beyond finding talent it can be a challenge to pay staff, keep benefits active and paid, and manage the other costs associated with attracting and retaining a talented workforce. If business owners have a confident staff that is interested and committed to the success of the business their stress levels would significantly improve.
Entrepreneurs wear many hats and at times have several different roles including IT, HR, business development, marketing and, billing and accounting. This takes the business owner away from working on their product or focusing on creating a unique customer experience because they are stuck doing the operational tasks the business needs to survive. Time management can be frustrating as time is the one commodity you cannot buy back. To maximize their productivity, entrepreneurs need to invest their time wisely.
Nothing is more vexing to a business owner than delivering goods or services and waiting 45-60 days to receive payment on their invoices from the customer. Another obvious and often the most vocalized concern for many business owners is the need for working capital. Businesses rely on funding for day to day operations and also for times of growth. Small business financing and bank loans are one solution to solving the problem, but can often have cumbersome application/ approval processes and have steep interest rates that are determined by the business owner’s personal credit. To alleviate this stress, business owners need financing that provides the funding they need with lower interest and fees and solutions that can grow with their business.
Easy Ways to Implement Changes and Alleviate Stress Levels
Make a list of what’s weighing you down, then prioritize that list to address the things causing the most stress first. Many entrepreneurs find business financing is the systemic cause of issues related to running their business. Therefore, addressing how to get funding, getting payment from customers on time and having the cash flow for payroll can help you operate with less stress.
When using the right funding company like Bibby Financial Services, alternative financing solutions which can include factoring and asset-based lending will solve the funding part of the business equation by providing flexible funding lines with high advance rates or by advancing on fixed assets. In addition to providing funding, Bibby Financial Services delivers value-added services and benefits that help business owners get back their valuable time.
BFS Factoring Benefits:
- Fast, flexible source of funding which grows in line with sales
- Cash advance on your invoices, usually within 24 hours
- Full accounts receivables management support - we follow up with your customers for prompt payment
- Improves cash flow to free up management time and focus on growth
- Real-time, online access to status reports via our account management system
- Flexible terms and conditions
- Financing available against fixed assets
- Expert advice from credit management professionals to help you evaluate potential customers
BFS ABL Helps Companies:
- Finance growth
- Purchase new equipment and materials
- Fund acquisitions
- Prepare for seasonal demands
- Take advantage of supplier discounts
- Finance turnaround situations
- Make decisions with a collaborative lender
Are you a business owner feeling stressed and in need of an actionable solution that will help your business? Contact BFS at (877) 882-4229 or email us at email@example.com today to learn more about the alternative financing solutions we have available and to learn how they can help your business.