This time of year is one of the most hectic for busy, motivated business owners! Here are a few essentials tips for entrepreneurs to help keep cool when it’s time to hit the road:
Work on the go
Make a checklist of items you’ll need, even the essentials you think you couldn’t possibly forget like your laptop, smartphone and chargers. Another tip is to use and frequently update an online document storage site so you can access needed files while you are away from your office and easily collaborate with your associates and partners. BFS offers our clients 24/7 account access via our convenient online portal so they can check the status of their invoices on the go. Being prepared with your mobile office essentials ahead of the trip will help you to run your business wherever the road takes you.
Make the most of your travel
Work travel is a good time to reflect on your business’s growth and where you’d like to take the company next. If you can, visit companies with the same and similar products and services; take in the experience and use this market research to adjust your own business plan. Plane rides are a great time to research business funding including loans for business and funding options you might not be as familiar with, like PO factoring and asset based lines of credit, to take your business to the next level.
Turn over your invoices
Nothing causes more pre-vacation anxiety for a business owner than unpaid invoices. It’s hard to relax when your working capital is tied up in receivables. Work with a financial services company like BFS that provides high advance rates on your invoices and will pursue overdue invoices so you don’t have to chase your customers for payment.
Plan for Seasonality
In many industries like apparel and manufacturing, it’s not uncommon for the bulk of a business’s sales to occur in the space of a few months, which can be difficult to plan and stock up for without a ready supply of cash. Purchase order financing enables you to purchase the supplies and inventory necessary to prepare for a busy season when your current receivables don’t support the expense. If you haven’t tried it yet, PO factoring is the way to go for many businesses.
BFS is here to help business owners with a variety of funding solutions. We offer a relationship based approach to our financing that is steeped in industry expertise and creative alternatives that help small to medium-sized businesses through their most challenging times. Contact us today at (877) 882-4229 or email firstname.lastname@example.org to learn more!