How To Be An Even Better Entrepreneur
If you're like most entrepreneurs and small business owners in the gift and home industry, you likely wear a lot of hats. Perhaps you're pulling double duty designing new product lines while worrying about whether your accounting is in order. Or maybe you’re managing your company’s vendor relationships and simultaneously working to streamline your manufacturing process. As your business continues to thrive, it’s becoming more and more apparent that you can’t do it all, at least not on your own.
What if someone told you there was a way to simplify your operations and significantly reduce your overhead at the same time? You probably wouldn’t believe it.
And what if that person told you there was a way to offload all of the day-to-day details of running your company that you know you can’t ignore if you want to grow your business -- the things that you either don’t have the time or bandwidth to deal with, like collections or receivables management, or the things you simply just don’t want to be bothered with? You would probably be intrigued.
And then what if you were told that, as an added bonus to getting your house in order, you’d be able to turn all those orders you’ve accumulated, but for which you have yet to be paid, into cash? (Yes, cash).
Sign me up, you’d say.
Sound too good to be true? Well, it’s not.
It’s called factoring. It’s a form of secured lending that allows businesses to convert their receivables into cash. Factoring gives growing businesses the working capital they need to run and build their companies. It’s fast, flexible funding that essentially pays you early for the goods and services you’ve already delivered. And you can get it without having to worry about the restrictions that typically accompany a loan from a traditional bank.
Aside from access to working capital, factoring also allows you to take the hassle out of running your business. It doesn’t matter how strong your sales are or how much revenue you’re projected to haul in this year. If you don’t have the right invoicing system, accounts receivable team and inventory management structure in place, you’ll be in a constant struggle to keep your business moving forward.
Success in business demands equal parts creativity, resilience and resourcefulness. Every good entrepreneur knows his or her limits and recognizes when the risk of continuing to do things all on his own outweighs the benefits. Those who accept – and respect -- those limits will ultimately be the ones who come out ahead.
If you think your gift and home business isn’t a candidate for factoring, then think again. If you need cash advances to support growth or expansion, manage strains on season cash flow or capitalize on new opportunities in the market, then factoring is right for you. If you’re looking for an extension of your team to take over demanding and time-consuming tasks like billing and collections, then factoring is right for you. And if you want a long-term partner that knows the gift and home industry inside out and will be your biggest ally and champion, then Rosenthal is right for you.
To learn more about how your business can benefit from factoring, please visit www.rosenthalinc.com.
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Rosenthal & Rosenthal
Independent throughout its history, Rosenthal is a commercial finance company that specializes in Factoring, Asset Based Lending, and Purchase Order Financing for clients across a wide range of industries.
Randy Eller on Business & M&A Activity in 2017