Congratulations on starting your very own small business! What an exciting time. Unfortunately, there are all sorts of things that can go wrong during the first year and the first few months can be really hard. In order to succeed from the outset, as well as ensure a successful future for your business, there are all sorts of things you need to stay on top of. From working with business credit funding organizations to meeting your competition, here are some great tips to small business success and getting it off the ground:
3 Business Tips for Small Business Success
- Organizing your finances
- Funding accounts receivable
- Networking with your competition
1. Financial Organization
- Utilize spreadsheets and keep them organized — Spreadsheets are a must-have for any business, especially one just starting out. As soon as you launch your company, make sure you have plenty of organized spreadsheets that are detailing every single financial aspect of your business. Make a list of startup and operational costs, keep track of everything you’re spending, organize all your contacts and employee information, and keep everything up-to-date.
2. Accounts Receivable Funding
- Work with experienced accounts receivable financing companies — According to a U.S. Bank study, 82% of businesses that fail do so because of cash flow issues. A bank is often unable to lend to new start businesses. Consider working with an experienced accounts receivables funding company. These organizations can help you actually receive the money that your business deserves and needs during the first few months of starting your business. Outstanding invoices can cause your business to be without cash flow for sometimes as long as 90 days. This can be detrimental for a starting business. By working with an invoice factoring company, you’ll be able to receive immediate business credit funding. Then, you can actually use the cash you have coming to you for other essential business aspects.
- Learn and connect with other businesses — It might seem scary to meet with your competitors, but it can actually do your company a lot of good. Simply visit and introduce yourself to your competition and attempt to develop a good relationship with them. You might come across some business owners that want to deceive you. However, some owners might offer to help or provide you with some advice. Networking with your competition can be mutually beneficial!
Hopefully, these tips will help you get your small business off the ground and allow you to survive and succeed in the future. If you’re in need of business credit funding, receivables funding might be a good fit for you. Give Eagle a call if you want to learn more about invoice factoring services.