Happy New Year! With 2019 behind us, many businesses are looking to make progress towards growth. However, to grow your business, there are a few things you need to do to ensure smooth sailing.
Start with the Simple Stuff
If you want to grow your business, you need to make sure there is nothing holding you back. That means making sure your quarterly IRS tax liabilities are in order. As it is January, businesses will be filing for the quarter of October to December of 2019. Next, it is time to take a look at your business credit report. See where your business stands and if there are any red flags that would stand out to lenders. To grow your business, you want to be in the best position possible, which means paying down outstanding balances and making sure there are no lingering marks on your credit report. Ideally, you should be checking your business credit report quarterly, at minimum. Removing those red flags will be reflected the following month. With taxes and credit history out of the way, the next move is to get a better handle on revenue.
Grow Your Business with Better Cash Flow
Many businesses are kicking off the new year by waiting on payments from invoices issued in the previous quarter. If you want to grow your business, you need access to as much working capital as possible without taking on additional debt. Unfortunately, waiting on payments from sales made a month ago or longer can pose a challenge. To accelerate the rate of capital coming in, businesses turn to accounts receivable factoring. By using accounts receivable factoring, unpaid invoices are turned into cash within a single day. This allows your business to catch up on revenue and improve cash flow. Additionally, with a greater influx of capital, you can build up reserves so you can act on opportunities to grow your business instead of putting off plans because of unpaid client invoices.
Take the Next Big Leap
By taking care of liabilities and credit, along with improving cash flow through accounts receivable factoring, you can create a sound strategy to grow your business. At New Century Financial, we provide the most comprehensive factoring services to help businesses improve cash flow and achieve rapid growth. Make this year even more successful, and grow your business with fast, flexible, and efficient factoring from New Century Financial.