In its earliest years, your small business is likely to come across several hurdles as it strives for growth.
Most of these are related to cash flow finance. Smaller organisations can find it hard to maintain a steady flow of cash to fund growth, especially when unsettled debts stack up.
Debtor finance is increasingly becoming the go-to solution for small businesses struggling with cash, so how can this solution help your business continue to operate smoothly?
Free up cash flow
Profits mean little in the business world if you're not actually receiving the cash in hand.
Accounts receivables that remain unpaid are a major issue for small businesses, but no matter how many invoices you have waiting to be settled, an invoice finance company can take care of it for you.
These companies effectively exchange your invoices for cash you can use instantly, helping you focus on growing your business instead of chasing up debtors.
Reduce bad debt
Debt is usually an inevitable part of running a business - but there is a distinction between good debts and bad debts.
If outstanding debts are holding your business back, you can use debtor finance to source instant cash to pay them off and carry on completing the more important tasks at hand.
A quick and simple solution
Gone are the days of having to go through tricky procedures and waiting for months for a bank loan to be approved.
Debtor finance companies understand that speed is of the essence in business and can usually get the cash you need into your account within 24 hours.
No tricky red tape
Another issue with traditional bank loans is the need to put up assets such as your house as security - a daunting prospect for most.
As debtor finance is not a type of loan, you don't have to worry about making such weighty commitments.
If you'd like to learn how Earlypay's Invoice Finance & Equipment Finance can help you boost your working capital to fund growth or keep on top of day-to-day operations of your business, contact Earlypay's helpful team today on 1300 760 205, visit our sign-up form or contact [email protected].