It’s 2019 and many businesses are saying “good riddance” to the previous year. It was a tough year for many of us, but thankfully 2019 is giving us all a chance to start fresh. The Commercial Finance Group has spent the last year (well, the last 40+ years) helping small and medium-sized businesses secure working capital in the form of invoice factoring services, asset-based loans, and other small business financing options. If your business has been struggling to secure an adequate cash flow to manage those day-to-day expenses, we might be able to help. Check out our helpful tips below for getting your business finances in order and be sure to get in touch to discuss how we can help your business find the right small business financing solution.
2019 Small Business Finance Tips
Plan Ahead
If you can plan for large expenses now, such as taxes or upcoming expansions, you can tackle those projects knowing that you’re ready for them rather than having to pull money from other projects.
Track Your Profits And Expenses
Wondering where all of that money went? Be sure to practice good expense tracking this year. It will help you to visualize where you are spending your money, what is producing profits, and where you can scale back. By tracking these figures, you can compile quarterly or yearly reports, analyze your finances, and make adjustments as needed.
Outsource Or Delegate
Many small business owners try to do everything themselves regarding financing. Unless you have a background in this, it is easy to get overwhelmed, become disorganized, miss out on tax breaks, and bog yourself down with financial work rather than focusing on running your business. It might be a good move to hire a full or part-time bookkeeper or accountant based on the size and scope of your business, as well as outsource collections to a factoring company like The Commercial Finance Group if you find yourself wasting time chasing down slow invoices.
Go Digital
Transferring all of your hard copies to digital copies can be a big undertaking, but it can make your office less cluttered, keep your information more organized, and provide you with invaluable backups in case your hard copies are compromised.
Consider Accounting Software
Accounting software can help with organizational problems as well as create a streamlined process for sending and receiving invoices when you aren’t using invoice factoring. The right software for you will depend largely on your business model, but these days there are plenty of good cloud-based accounting softwares that provide you with access from anywhere, automatic backups, and more features that make year-round accounting easy and provide extra support during tax season.
Know Your Small Business Financing Options
There are more ways to finance a business than taking out a bank loan. Invoice factoring, for example, allows you to receive cash fast without committing to the burden of monthly loan payments. The Commercial Finance Group is always happy to discuss your unique situation and discover if we provide a cash flow solution to fit your needs.
Let Us Help You Find A Unique Business Financing Solution!
Here at The Commercial Financing Group, we understand the plight that businesses face when attempting to secure funding. New businesses, businesses without significant credit, or businesses with erratic earnings are often denied for traditional bank loans, leaving owners wondering, “What’s next?”
We offer a flexible approach to small business lending that has allowed us to provide financing solutions to fit your business’s needs. While our factoring company is based out of Atlanta, we provide invoice factoring, asset-based lending, and other business financing solutions throughout the United States and Canada. Get in touch today to discuss how we can help you secure working capital for your business this year.
