Author: Charter Capital

Businesses that listen and act upon customer feedback improve long-term growth, industry insiders say.

September 17, 2024, Houston, TX — Leading invoice funding company Charter Capital says small businesses that harness the power of customer feedback grow stronger and have better long-term outcomes. Additional insights are available in the report “How to Use Customer Feedback to Boost Small Business Growth,” now available on charcap.com.

The new report explores how unprompted feedback, such as reviews or social mentions, and prompted feedback, such as surveys, provide valuable insights that can help businesses improve their products or services, strengthen the customer experience, and tailor marketing to the audience, leading to stronger long-term growth.

“Your customers are among your best advisors—listening to them is the first step in building a business that truly meets their needs,” explains Joel Rosenthal, Co-founder and Executive Manager at Charter Capital.

He says that businesses should gather feedback from various sources and capitalize on word-of-mouth advertising opportunities. For instance, review sites are a first stop for many customers before they decide to work with a business, so it’s essential to maintain a presence. However, he encourages businesses to take this a step further and use the information to help improve and ensure alignment with customer needs.

Rosenthal also notes that many growing businesses overlook the importance of prompted feedback. However, he contends it’s very simple to implement feedback systems by using automated surveys or weaving follow-up calls into processes at critical stages of the customer journey.
“Customer feedback is not just a reflection of past performance,” he adds. “It’s the blueprint for future growth.”

It’s imperative to set up formal systems for evaluating customer feedback and adding action items to the company’s roadmap. Without processes in place, it’s easy to lose touch with customers and miss out on opportunities that would otherwise lead to improved services, a better customer experience, and, ultimately, stronger loyalty and sales.

Rosenthal says that most customer feedback strategies are very affordable to implement, while others may require a capital investment. Acting on the feedback may also require capital. However, he believes this shouldn’t be a barrier for businesses, as options like invoice factoring can provide capital quickly without creating debt.

Those interested in learning more about invoice factoring or who would like to request a complimentary quote may do so by calling 1-877-960-1818 or visiting charcap.com.

About Charter Capital

Headquartered in Houston, Texas, Charter Capital has been a leading provider of flexible funding solutions for the B2B sector for more than 20 years. Competitive rates, a fast approval process, and same-day funding help businesses across various industries secure the working capital necessary to manage daily needs and grow. To learn more, visit charcap.com or call 1-877-960-1818.

As customer trust in technology grows, businesses are finding more ways to use AI to save time and money while boosting satisfaction.

August 20, 2024, Houston, TX— Leading invoice funding company Charter Capital says more small businesses are embracing artificial intelligence (AI) to boost operational efficiency while improving the customer experience overall. Additional details are available in “10 Smart Ways to Leverage AI in Customer Service,” which can be accessed at charcap.com.

The report notes that more than half of all businesses are leveraging AI in some capacity, with customer service leading the pack in terms of use cases. Meanwhile, consumers have adapted to the new technology. Nearly three-quarters say they’re comfortable conversing with an AI chatbot, even about sensitive issues such as finances and medical concerns.

“With consumer acceptance at a record high, it makes sense for smaller businesses to start weaving AI into their customer service strategies,” explains Gregory Brown, Co-founder and Executive Manager at Charter Capital. “The technology has gone mainstream and is integrated into a variety of platforms, which makes it more accessible for small businesses, too.”

Brown notes that chatbots are a key example but contends that businesses should explore multiple uses for AI in customer service. For instance, brands can cut response and resolution times dramatically by leveraging AI to solve common customer issues or even provide multilingual service. These things improve the customer experience while reducing the load on human service agents.

“Businesses can also use AI to spot trouble in their service workflows,” Brown adds. “From identifying bottlenecks to spotting lengthy waits or picking up on sentiment, the technology is empowering small businesses to do more with less.”

Despite the fact that these benefits typically come with cost savings, small businesses sometimes struggle to raise enough working capital to integrate them. For situations like this, Brown says invoice factoring can be helpful, as it unlocks the working capital tied up in unpaid invoices, allowing the business to cover expenses without taking on debt.

Those interested in learning more about invoice factoring or who would like to request a complimentary quote may do so by calling 1-877-960-1818 or visiting charcap.com.

About Charter Capital
Headquartered in Houston, Texas, Charter Capital has been a leading provider of flexible funding solutions for the B2B sector for more than 20 years. Competitive rates, a fast approval process, and same-day funding help businesses across various industries secure the working capital necessary to manage daily needs and grow. To learn more, visit charcap.com or call 1-877-960-1818.

Business leaders who take a strategic approach to managing their goals are more likely to meet them, an industry insider says.

July 23, 2024, Houston, TX — Leading invoice funding company Charter Capital says perseverance and grit will only take business leaders so far when it comes to attaining business goals. Strategy is key to staying focused and making dramatic changes. Additional details are available in the article “Focusing on Business Goals: 6 Ways to Stay Targeted,” which is available on charcap.com.

The company’s recent report laments that most businesses fail to reach their strategic objectives. This issue can impact a company’s ability to improve operations and grow, ultimately influencing long-term outcomes.

“Grit and perseverance have become the measurements by which we assess leadership, but people have a finite amount of energy and time,” explains Joel Rosenthal, Co-founder and Executive Manager at Charter Capital. “While it’s important to get back up after a fall and keep pushing forward, the right strategy ensures you have the bandwidth to do it and the knowledge to know when to pivot instead.”

Rosenthal sees how these mindsets impact goal attainment in his daily work with owners of small and mid-sized businesses. He contends that the underlying issue is that many believe reaching their goals is a matter of willpower or perseverance. In reality, the ones who succeed are those who find ways to maintain focus on their objectives and build processes into their workdays to ensure they’re making progress on their goals every day.

“It’s essential to break things down into manageable tasks,” Rosenthal continues. “Rather than set a single large goal, identify all the activities that must occur in order to reach that goal and plan for them, too.”

He says that leveraging tools like project management software can assist with this and ensure the smaller tasks that lead to goal completion are addressed. It also encourages leaders to think about goals holistically so resources are allocated in a way that supports the primary objective. For instance, businesses often overlook the need for capital to cover payroll and other expenses, which can stop goal progress in its tracks. However, this is easily remedied when steps like “explore business funding options” are added to the road map. Factoring, he adds, is an easy solution here, as most businesses with B2B invoices qualify, and it doesn’t create debt.

Those interested in learning more about invoice factoring or who would like to request a complimentary quote may do so by calling 1-877-960-1818 or visiting charcap.com.

About Charter Capital
Headquartered in Houston, Texas, Charter Capital has been a leading provider of flexible funding solutions for the B2B sector for more than 20 years. Competitive rates, a fast approval process, and same-day funding help businesses across various industries secure the working capital necessary to manage daily needs and grow. To learn more, visit charcap.com or call 1-877-960-1818.

Businesses that consistently encourage and support the creation of new ideas, processes, and solutions are stronger and have happier teams, a new report finds.

June 18, 2024, Houston, TX— Leading invoice funding company Charter Capital says businesses that foster a culture of innovation outperform their peers in a number of ways, providing a competitive edge and paving the way for business growth. Additional details are available in the report “5 Proven Techniques for Fostering a Culture of Innovation,” which is accessible on charcap.com.

The new report highlights the importance of developing a culture of innovation. Businesses that embrace innovation are better prepared to adapt, survive, and grow amid market shifts. Additionally, fostering a positive company culture is crucial for employee recruitment and retention, as it significantly influences job seekers’ decisions and overall job satisfaction.

“Developing an innovative culture and initiating a cultural shift can be challenging despite the known benefits,” says Gregory Brown, Co-founder and Executive Manager at Charter Capital. “It requires consistent demonstration of values by company leaders and the implementation of specific policies to support the initiative.”

Brown says fostering a culture of innovation starts with encouraging open communication by ensuring employees have direct access to decision-makers. Leaders must also be trained in active listening techniques to ensure employees feel heard. To ensure employees are willing to come forward, the business must support risk-taking, including giving team members opportunities to test their ideas and celebrating contributions whether they’re successful or not.

While many of these strategies don’t cost anything to implement, Brown notes that some aspects will likely require working capital. Training, providing continuous learning opportunities for the team, executing ideas, and adjusting recruitment and retention strategies to promote diversity and inclusion within the company are among them.

“Invoice factoring supports businesses in their mission to foster a culture of innovation,” Brown adds. “By providing debt-free working capital instantly, factoring frees businesses to pivot as opportunities present themselves.”

Those interested in learning more about invoice factoring or who would like to request a complimentary quote may do so by calling 1-877-960-1818 or visiting charcap.com.

About Charter Capital
Headquartered in Houston, Texas, Charter Capital has been a leading provider of flexible funding solutions for the B2B sector for more than 20 years. Competitive rates, a fast approval process, and same-day funding help businesses across various industries secure the working capital necessary to manage daily needs and grow. To learn more, visit charcap.com or call 1-877-960-1818.

Increased demand in the staffing sector is creating cash flow challenges for firms and renewing interest in alternative funding solutions like factoring.

May 21, 2024, Houston, TX — Leading invoice funding company Charter Capital says rapid, widespread growth of the staffing industry is increasing cash flow management challenges for firms and, therefore, boosting interest in solutions like staffing factoring. Further insights are available in the report “7 Tips for Choosing the Right Staffing Factoring Company,” which is accessible on charcap.com.

The news comes on the heels of a Statista report that shows $100 billion in industry growth in just four years. Insiders say the shift occurred as the pandemic slowed and businesses began restoring normal operations and growing. Staffing firms are a vital part of this process for many due to rapid scaling needs and an increase in employee-related costs.

“It’s exciting to see widespread growth across temporary staffing, recruitment, and related areas,” says Joel Rosenthal, Co-founder and Executive Manager at Charter Capital. “However, scaling to meet increased demand often creates cash flow challenges for smaller staffing firms.”

Rosenthal says that staffing firms typically wait around 35 days after invoicing to receive payment from their clients, with some outliers waiting as much as 60 or 90 days. Despite this, many pay their talent weekly or bi-weekly and have other expenses related to recruitment, testing, and placement that must be covered upfront. This gap can make it difficult for staffing firms to make ends meet during ordinary times. As demand for staffing services increases, many firms must decide whether to turn away new clients and larger contracts or find new ways to close the cash flow gap.

Staffing factoring, for instance, accelerates payment on money a staffing firm has already earned rather than creating debt the firm must pay back like a loan does, Rosenthal notes. This makes it easy to scale and meet increased demand. Plus, even younger businesses and those with weaker credit can qualify as long as they have creditworthy clients.

“Staffing firms have a tremendous impact on businesses and workers across the country,” Rosenthal says. “We’re proud to support them through staffing factoring and look forward to continued industry success.”

Those interested in learning more about staffing factoring or who would like to request a complimentary quote may do so by calling 1-877-960-1818 or visiting charcap.com.

About Charter Capital
Headquartered in Houston, Texas, Charter Capital has been a leading provider of flexible funding solutions for the B2B sector for more than 20 years. Competitive rates, a fast approval process, and same-day funding help businesses across various industries secure the working capital necessary to manage daily needs and grow. To learn more, visit charcap.com or call 1-877-960-1818.

With more than two-thirds of small businesses seeing a profit, owners strive to make the most of favorable conditions.

August 22, 2023, Houston, Texas—Leading invoice funding company Charter Capital says small business owners, still wary of expansion, are turning their energy inward and exploring ways to capitalize on the momentum to scale. Additional coverage of the topic can be found in “Scaling Up a Business: 5 Ways to Capitalize on Momentum,” which is now live on charcap.com.

The release comes on the heels of a Chamber of Commerce report, which indicates that 65 percent of small businesses are experiencing profitable conditions. Even still, just six percent of small business owners say now is a good time to expand, per Statista surveys. Instead, they’re reinforcing their businesses, with more than a quarter planning capital outlays for expenses such as upgrading and acquiring assets. Gregory Brown, Co-founder and Executive Manager at Charter Capital, concurs with the findings and sees similar trends with their clients.

“We often see this type of precision focus in challenging economies,” Brown explains. “Most businesses are profitable, but owners are sensitive to shifts and risk-averse, so they double down on making their businesses stronger to scale rather than expanding through other means.”

For some businesses, capitalizing on momentum involves strengthening their teams, with 42 percent reporting current openings and 17 percent planning to increase employment, per Statista. Others are investing in technology, improving processes, or creating better customer experiences. Given the limited access to credit and high interest rates, however, many are trying to fund these initiatives through increased profits or reserves. That’s where invoice factoring comes in and helps fill funding gaps, Brown explains.

“Factoring is a popular business funding solution because it’s flexible and easier to obtain than a loan,” notes Brown. “It allows small business owners to strengthen their companies and capitalize on the momentum they’re seeing without taking on debt.”

He indicates that factoring is unique because it provides businesses with cash they’ve already earned but would otherwise wait weeks or months for, depending on the company’s invoicing terms.

Those interested in learning more about invoice factoring or who would like to request a complimentary quote may do so by calling 1-877-960-1818 or visiting charcap.com.

About Charter Capital Headquartered in Houston, Texas, Charter Capital has been a leading provider of flexible funding solutions for the B2B sector for more than 20 years. Competitive rates, a fast approval process, and same-day funding help businesses across various industries secure the working capital necessary to manage daily needs and grow. To learn more, visit charcap.com or call 1-877-960-1818.