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  • 7 Ways Business Leaders Can Prepare for Success in 2022

    7 Ways Business Leaders Can Prepare for Success in 2022

    Business Leaders Can Prepare for Success

    7 Ways Business Leaders Can Prepare for Success.

    Business leaders face challenges unlike anything else seen in the past. From absenteeism related to COVID-19 through supply chain issues and morale, what it means and what it takes to lead effectively has changed dramatically over the past couple of years. As you prepare for the upcoming year and beyond, addressing these seven areas will help you carve a path to success.

    1. Nurture Relationships with Your Team

    One-in-four employees quit their jobs last year, according to a CNBC report. Often dubbed “The Great Resignation,” the massive shift is causing businesses across the country to lose their most tenured employees. Unfortunately, researchers say companies are treating the losses as they did before the pandemic, with recognition programs and compensation reviews. Today’s employee isn’t dealing with the same challenges. They want work-life balance and flexibility at a micro-scale, researchers say.

    Exit interviews can help business leaders gauge what’s happening on a larger scale and implement helpful programs, but it’s essential to be tuned into employees and their needs. Leaders must have the flexibility to accommodate before losses occur as well.

    2. Invest in Development

    More than half of all employees consider career growth and opportunity more important than salary according, to Forbes research. However, just one-in-five would recommend their company’s learning and development opportunities. Creating a solid learning plan for employees with clear progression paths can be a serious game-changer for businesses today.

    However, it’s important to note that leaders require development too. Given the large shifts in the workforce, it’s essential to home in on skills that can help stakeholders lead through inspiration and address areas like diversity.

    3. Forecast and Be Ready to Pivot

    Constant economic shifts mean businesses must be running their numbers far more often and be ready to pivot as new information emerges. This ensures the business is agile enough to reduce budgets quickly as needed, yet can also seize opportunities to gain a competitive edge in stronger times.

    4. Evaluate Your Client Experience

    Customer loyalty has taken a nosedive in recent years, and outlets like Gartner say the single most important thing businesses can do to improve loyalty is focus on the customer experience. That doesn’t necessarily mean giving customers all kinds of bells and whistles or rewards, but simple things, like ensuring each connection with customer service delivers real value. Because of this shift, more than 80 percent of brands are increasing their investment in loyalty by five percent or more this year per Forrester.

    While Forrester leans more toward the use of loyalty service providers and big data to help companies identify their weak points, smaller businesses can run their own internal surveys to identify what their customers want, areas in which they excel, and areas for development. It’s helpful for leadership and employees to go through various customer processes as well, as this can help your team identify friction and opportunities for improvement.

    5. Leverage Tech, but Stay Human

    Certain forms of technology improve the customer experience. For example, 46 percent of shoppers confirm inventory online before going to a store, according to Google research. Almost 60 percent say they research online first to ensure they’re making the best possible choice. Yet, 70 percent want the ability to shop in person too. These statistics show how important it is, not just to be both online and in-person, but for both experiences to work hand-in-hand to help the customer. Known as omnichannel, it’s one example of how technology can benefit your business.

    On the flip side, sometimes technology can be a major flop for businesses. Such was the case for a major telecom company that leverages sophisticated tech to help gauge the seriousness of a customer’s concern before attempting to assuage. As reported by Forbes, the company ignored the long-term customer’s requests to match a competitor’s offers until the customer was already changing providers. Had a human been responsible for making the decision the first time, the story might have had a much more positive resolution.

    6. Take Care of Yourself

    Executive burnout is being referred to as “The New Pandemic.” Two-thirds say they’ve suffered from burnout in the past year, according to research presented by Digiday. More than three-quarters say managing their people has made them feel overwhelmed. While most employers recognize this upward swing in mental health concerns with their employees and have enacted policies to alleviate it. Unfortunately, 84 percent say they feel at least partially responsible for employee burnout rates per BenefitsPro. Furthermore, experts say leaders often don’t have the permission or language to ask for help when needed. If you’re the one at the top, you have the right and obligation to put these systems in place for yourself and your managers.

    7. Become a Visionary Again

    Chances are, you got where you are today by dreaming of the impossible and painting that picture vividly for those around you. It works! Inspired employees are more than twice as productive as their counterparts and the ability to inspire consistently ranks among the most important leadership traits, according to research compiled by Inc. magazine. But, between the burnout and the constant pivots caused by the pandemic, you may have, understandably, lost some of that spark.

    Take some time to consider what ignites you most about your company and career. Get it in writing and spend time each day meditating on it. Make this year your year to dream again and share that passion with your people. They’ll start to dream alongside you again too.

    Be Ready to Seize Opportunities by Accelerating Your Cash Flow

    At the end of the day, all these lessons for business leaders require working capital. If your business is experiencing rapid growth and it’s impacting your ability to seize opportunities, invoice factoring can help. It’s like getting an advance on your B2B invoices. Your customer gets their standard payment terms, and you can get cash as quickly as the day you send your invoice. To learn more about invoice factoring and find out your rate, contact Charter Capital for a complimentary rate quote.

  • 10 Common Myths & Misconceptions About Invoice Factoring

    10 Common Myths & Misconceptions About Invoice Factoring

    Common Myths and Misconceptions About Invoice Factoring

    “Beware of the half-truth,” as the saying goes. “You may have gotten hold of the wrong half.” While the quote is certainly appropriate in many situations, it hits home a common issue experienced by small businesses looking for business funding. Many “facts” you read are half-truths, and some don’t have a grain of truth to them at all. So, if you’ve been looking for business funding, no doubt you’ve found more than your fair share of “half-truths” about getting funded from invoice factoring as well. Below, we’ll break down ten of the most common myths and misconceptions about invoice factoring, so you can make an informed decision about what’s right for your business.

    Myth 1: You can only qualify if you factor all your unpaid invoices.

    Many business owners shy away from factoring because they’ve heard that they need to factor all their invoices or all invoices for a specific client. There’s no truth to it at all.

    Truth: Each invoice factoring provider is different, but most offer flexible terms.

    Generally speaking, factoring companies don’t tie you down. You can factor a single invoice and then never factor again, factor all the time, or anything in between. 

    Myth 2: You have to pay fees upfront before factoring your invoices.

    If you’re facing a cash flow shortfall, paying upfront fees may be totally out of the question and prevent you from seeking funding altogether.

    Truth: The fee is covered when your customer  pays their invoice.

    When you work with an experienced factoring company that’s dedicated to service like Charter Capital is, you don’t pay any upfront fees. Instead, you receive most of the invoice’s value as an advance. A nominal fee for the service is taken when your customer pays its invoice, and the remaining portion is sent to you. That means you’re never out-of-pocket anything under a typical arrangement.

    Myth 3: Factoring companies delay the collection process to maximize their fee income.

    Think of it this way: the factoring company only thrives when your business is successful. The more you can put into your business and the more you grow, the more they stand to make by retaining you as a client. It’s in the factoring company’s best interest to minimize collection delays and keep you well funded.

    Truth: Factoring companies accelerate payments.

    Oftentimes, factoring companies go above and beyond to accelerate payments by making it easy for your clients to pay and helping you manage your back-office processes more efficiently.

    Myth 4: Using an accounts receivable financing or factoring company is more expensive than traditional bank financing.

    True, factoring companies may cost more than conventional bank financing. However, funding from invoice factoring is designed to give you much greater financial leverage than you could ever gain from a conventional banking relationship.  The amount you pay for invoice factoring is typically based on the level of service you require from the factoring company in order to meet your business needs.

    Truth: Factoring is an affordable source of business funding.

    At Charter Capital, some of our factoring rates are as low as one percent. However, if cost is your primary concern, it’s best to start with a complimentary rate quote.

    Myth 5: Customers might leave if they see you partner with a factoring company.

    Small businesses are built on relationships, so, understandably, many business owners would worry about perception. Thankfully, that’s rarely a concern with factoring. Particularly in this day and age in which your business customers are accustomed to third parties like factoring companies performing treasury management services for their vendors, like you.

    Truth: Customer invoices are managed much the same way you would with a bent on helping you provide better customer service.

    Streamlined billing and more generous payment terms to your customers are seen as a benefit by customers. Moreover, businesses that leverage factoring are able to offer more flexible payment terms and can often take on more work, which leads to better service overall.

    Myth 6: I won’t qualify for factoring because of my credit history.

    Most forms of business lending have stringent requirements related to your credit history, time in business, and cash flow. Factoring is different.

    Truth: The creditworthiness of the business paying the invoice is the primary consideration. Most business owners qualify.

    When you work with a factoring company, they’ll look into the creditworthiness of any customers whose invoices you wish to factor and then determine if that business is creditworthy and how much credit can be reasonably extended.

    Myth 7:  Factoring invoices means you lose control of your company.

    Given the way approval works, business owners sometimes take a leap and assume that factoring means they can’t choose who to work with or which jobs to accept.

    Truth: Invoice financing can give you more control over your company by helping you stabilize your cash flow.

    For argument’s sake, let’s say your factoring company tells you that one of your clients doesn’t have strong enough credit for their invoices to be factored. You can still accept work or orders from them. You simply might not be able to  factor those particular invoices. But, that would mean you’re extending credit to a high-risk customer—someone you know may not be able to pay. Most business owners wouldn’t do that unless under extenuating circumstances.  Some factoring companies like Charter Capital will go out of their way to understand the extenuating circumstances and arrange to accommodate your funding needs accordingly.

    At the same time, factoring stabilizes your income. You’re less likely to have customers who can’t pay, and your income becomes far more predictable. That leads to easier budgeting and provides an edge when you’re strategizing your next business move.

    Myth 8: Receivables factoring is only for struggling businesses.

    One of the biggest benefits to factoring is that it provides business funding when a business would otherwise be denied a bank loan. You can qualify with bad credit, a short credit history, or even if your existing debts or excessive growth prevent you from qualifying for the loan you need. That sometimes leads people to believe that only companies in financial distress use factoring.

    Industries with lengthy payment cycles, like oil and gas, often turn to factoring to maintain steady cash flow. Oilfield factoring enables oil and gas service companies to convert their unpaid invoices into immediate cash. This not only helps them cover operational expenses but also positions them for growth in a competitive market.

    Truth: New companies and SMEs often use invoice factoring too.

    According to the annual Small Business Credit Survey, a whopping 30 percent of businesses with financial needs don’t even bother applying for loans because they’re debt-averse, don’t think they’ll qualify, or for other reasons. Of those who apply and qualify, only about half receive the amount of funding they need. In addition, high-interest rates, unfavorable repayment terms, and insufficient funding amounts cause 20 percent to walk away from loans on their own.

    While it may be true that it’s notoriously difficult to get a bank loan, these figures signify that about half of all financially sound companies still can’t get the funding they need—cash for growth, expansion, and everyday expenses.

    Myth 9: It can take too long to see the benefits of factoring.

    People who don’t understand how factoring works or how to leverage it properly sometimes think it’s a lengthy process because the business factoring needs to be approved, and the company paying the invoice needs a credit check before cash is disbursed. 

    Truth: Factoring is designed to help with short-term cash flow issues.

    First, it’s important to note that the steps outlined above—approval, credit check, and payment—all happen very quickly when you work with an experienced factoring company and you have basic business documents ready. From start to finish, everything can be completed in a couple of days. When you work with a company like Charter Capital, you can get same day funding on the day you submit your invoice too. None of this is possible with traditional bank loans.

    Secondly, factoring is designed to help with short-term cash flow issues. It’s a cash flow accelerant that reduces the time between completing work or delivering goods and getting paid.

    Myth 10: Other business lines of credit or traditional bank loans are better.

    Business lines of credit and bank loans are very different from factoring, so the benefits and use cases will be different too. Bank loan rates will often be lower, but traditional banks leave a major funding gap that factoring fills. Plus, factoring helps in ways that banks can’t or don’t.

    Truth: Factoring is a better solution for many small and midsize businesses.

    Factoring may be the better solution for you if you:

    • Need fast approval.
    • Want same-day cash.
    • Need flexibility
    • Won’t qualify for a bank loan.
    • Are a fast growing company and need greater financial leverage/ funding than a traditional lender can approve.
    • Don’t want to take on debt.
    • Appreciate a streamlined back-office solution.

    Work with the Best Factoring Company: Charter Capital

    With decades in the industry, fast approval, and same-day funding, Charter Capital can get your business the cash it needs through invoice factoring. Request a free rate quote now.

  • How Invoice Factoring Can Help You Expand Your Business

    How Invoice Factoring Can Help You Expand Your Business

    Invoice Factoring Helps Expand Your Business

    Invoice factoring or accounts receivable financing is often leveraged by small businesses as a way to get the working capital necessary for expansion. However, if you haven’t heard of the concept before, you’re missing out on all the benefits a factoring company can offer. Below, we’ll break down the basics, so it’s easier to see if invoice factoring is the right tool to help your business grow.

    Why Invoice Factoring Matters

    Each working capital solution is appropriate for specific situations, and invoice factoring is no different in this respect.

    Best for Small Businesses That Need Cash Fast

    Most working capital sources take weeks or months to process and approve your application. With invoice factoring, you get fast cash. Small businesses can usually get cash within a couple of days or even on the same day if they’re working with a factoring company like Charter Capital.

    Best for Startups Expanding Their New Businesses

    Startups normally have a very difficult time qualifying for financing because they haven’t been in business long. Time in business is not a major factor in qualifying for invoice factoring, so it’s much easier to get approved.

    Best for Business Owners with Low Credit Scores

    When faced with denials on a business level, many small-business owners turn to their personal scores and creditworthiness to get business funding. However, roughly 39 percent of small-business owners qualify as “credit ghosts” according to the Miami Valley Small Business Development Center. That means their personal credit score is 620 or lower and they have a limited credit history or no history at all. It’s all but impossible to qualify for traditional financing with this background.

    The problem is further compounded by the very steps business owners often take in light of their credit woes and capital shortcomings. A full 51 percent of successful entrepreneurs have willingly denied themselves a paycheck to keep their business afloat, per a Business News Daily report. More than a quarter held off on their own pay for two to six months, while an almost equal portion went six months without an income. Meanwhile, CNBC reports that 21 percent use their personal savings. These things essentially lock in their status as credit ghosts, creating a cycle that drains their personal reserves and diminishes their personal creditworthiness even more.

    However, invoice factoring doesn’t rely on personal credit and allows business owners to tap into cash without using their personal savings or trapping them in debt. This makes it easier to qualify and gives the business owner a leg up in establishing good credit, a twofold solution to this common business problem.

    Why Would a Business Use Factoring?

    Businesses use factoring to address a multitude of situations.

    Cash for Expansion

    Sometimes companies use their invoices to get the cash they need to purchase another location, tap into a new market, or expand in other ways.

    Payroll and Other Daily Operational Expenses

    Because payroll is often the greatest expense for small businesses, organizations often use their invoice advances to cover it and ensure their teams and employees are paid on time, even if customers aren’t paying in a timely manner. For example, staffing factoring is frequently used by staffing agencies to maintain steady payroll funding without waiting for client payments.

    PPE

    Businesses today are coping with a major unexpected expense—personal protective equipment (PPE). Although most don’t have a budget for purchasing things like masks, or even extra disinfectant, they’ve fast become a mandatory business expense.

    Inventory and Supplies

    Virtually all businesses must purchase goods from suppliers, including raw materials which are turned into an end product ready for sale or supplies, like fuel and printer paper. You can tap into your unpaid invoices to get cash for any of these vital purchases.

    Equipment

    From manufacturing equipment to trucks and tires or even office computers, invoice advances can supply the funds and provide a good financing option.

    Paying Off Debts

    Most business funding options rely on debt—you borrow money and then pay it back with fees and interest. When you’re working with a factoring company, there’s no debt to pay back, so it can be a good way to pay off high-interest loans or other debts with excessive fees.

    Marketing

    We talk about the importance of marketing in Top 7 Reasons Why Startups Fail. Suffice it to say, it’s important to keep up with your marketing efforts if you want your company to grow. Many organizations use the cash tied up in their invoices to enhance their marketing efforts, so they can build a healthier business.

    Securing Better Deals or More Work

    Oftentimes, vendors will offer better deals to companies that place larger orders or pay in advance, but you’ll need to have working capital at the ready to lock in a deal. Leverage invoice factoring for a quick cash flow injection.

    Offering Better Payment Terms to Win More Business

    When you know that you’re going to get paid promptly regardless of how long the customer takes, you’re free to provide better terms, such as a more competitive bid or a longer repayment term. Factoring will allow you to do this, so you can improve customer satisfaction and win more business.

    How Invoice Factoring is Being Used to Improve Cash Flow

    What are the benefits of invoice factoring? Invoice factoring works by providing you with an instant cash payout for your outstanding invoices. It shortens the length of time between performing work or delivering goods and getting paid for your efforts. That way, your cash flow is consistent, and your business operations aren’t held back by slow-paying customers.

    Small Business Can Use Invoice Factoring as an Alternative Financing Option to Loans

    Small business factoring is an ideal alternative to business lending in many situations, particularly when cash advances are required quickly. As demonstrated earlier, it works when businesses or business owners don’t qualify for traditional small business loans. However, it’s also beneficial when the organization simply doesn’t want to take on more debt. That might be true if you’re trying to build your credit in advance of a loan application or are trying to minimize your debt ratio for other reasons.

    One of the primary benefits of invoice factoring is its flexibility across various industries. For example, security factoring helps security guard firms maintain stable cash flow to cover payroll and operational costs, allowing them to focus on providing top-notch security services without the financial strain of waiting for customer payments. This industry-specific approach demonstrates how factoring can be adapted to meet the unique needs of growing businesses.

    What Are the Disadvantages of Invoice Factoring?

    With so many benefits to invoice advances, it might be hard to see the downside. However, it’s worth noting that it’s not right for every situation.

    You Must Submit Each Invoice to the Factoring Company to Obtain Funding

    When you work with a factoring company, it’s usually up to you to decide which unpaid customer invoices to factor and when to factor them. That’s usually a good thing because it means you can process all your other invoices as you normally would and only leverage factoring when you have immediate cash needs or when you know a client will pay slowly. However, the flip side of this is that, to obtain funding, you do need to send your factoring company each invoice you want to factor.

    Your Factoring Company Will Have Contact with Your Customers

    The factoring company has the right to communicate with your customers to collect the invoices and to make sure all is OK. Most organizations are familiar with third parties in billing, so it’s generally not an issue, but it is worth mentioning. Make sure that when you select a factoring company, you choose one that is known for its customer service and its ability to work with you and your customers.

    How Much Does Factoring Invoices Cost?

    We dig into the cost of factoring a bit more on our website, but the short version is that it depends on things like the volume of invoices being factored, the total value of factored invoices on a monthly basis, and how long it takes your customers to pay. Charter Capital prides itself on offering some of the most competitive rates in the industry, with some factoring fees as low as one percent.

    Get a Complimentary Rate Quote

    If you think invoice factoring might be right for your small business, start with a complimentary rate quote from Charter Capital.

  • 11 Ways Small Business Owners Can Reduce Tax Preparation Stress

    11 Ways Small Business Owners Can Reduce Tax Preparation Stress

    Ways Business Owners Can Reduce Tax Preparation Stress

    If you’re a small business owner, tax season can be one of the most stressful times of the year. It doesn’t have to be so challenging, though. We’ll go over 11 simple things you can do to breeze through filing this year and beyond below.

    Why is Tax Season So Stressful for Small Business Owners?

    Most small business owners are responsible for multiple aspects of their companies. You’re probably the manager, accountant, human resources department, and can add dozens of other titles to your name too. That makes it challenging to be organized throughout the year, to begin with, but as tax season approaches, you’ve got deadlines with potential bills and fees hanging over your head as well. If this sounds familiar, read on. We’ve got you covered.

    Managing Tax Season Stress is Easy When You Set Yourself Up for Success

    Meditation and self-care can only go so far when minimizing tax stresses as a small business owner. Knowing what to focus on and being prepared are keys.

    1. Know Your Tax Filing Deadline

    The IRS has multiple deadlines throughout the year, with certain types of entities being required to file tax returns by March 15. Sole proprietors get a small break and have the same April 15 deadline as individuals.

    It’s worth noting that even though the IRS has extended the deadline in the past, the agency plans to stand firm on the traditional April 15 deadline this year, per CNBC reports. While you can file for an extension if you’re in a pinch, overlooking the date entirely can leave you with penalty fees and interest. Mark the date on your calendar now and set aside time to tackle the various preparation tasks well in advance.

    2. Don’t Go it Alone, Hire an Accountant

    Particularly with all the self-help tools available today, it can be tempting to save a few bucks by handling your own tax return. However, tax preparers can reduce your stress by providing an extra layer of assurance that you are less likely to get audited and have an issue down the line. Plus, tax professionals stay on top of all the latest changes, so you may wind up saving money overall by not missing out on potential tax deductions.

    3. Separate Your Business and Personal Finances

    Business owners often mingle their personal and business finances. It’s the simplest thing to do when you’re running the business alone and aren’t taking a standard paycheck or salary. However, experts caution against this practice. “As a business owner, establishing a distinct separation between your personal finances and your business finances is pivotal for protecting your own assets and credit,” the Small Business Administration (SBA) reports.

    If you aren’t already tracking finances individually and using separate bank accounts, make the split now to reduce potential issues in the future. You can also use a credit card for business transactions to make splitting them from your personal expenses easier.

    4. Keep Your Tax Information Organized

    Following number three on this list will go a long way toward keeping your finances organized, but it’s not enough by itself. You should have a system in place to keep receipts organized throughout the year, so you aren’t forced to dig for papers and possibly overlook expenses you can write off when tax season approaches. To simplify things further, you may even want to invest in business finance software that can help you stay organized throughout the year to ensure you have accurate records.

    5. Create a Tax Schedule for Other Quarterly Taxes

    Medicare taxes, payroll taxes, Social Security, and more typically have quarterly due dates. At this stage, you may also owe state and federal taxes based on your anticipated annual earnings too. Meeting these deadlines helps ensure you stay on track and don’t wind up with a surprise bill when it’s time to pay your small business taxes.

    6. Make Sure Your Business is Structured Properly

    Rules are different for sole proprietorships, partnerships, LLCs (limited liability companies), and S corporations. A tax professional can walk you through the options and help identify which one is not only appropriate for your situation but will allow you to minimize your tax liabilities too.

    7. Contribute to Your Retirement Account

    One of the most recommended retirement account options for self-employed people is the SEP IRA. This employer-funded retirement account allows you to contribute nearly ten times more than you’d otherwise be able to contribute to a traditional IRA and reduce your business income tax in a big way. “But they also carry a contribution quirk,” explains CPA and former IRS agent Kemberley Washington for Forbes. “As an employer, you must contribute the same percentage of employees’ salaries to all those eligible for a SEP IRA.” With that in mind, you may want to go an alternate route if you have employees and don’t want to make everyone equitable shareholders.

    8. Lower Your Tax & Maximize Your Refund

    If you don’t already have a retirement account, setting up retirement plans for you and your team can help too. “Eligible employers may be able to claim a tax credit of up to $5,000, for three years, for the ordinary and necessary costs of starting a SEP, SIMPLE IRA, or qualified plan (like a 401(k) plan.),” the IRS notes. “A tax credit reduces the amount of taxes you may owe on a dollar-for-dollar basis.”

    You may also want to explore often-overlooked deductions, such as mileage, and expenses beyond employee wages, like insurance premiums. If you’re not sure what to look for or if you qualify for certain deductions, check with a tax professional.

    9. Track Carryover Tax Deductions

    It’s easy to forget what you’re entitled to from prior years, so pull out a copy of your income tax returns from last year to check. “Losses may either be recognized in the current year, carried back to the previous two years, or carried forward for up to a maximum of 20 years,” reminds Chron small business accounting expert Leigh Richards. You may also be able to deduct depreciation from prior years or have other carryovers.

    10. Stay in Touch Year-Round with Your Tax Planning

    The best way to make tax season stress-free is to keep up with tax planning throughout the year. Particularly if you’re working with a tax planner who can help you make strategic decisions, you may be able to lower your liabilities even more. However, being organized and prepared to file will make the tax filing process simpler regardless.

    11. Improve Your Cash Flow for Easier Forecasting and Payments

    Keeping up with quarterly payments can be a serious challenge if your cash flow fluctuates or you have slow-paying clients. Invoice factoring, or the process of selling your unpaid B2B invoices to a factoring company, can make it easier to forecast income and provide you with cash to cover expenses if your tax bill is more than you can comfortably cover. To find out if factoring is a good fit for your small business, start with a free quote from Charter Capital.

    Disclaimer: The author of this article, Charter Capital, and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction. We do, however, hope this article provides you with ideas to discuss with your tax, legal and accounting advisors and that it is helpful in reducing your tax preparation stress.