Purchase Order Financing: Funding without the Hassle

We at Got Capital are highly determined to make business financing simple and easy for our clients. We are passionate about making sure our customers have a positive and streamline funding experience. We don’t only offer MCA funding, we also offer Purchase Order Financing.

What is P.O financing you ask?

It is a funding option for business owners that need cash to fill single or multiple customer orders. Cash flow problems do exist for many business owners- and Got Capital is here to help.  There will be times when there is not enough money to cover expenses in a business. For an example, an owner of a kitchen appliance store may get more demand for a heavy duty oven they have…than supply. If they turn down orders- they can lose revenue, quickly.  It can also tarnish reputation and restaurateurs may go elsewhere for their kitchen needs. To avoid this scenario, it is imperative that businesses find the capital that they need. A Purchase order financing can be a great alternative to traditional funding.

How does it work?

It involves one company paying the supplier of another company, for goods that have been ordered to fulfill a job for a customer. Many Purchase order financing services have way too many requirements to secure their funding. These requirements can also prohibit and limit capital access to new businesses. At Got Capital, we put our financial expertise to work. We offer a solution without the hassle and fewer requirements. We are determined to make sure you never have to stop gaining revenue and your business stays afloat, always….and that is the Got Capital way.

8 Invoicing Mistakes

Invoicing sucks. It can be highly tedious with tons of numbers and something that people may leave to the last minute. But it is absolutely crucial if you want your business to maintain an organized and positive cash flow.  In order to get compensated for your goods or services on time, there are some mistakes you have to avoid! Capitalize on opportunities and don’t let them slide by!

1) Procrastination

It’s not college anymore. You can’t leave things to the last minute. The best time to send out an invoice is immediately following the completion of a sale.

2) Having unclear terms

When writing out an invoice, avoid using vague language. If you want the client to pay the invoice in a timely manner- make sure that you include a clear state item description, prices, and quantities.

3) Not itemizing services

Some clients require a detailed and itemize service breakdown. For many customers, it can be a matter of procedure and helps tracking, recording and reporting expenses.

4) Poor formatting or editing

 Always make sure that your invoice looks super tidy as the button down white shirt you are wearing. Spelling errors, incorrect dollar amounts, and generic formatting can make your business look unprofessional. It can also prevent you from receiving correct payments on time. Always make sure you double check and proofread your invoices- so you can catch them before they are sent out.

5) Not understanding invoice factoring

Invoice factoring is a popular option when you need funding fast. In a nutshell, it is an option that you can sell unpaid invoices to an invoice factoring company for cash–*hint* GOT CAPITAL OFFERS THIS*

6) Not branding your invoices

Having a company logo on your invoice can verify it to be an established brand and differentiates you from other invoices that your clients are receiving. You can also take advantage of this to vamp up your branding opportunity and awareness!

7) Not taking your invoice as a marketing opportunity

Invoices can be a great medium for your company and your customer- to know more about your products.  You can use the invoice as a marketing tool- this can have a positive effect and increase your revenue! When you send out an invoice, try including marketing materials such as newsletters or promotional flyers.

 

8) Sending an invoice with hidden charges

This is a massive no-no. Transparency is key to any business-to-business relationship. When sending an invoice, each charge should match the terms and expectations as agreed upon by both parties.

Bottom-line: Avoid these common mistakes businesses make when they send out invoices- as a business owner you should always strive for a streamlined transaction process. Cash flow is critical to managing day-to-day operations and is key to maintain a stable organizational structure.

 

What mistakes do you think are also important to address?

Please comment below – we would love to hear what the rest of the business community is saying!

What is Invoice Financing?

Did you know as a business owner you have the ability to turn your unpaid customer invoices into fast cash?

With invoice factoring, …its is ‘Mission Possible’.

Invoice Financing is also known as Factor Financing- it a great and easy solution for businesses offering their clients specific payment terms. Offering easy terms to your clients is a viable asset for businesses.

Invoice financing is fast. It can provide immediate working capital to help cover a funding gap caused by slow payments from customers. Also, it improves cash flow in a small business. You can keep loyal customers on longer payment terms but still improved your cash flow- helping your business grow. Got Capital provides an easy and quick capital to companies that might not be able to get it from other sources- like a traditional bank.  A big benefit of invoice financing is that no collateral is required- no hassle…the Got Capital way.

Top 5 Entrepreneur Resolutions for 2019

Your goal for 2019 should be to accomplish all of the goals you’ve made in 2018, which you should have done in 2017 because you made a promise to yourself in 2016 and planned in 2014….Stop waiting and start doing! Let Got Capital be the solution to your resolution!

1) If a product fails, call it Beta Version

Never give up on your entrepreneurship dreams. If you feel like something is not going your way, take it as a valuable lesson and grow from it. Regardless if you are going through a rough patch or experiencing substantial growth, always remember why you became an entrepreneur in the first place. Allow 2019 to help you grow and remember why you have embarked on creating a difference in the business world.

2) New Year. New Web

If your business website is older than a fine aged wine- it may be time to update it.  Evaluate the usability and user experience of your website- meaning the colors, images, content copy, page layouts..etc. As time changes, websites should go with it too. It is important that websites maintain modernity and is easy for users to navigate. Furthermore with this change, it may have also a positive effect on your digital marketing strategies.

3) Keep on Learning

Read all about the latest trends that are going on in your industry and how you can take advantage of it. Furthermore, take benefit of major industry events. A big success in business is to absorb the knowledge around you.

4) Financial Statements Don’t Read Themselves

Commit yourself in understanding your finances more. Many business owners are too busy to check or don’t understand their financial statements- so they bypass them straight to a bookkeeper, CFO or accounting professional. Make a commitment to yourself to learn what the balance sheets mean to your business.

5) Keep Growing your Business with Confidence

The founder of the Virgin Group, Richard Branson says When employees tell you about their good ideas for the business, don’t limit your response to asking questions, taking notes and following up. If you can, ask those people to lead their projects and take responsibility for them. From those experiences, they will then have built the confidence to take on more and you can take a further step back.  Stepping back frees the founder to focus on the bigger picture — to dive in when there are problems or to help close a deal. This is how I manage our diversified group: I am not involved in the daily business of any Virgin company, unless I need to be.”  Teamwork certainty does make the dream work.

Bottom Line: Let your New Year’s Resolution be 1080p. Concentrate on ways to constantly make your business brighter and stronger. Got Capital is here to help you achieve your business dreams- our business representatives are happy to help you with any questions you may have.

 

3 Ways AI Can help your Business

When you think Artificial Intelligence, you may think of a Will Smith movie where he fights off robots or a robot who does your roommates dishes. But also AI can be a solution to many everyday business problems.

What is AI? Artificial Intelligence is a simulation of human behavior in computers (sounds so 2080 doesn’t it?). It is not the Matrix or the future, it is the technology of today.

Technology is racing ahead faster than ever before!-or faster than Usain Bolt’s Olympic debut race time. With more technological advances in the realm of Artificial Intelligence, it increases the possibilities for what we can accomplish without human intervention. If you are a small business owner, you may want to take advantage of some of these advances- they can make a big impact on the way you drive sales!

 

1) ChatBots = Extra Support for Customer Service on your Website

Having a ChatBot on your website for customer service/ support is deemed highly beneficial. AI is helping ChatBots get better at recognizing what are customer wants and needs. It is important to think of it as another user interface for customers to interact with your company. ChatBots are also useful for obtaining specific customer information without digging for it. Think about your most commonly asked questions from your customers-for an example- “How late are you open?”, “Do you have this item in stock?”, “Where is your location”…etc. These kinds of calls can eat up a good portion of your customer service care- even if they are easy to field. If your ChatBot has the info it needs to answer your commonly-asked questions, your company can save a lot of time. Which also means it reduces the friction for customers, allowing them to quickly find what they want and making that decision to buy easier.

 

2) VA…Virtual Assistant

AI is ever-evolving to making your life easier and with less hassle. If you are a business owner- you wear multiple hats and sometimes it may be difficult to stay organized. When you have an average of 150 different emails every single day- it is easy for important emails to slip through the cracks. AI provides an alternative solution to having 10 different color post-its and an angry client who thinks you are ignoring them…a virtual assistant.  These assistants need more instructions but they can easily be used to help chase down people for meetings, follow up on important emails and help you stay on track.

 

3) AI for Accounting (AcoBots)

Automating things that are tedious and repetitive can be a beneficial thing for your finance team. It can free up time for them to focus more of their energy on strategic thinking. AcoBots help you keep track of your bookkeeping to generate helpful insights that can help you create valuable decisions for your company.

 

Bottomline:  AI is there to help you and take away some of your stresses in your businesses.

Top 5 Tips on Hiring the Right Person

Having the right team can either make a business or break it. Great employees are the driving force for any success of your business. The hiring process is crucial to employing the right person that fits best within your organization.

 

The interview is an important step to get to know your potential employee- it is not a time to be critical on someones nail polish choice or how someone keeps tapping their shoe. Here are some questions you may need to ask yourself, to find the right employee for your company.

 

1) Are they team players?

You want to hire someone who is very collaborative and can work within a team. You don’t want to hire someone who solely thinks about themselves and their own competitive gains.

 

2) Can they see patterns in disparate information?

You want to hire someone who can analyze mountains of data and not have an overabundance of information overwhelm them.  Furthermore, with this you want someone who can think critically and understand changes and trends within data to compose insights and strategies.

 

3) Do they ask great questions?

Asking questions is the simplest and most effective way of learning-  you want a candidate who is always interested in learning and absorbing much knowledge as possible about the company/industry.

 

4) Can they admit to mistakes?

Being able to admit to your mistakes can also make you be able to glean important lessons from them. You want a candidate who learns from their mistakes and moves on.

 

5)Is the candidate highly adaptive?

In any business change can happen quick. You want someone who is steady on their feet in adapting to changes within the work environment.

 

Bottomline: It is important to ask yourself these questions to find someone who fits well within your organization. It is important to have a well rounded candidate who is ready for anything that comes their way. 

5 Biggest tips to make your Business Grow

It takes a lot of preparation for rocket ships to launch into space and explore the galaxies. Endless hours of training, spinning in that circle thing, measuring lung capacities..etc. There are important and crucial steps to take before BLAST OFF. Astronauts must be prepared well for smooth sailing- similar to business owners.

 

For a prosperous and smooth journey into the galaxies of business growth:

Here are the biggest tips in making your business grow- without any turbulence.

1) Drop the “Build it and they will come mentality”.

 

Sometimes businesses overlook the importance of a marketing budget. Some may say Facebook is something for millennials and Yelp is only used by a super angry soccer mom whose son wasn’t happy with his chocolate chip pebbles pancakes at the local Pancake Shop. However various consumer studies have concluded with marketing in any form (print, digital..etc)  is highly important and crucial to the success of a business. It helps create more traffic to the business website and gives a customer-centric approach to gaining further leads.

 

2)       Happy Team Happy Business

 

It is important to keep your employees happy and not let it be a scene from the movie “Office Space.” It is important to make your employees feel appreciated because if they are unhappy- sometimes that attitude can spill over into customer interaction. A happy workplace boosts productivity.

 

3)    Invest in the right type of technology

 

Welcome to the 21st century, stop using outdated technology that is as old as Madonna’s Material Girl. By utilizing the right technologies, it gives you the ability to systemize and scale creating sustainable and often more profitable growth.

 

4)     Attend networking events

 

Investing time in building your networks will benefit your business tremendously. Sometimes it’s not about what you know- but who you know. Networking allows you to build relationships with other people and encourage them to refer customers to you through WOM (word of mouth)

 

5)  Nurture existing customers and look for new opportunities

 

Set aside specific strategies in place to boost up customer retention. Stay in contact with existing customers via an e-mail newsletter. At the same time look for new opportunities to get more work and build your customer base.

 

 

Ease the moments of panic during the holidays

Out of all of her friends, Pam was always the one who knew the latest about health and beauty products.  Ever she was a child she always dreamt of opening her own store. She thought to herself, how can she make her neighborhood more healthy?- She then decided to open her own health and beauty product store. When the time came to open her own store in a busy boutique street in Chinatown, New York…she was ecstatic! But when the holiday’s came-she underestimated the amount of traffic she would receive.

Pam was in panic! She was very close to be under-stocked and overwhelmed. She was very limited in monetary resources to provide her store with more stock. She went to her local bank-waited around two hours for a conversation that was ten minutes.

The bank needed collateral from Pam and the process would take around 2 months for her to be refunded. Unfortunately, a two month wait was no good for Pam she had to have her stock in time for the holidays!

Pam’s frustrations quickly turned into a panic-she did not want to let her customers down. The holiday season has always been the time when Pam’s business saw a massive hike in profit-since heath products are  a great gift for a loved one.

The light bulb on top of Pam’s head lit up! She quickly remembered when her friend Andreas Soto needed quick funds when his mechanic shop needed new equipment. Andreas discovered Yalber.

Yalber provides quick and easy funding for a business. An application takes around 5 minutes and a business can get approved within hours-but quicker than a bank. What makes Yalber different from other sources of funding is the fact that Yalber does not have fixed repayments or a time frame like most loans have; Yalber likes to take away the stress from merchants- so you have more time concentrating on your business than debt.  Businesses can be unpredictable sometimes and Yalber gets that; so even if Pam’s business didn’t go well as expected, she does not have to worry about repaying the balance at all. Yalber is a non-debt financing option for businesses. Wondering how it works? Yalber invests in businesses that generate revenue from products or services. Yalber collects a royalty, or a percentage of your business’s future receivables in exchange for an up front-investment.  Unlike other royalty investments, Yalber does not receive royalties of your business’s sales for the life of your business. Instead, the royalties we receive is limited to a specific amount.Once the amount has been paid, the royalty is returned back to your business

Pam went on the Yalber site and could not believe how easy it was to apply and receive funding. The next day the funds were in her business account and she then had the opportunity to restock her boutique. Her customers were happy, and she was relieved!

The Yalber way helps ease the moments of panic many merchants have during the holidays. Please contact us to learn more!

 

Get the funds your business needs. Today.

Connect with a Yalber representative by calling us or submitting an online application

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