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.

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.

 

 

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