Small businesses are quite commonplace all throughout the United States. As a matter of fact, small businesses are likely even more prominent than you realize. As many as 28 million businesses in the United States fit within that category of “small,” a number that accounts, actually, for the majority of businesses found throughout the country. These small businesses often make up the backbones of our communities, providing essential services and products in our lives. We likely all even know someone who owns a small business – and want them to be successful in their endeavor.
But it is harder for a small business to stay afloat than for a larger one. While a large corporation is going to be able to make up for lost costs (up to a point), the same is unfortunately not always true for your typical small business. Unfortunately, many small businesses fail relatively quickly after first opening because it is so hard for a small scale business to generate the level of success to sustain itself. And even if a small business HAS been able to generate that level of success, it is unfortunately all too commonplace for the business in question to experience a set back or problem that was unexpected and not properly planned for. As a result of this type of an issue, many a small business has had to close.
One issue that many small businesses face is that of the unpaid invoice. While many of us do not even realize that this is a real problem, unpaid invoices are actually very common indeed – as any given relevant business will unfortunately be able to attest to. As a matter of fact, quite a large percentage of invoices go unpaid – or are paid late. And even when invoices are still paid – just after their original due date – it can prove problematic. Cash flow for a small business is a very important thing indeed. When this cash flow is stalled and interrupted, even in a temporary way, it can be something that jeopardizes the businesses overall success. When it comes to the invoice that is paid late, this is something that can happen all too easily, something that far too many small businesses know first hand.
Fortunately, there are steps that can be taken to avoid these problems. For instance, invoice factoring, small business factoring, and transportation factoring services can provide payments to make up for missing invoices. As a matter of fact, something like a transportation factoring service can provide as much invoice funding as to make up for 90% of the costs of the invoices that your small business is owed. Transportation factoring provide important freight factoring services to people all throughout the country. And transportation factoring services have become more necessary than ever, thanks to the fact that more freight is transported than ever before. As a matter of fact, there are now more than five and a half million motor vehicle drivers working here in the United States, let alone anywhere else in the world as we know it. And up to 12 million various vehicles are used to accomplish this work.
Of course, it will be important to pay back any loan that is provided by transportation factoring or any other kind of factoring service, be it international factoring or specificially a trucking factoring services or something else. Fortunately, you will likely be able to do so as soon as the late invoice in question is paid. And there are steps you can take to mitigate your need for something like a transportation factoring service in the first place.
For example, you can switch from paper invoices to electronic ones. This switch might seem like a small thing to do, but it is actually something that will have a considerable pay off at the end of the day. After all, it has been found that switching to electronic invoicing instead of paper invoicing will actually drop total invoice costs by as much as a full 57% – which is no small amount by any means, as it is clear to see.