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Receivables are Cash waiting to happen.

Guest: Chris Lehnes – Versant Funding

Featured Topics: Cash Flow, Accounts Receivable, Factoring, Receivables Funding

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Turn your receivables into cash with factoringLet’s face it, a sale is meaningless if you can’t collect timely payment for it. In essence when you sell on credit, thereby creating an account receivable, you are giving your customer a discount. They get to use the product or service that you have provided for a period of time without having to pay for it. At the same time, they get to use the cash that normally would be yours for the sale of the product or service for their purposes.

This is a double whammy that can really hurt your business and get your stuck in many ways.

This is so very common for  businesses of all sizes, both large and small, to get stuck with account receivable issues.  Getting stuck with receivable issues occurs not only during periods of business decline or contraction, but actually happens more often during those periods when the business is humming. When the business is having tremendous growth and expansion. In these situations not having access to the cash from your receivables will actually hinder growth.

The oft used (by those who really don’t get it) expression of “That’s a good problem to have” comes to mind. And let me tell you – a problem is still a problem. It needs to be addressed properly and in a timely fashion.

Here are ways that businesses get stuck with Receivables

  • Stuck with cash flow issues
  • Stuck without the cash to fund your operations
  • Stuck without the cash to fuel future growth
  • Stuck having to waste time, effort and financial resources to collect what is legally and rightfully yours.

On this episode I dig deeply into one way to leverage your account receivables to mitigate this sticky situation through a solution called Factoring or Receivables Funding.

Terms/Concepts/Links

Cash Flow, Accounts Receivable, Receivable Funding, Accounts Payable, Factoring

The Big Picture (Episode Feature) Question

If you sell BTB and provide credit – Do you monitor your average time to get paid? How much time, effort and money do you spend on collecting your accounts receivable?

Featured Guest Information

Chris Lehnes
Versant Funding
www.versantfunding.com

203-304-9527

Tip/Offer of the Week

Don’t get stuck with accounts receivable or other business issues. Learn the basics of how to get unstuck with the Don’t Get Stuck in Your Business modules from Big Picture Advisors. Find out how Stuck you are and get a Free Get Unstuck Action plan.

 

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About the Host

Joel Goobich is a big-picture guy with sharp insight into how individual parts make a strong whole. He has 30+ years of entrepreneurial endeavors; starting, building and exiting businesses. He is tireless in the pursuit of solutions to boost your business and put you on a track to a profitable transition and exit to your next act.