If you want to start a new business, you need a source of funding. Business owners have always faced this challenge. One difference for entrepreneurs today is that there are now many more options for startup finances than ever before. If you’re wondering about ways to get cash for startup costs, the following 5 possibilities are a good place to start. Read more
Every business that advertises online is seeking ways to improve conversions. It’s getting more challenging all the time to see a positive ROI on Facebook ads, Google AdWords, and other online advertising platforms. As competition gets fiercer and consumers more discerning, you need more sophisticated tactics for conversion rate optimization. Let’s look at some of the strategies that are best for improving the effectiveness of your online ads. Read more
2017 has been a great year for Riviera Finance. We’re dedicated to helping our customers not only with cash flow solutions, but also with general business tips and best practices.
We’ve shared 50+ blogs in 2017. So, without further ado, let’s look at the most popular blogs this year:
- Factoring Costs and Benefits
- Developing a Cash Flow Analysis
- Invoice Factoring as a Backup Source of Cash
- Top 7 Billing Best Practices
- Best Ways to Upgrade Cybersecurity For Your Small Business
Like us on social media and come back in 2018 for more tips and ways to improve your cash flow and grow your small business.
If you’re looking for a partner to help with cash flow management, find out how our invoice financing solutions can help your business grow.
If you’re an entrepreneur, creativity is one of your most valuable assets. You always have to be ahead of the curve and ready to profit from the latest trends. Here are five ways to enhance your creativity and make it easier to come up with ideas that will build your business.
Be Open to Diverse Points of View
Even the most intelligent people tend to insulate themselves from unfamiliar perspectives. If you really want to think outside the box, you have to identify your own particular “box” and consider other points of view. Read books and magazines that you would normally avoid. Talk to people with opinions that differ from yours. Study new disciplines. As you open yourself to more perspectives, you’ll acquire tools and knowledge that help you in your journey as an entrepreneur.
Express Problems Visually
Some people are naturally visual thinkers. If you fall into this category, it’s probably natural for you to create drawings, diagrams or other visual representations of any projects you’re working on. However, even if you’re not particularly visual or think you have no artistic talent, it’s beneficial to pick up a pencil, pen or marker and start drawing. This is a good way to use a different part of your brain. Even a simple flow chart can provide you with a new perspective on a problem.
Take a Trip
Traveling is one of the best ways to stimulate creative thinking. Whether you take a drive to a new neighborhood or city or fly to another continent, you’ll be experiencing new scenery and meeting new people. When you do travel, make it a point to learn as much as you can about the places you visit. Find out about history, try new foods and explore. If you’re traveling to a country where they speak another language, take the time to learn at least a few words in the new language.
Walk More, Sit Less
If you work in an office or even at home, it’s easy to get into a rut. Staying in one place all day is not conducive to creative thinking. Walking around, either indoors or outdoors, provides you with stimulation. Try walking in different neighborhoods and, when possible, in nature. Even if you can only manage a short walk at lunch around the company parking lot, that’s still better than sitting behind your desk all day. There’s also research that indicates that sitting is not good for your health. Walking is a great antidote to sitting all day. It’s an activity that’s good for your health as it stimulates your mind.
Unplug From Your Devices
Many people nowadays, especially entrepreneurs, are tethered to their devices from the moment they wake up until the time they fall asleep. Perhaps the alarm on your phone even wakes you up. All of this dependence on electronic devices can be physically, emotionally and even intellectually draining. There’s even evidence that constant exposure to phones and other devices contributes to fatigue. Make an effort to unplug for at least a couple of hours every day. Keep your devices off while you sleep. If you need an alarm, use an old-fashioned alarm clock to wake up.
If you’re bringing on new ideas, tools or products you may require some additional capital to help fund these initiatives – consider invoice factoring to help you maintain cash flow and allow you to take time to start up these new programs. Riviera Finance has helped businesses maintain cash flow for more than 40 years.
For 50 years, Riviera Finance has offered non-recourse factoring services. Non-recourse factoring is the outright purchase of accounts receivable (invoices) for cash. This method of business financing provides a company with cash flow, protection from bad debt, and accounts receivable management services.
Riviera Finance pioneered the use of non-recourse factoring for small, growing companies. Without the cash flow to afford an accounts receivable staff, or the financial history to qualify for a business loan, many growing companies use non-recourse factoring in the early stages of their business.
The Riviera Finance Difference
One main feature of non-recourse factoring is that Riviera Finance will guarantee the credit of the factored invoice, even if your customer goes bankrupt. This guarantee is a powerful tool that can eliminate bad debt. Under recourse factoring, the borrower (you) must have the ability to “buy back” the invoice if the customer is unable to pay. In factoring jargon, this is recourse or a “chargeback” from the factor.
How Does Recourse Work?
Recourse creates a difficult issue for the business owner with cash flow needs. First, the business must hold some cash in reserve to allow for potential chargebacks. These charges can come anytime and will usually require immediate payment, either with cash or newly factored invoices.
The recourse factoring company typically holds a reserve as well to cover credit risk. This means the client (you) may receive only a limited advance (70 to 85%) when factoring your invoices – the factoring company holds back the rest until your invoices are paid or charged back.
Non-Recourse Factoring Benefits
Because non-recourse factoring companies assume the credit risk, they typically employ a team of experts to evaluate credit and manage the accounts receivable. Since the client isn’t on the hook for credit issues, neither the client nor the factor needs to hold a large cash reserve, if any. Reserves for the non-recourse factor are based on estimates of potential product returns or other “offsets.” In the case of service-based business (transportation, staffing, building maintenance, etc.), a good non-recourse factor can offer a “full advance” (no reserve), maximizing the cash flow to the client.
To deliver our non-recourse factoring services, Riviera Finance employs a team of accounts receivable management professionals in local offices across the United States and Canada. Riviera Finance non-recourse factoring clients depend on us every day to provide full credit, invoice processing, posting and collection services.
Make sure you come back for the next part of this series in a couple weeks – Part Two: How a Non-recourse Program Can Make Your Customers Happy.