Every oil and gas company across the nation – the globe – will remember 2020 as the year that changed everything. Industry leaders began the year in a state of urgency, faced challenges that have been building for years, and finished it with more questions than there were at the start.

To say the global oil and gas industry is large would be a gross understatement – it is massive. The oil and gas drilling sector alone makes up around 3.8% of the global economy.

Invoice factoring is a financing tool that allows your business to use its outstanding invoices to generate cash quickly and avoid waiting up to 90-plus days for customer payments. Essentially, your business is selling its accounts receivable to a factoring company at a discount.

For many people, moving into a new year involves taking stock of where they have been, where they are going and, most importantly, what makes up the in-between. If you are one of the many interested in maximizing yourself and your business, the first place to start is your mindset.

For many years, businesses have been utilizing invoice factoring to secure an immediate solution to their cash flow needs. Through this financing tool, businesses can quickly sell their unpaid invoices and receive an advance of capital.

If you are a small business owner overwhelmed with a growing stack of outstanding accounts receivable, you are not alone. According to a report by New Sage, 13% of small and medium-sized business’ invoices are paid late.

The relationship between manufacturing companies and their customers is being revolutionized by various marketing and customer experience trends. Gone are the days when word-of-mouth marketing practices and a firm handshake were enough to win new customers and seal the deal.

In a capital-intensive industry like manufacturing, planning is everything.

When it comes to the financial management of growing a small business, cash is king. However, when a gap between paying your suppliers and employees and receiving payment from customers occurs, maintaining a smooth operation can become a real challenge.

 
As a small business owner, you understand just how important it is to stay on top of cash flow and what a challenge that task can be. Without sufficient cash flow, it will be difficult to meet payroll, operate smoothly and meet your financial obligations.