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While a great vision and business plan are crucial, obtaining sufficient funding is one of the most important elements a startup needs to succeed.

Imagine a scenario in which all of your customers paid their invoices on time. Your cash flow forecast would be 100 percent accurate year round, you could make key business decisions with confidence and your bills would always be paid on time.

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.