When it comes to owning a business, every day brings its unique set of challenges. For Skip, an experienced CEO who had recently acquired a new company, the unexpected hurdles came fast and furious. In a matter of months, he found himself in a cash flow predicament that threatened to destroy his business and his […]
Running a successful business comes down to a few key factors; the most important one is cash flow. Factoring is a type of alternative financing that allows you to take control of your cash flow by selling your accounts receivable to a third party (also known as a factor) to obtain immediate working capital. Now, […]
A good invoice is necessary for a few reasons: It’s a legally enforceable agreement between a business and its clients for services or products rendered and payment owed. It helps to ensure prompt payments. It helps businesses track sales and manage finances. It helps businesses maintain a strong professional image An invoice is a legal […]
Joe’s* business performs collections of past-due utility bills for a large city. It’s a straightforward gig: the city tells him exactly how much they’re going to pay him they tell him when they’re going to pay him his only expense is payroll Unfortunately, Joe consistently had a 10-14-day shortfall between payment and payroll. For years, […]
Realistically, a banker and factor often target the same general client: a growing business in need of cash flow. But if we dig into the nuances of our respective business models, it turns out there are situations and circumstances where it is mutually beneficial to work together instead of against each other. Have you ever […]
DOWNERS GROVE, Ill., May 1, 2023 – Sky Business Credit announced the promotion of Beverly Milici to Vice President of Operations. She will continue to ensure clients are receiving the highest possible level of credit and collections service. In this new role, her responsibilities will be expanded to include more oversite of the credit & […]
Factoring may be one of the most underutilized yet effective forms of funding for a growing business. It may also be one of the most misunderstood and overlooked types of funding. Below, Sky Business Credit addresses and explains 11 myths about factoring. Myth 1: Factoring is for companies having financial problems. Factoring is not for […]
Sometimes, you want to do it for yourself.
In 1986, Paul took a job driving trucks for oil field trucking companies. For almost 35 years, his time and effort enriched other people, helping company owners grow their businesses and wealth.
Then, one day, Paul decided it was time. In October 2020, he and his wife, Shelia, started a business. Like so many other entrepreneurs, their goal was to be more in control of their lives and future.
Whether or not you believe the economy will tip into a recession this year, you can’t deny uncertainty is the talk of the town—or that it has cast its shadow over business decisions. Both business owners and the professionals who work with them will face a swirl of conditions over the next year, but whatever […]
“Cash is king” is perhaps the most universally accepted business phrase of all time. Without cash, a business can’t operate. It’s required to meet payroll, pay operating expenses, and invest in growth. Long-term positive cash flow is also a prerequisite to secure traditional financing, such as a bank loan. Seasonal businesses operate under a unique […]
