Finally, after a year, I have a story to share with all of you. I have worked in the factoring industry for over a decade and have loved almost every minute of it. I could have done with fewer workouts or without the heartbreak that comes with those companies that did not survive. Fortunately, there are many more good memories than bad. For my money, nothing makes me feel better than knowing you helped a business make payroll, keep their doors open, and retain their valuable employees. Like many of you, this is why I don’t mind getting up a little earlier in the morning, or working later into the evening.
In April, after being a factor all of these years, I set out to start a brokerage company. This experience has given me a different perspective, as now I am helping businesses in various areas of financing while also working more closely with companies that were once my competitors. This new perspective also has reaffirmed what I already knew: factors are definitely doing business and helping our economy.
The economy has, however, changed. Sadly, not all small and mid-sized companies have changed quickly enough to save their businesses. These small to medium sized businesses and start ups are what will help rebuild our economy. For many of them, factoring is the best way, or the only way, for them to maintain their cash flow. Since there are a variety of factoring companies within different markets, industries, niches, size ranges, etc., I can now introduce my clients to the factor that best suits their needs and their situation, thereby being able to say ‘Yes’ a lot more. Being able to say ‘Yes’ allows me to make a greater impact in the small and mid-sized market.
After all, factoring is the lifeblood of many of these small and medium sized businesses; it enables these companies to grow and saves many businesses that have been hit hard by the economy. With factoring, business owners and their businesses are also able to purchase more inventories, accept more orders and jobs, pay vendors on time, and hire new employees. This trickles down allowing their vendors to do the same. By helping one company, we are helping many. We are all helping to rebuild the economy.
During these past months, I have rediscovered the joy of factoring. Recently, I was able to help a company that was struggling to find a way to make payroll at the end of the week. With the funding provided through a factoring facility, twelve families did not have to worry about how they were going to put food on the table. Our client was so happy, he cried. To me, that is worth all the early mornings and late nights.
While I don’t know if this is the nature of what my article was supposed to be, I felt it was important to share these thoughts and to say to all the factors and their dedicated teams, “Keep up the good work.” You have a direct impact on the people and companies with which you interact. You are doing more good than some may realize. Thank you.
The Business Group of Brokers, LLC was created to provide a multitude of alternative financing options, utilizing the strengths of different finance companies to make sure clients find the best financial match for their specific needs. Businesses benefit from expertise and years of experience in helping them find the working capital needed to grow and expand their company. Since every finance company and their clients are unique, The Business Group of Brokers strives for complete satisfaction on both sides of the transaction and plays an intricate role in creating a good match for the financier as well as for the company. To find out more, visit www.mybgb.com.