Raj and Fiona started computer consulting for friends as a side hustle and the business quickly grew into a full-blown professional computer company with a focus on consulting, service, and quality. The team has thus far been able to set themselves apart from the competition and make a name for themselves in a rapidly growing and evolving industry. Because of their ability to be flexible and responsive, as well as providing clients with unique solutions, Raj and Fiona have numerous requests from entrepreneurs and existing companies.
Offering cutting edge products and best in class skills has helped Raj and Fiona to develop custom solutions for their clients in cost effective ways and the word has spread. They realize they need to hire additional technicians and equip them with vehicles to meet the growing demand for their services. The issue is their client base is set up on a contract basis and many of the existing clients are slow payers, at times inhibiting their cash flow.
Seeking a way to increase cash flow to hire the additional technicians and provide company vehicles for them, and hoping to avoid a traditional loan scenario, Raj and Fiona discover invoice factoring. Invoice factoring will give them the opportunity to “sell” unpaid invoices and attain the needed cash flow for the expansion. Since invoice factoring offers low fees and only a short commitment, it is the ideal solution for adding technicians and vehicles as needed. The business will maintain cash flow solvency with invoice factoring as well as the ability to grow as needed to meet demand.
Using invoice factoring, Raj and Fiona began by hiring one new technician and setting her up with an economical vehicle for making calls. Shortly after, demand warranted a second technician and vehicle which was added with the increased cash flow from additional invoice factoring. Demand continues to increase and invoice factoring has proved the ideal solution for Raj and Fiona’s growing computer business. Without the obstacles and challenges of a traditional loan, invoice factoring allows them to determine their cash flow needs on a monthly basis and make any adjustments needed.
Stephanie has a bachelor's degree in psychology and has been a professional writer for over 15 years. Her client list includes New York Times bestselling authors, publishing houses, prominent public figures and successful business owners. She resides with her family in Florida.
