Business owners may find themselves occasionally facing customers or clients who have delayed promised payments leaving the owner to compensate for the temporary lack of revenue. Unfortunately, this is a common occurrence. As a matter of fact, B2B businesses working in the oil and gas industry wait an industry average of 90+ days to receive payment for satisfactory work completed regardless of the net terms negotiated in the contract.
On the bright side, there are companies who have put in place effective systems to combat this issue. If you find yourself facing the need for funding, a company specializing in accounts receivable financing is a preferable option for many.
Across the globe, many nations are realizing the necessity for small business success. Many accounts receivable financing companies, especially those in Western Canada like, Capital Now, are reaching out to provide assistance to business owners who are struggling due to slow pay client accounts.
Leading innovators in their field, companies such as Capital Now assist leading entrepreneurs and business leaders in regaining their financial footing.
Many of the businesses mentioned in the Top 30 list consistently utilize an asset-financing agreement in some capacity.
Top 30 Entrepreneurs & Business Leaders
Western Canada’s best of the best!
- Duffy Baker Construction Corp.
- Okanagan Rawsome Natural Foods Inc.
- Rising Knead Bakery
- Capilano Builders
- Mountain Pacific Mechanical
- Northern Legendary Construction Ltd.
- Debra Lynn Creations
- Hot Mama Health & Fitness Franchising Ltd.
- Bike Hike Adventures
- Csek Creative
- eVision Media
- Barnacle Systems
- Coast Protein
- Sea to Sky Removal
- Imperial Custom Wood Furnishing Ltd.
- Island Lake Lodge
- Envisioning Labs
- Fresh Works Studio
- Little Hut Curry
- Algabloom International Ltd.
- AVA Technologies Inc.
- Domestic Objects
- Furever Clean Dog Wash
- Ironside Design Manufacturing
- The Gibson’s Butcher
- Recycling Alternative
- Innergy Corporate Yoga
There may not be one, universal reason each of these budding successful small businesses in Western Canada have reached the heights they currently enjoy. Taking into account the commonalities, though, such as asset-financing programs and agreements, will benefit all entrepreneurs given that one of the major reasons for entrepreneurial failure is being underfunded.
Building a business on crumbling deficits set a foundation for failure, no matter how great other aspects of the business model may be. When clients pay late, your company cannot thrive. To offset those unfortunate circumstances, employing safeguards to compensate for any potential losses due to late payments on client accounts can make a dramatic difference in potential future collections and general business dealings.
Financing with accounts receivable, allows small business owners to operate and grow. The immediate payout alleviates the financial strain of the business owner while waiting for customers or clients to pay for completed work. The diversity and versatility of the policies and services offered are as numerous as the people they serve and are highly dependent on the individual needs of each small or medium business. To attribute success solely on this function or service would be disingenuous and there are so many variables involved in any businesses level of success or failure. There is no one, sure-fire way to ensure your business will not fail. There are, however, many steps one can take to eliminate as many potential issues as possible.
Protecting your small or medium-sized business is only one advantage of hiring an asset-financing team. Other benefits include an increase in internal and investor confidence. which, in itself, can have a momentous effect on the overall atmosphere of your business.
Curious to know more? Reach out to Capital Now, we will be happy to answer any questions and help you decide if we are the right fit for your business needs.
Also published on Medium.