High employee turnover is one of the leading causes of low revenue and decreased efficiency among small, medium, and even large commercial organizations. Not only can high turnover slow down many of your most important business processes, but it also greatly increases the cost of training and maintaining new staff. Fortunately, high turnover does not...
Your payroll scheduling is one of the most important factors to consider when calculating ongoing cash flow, employee pay dates, and overall payroll costs. While staff payment schedules vary from one organization to the next, many industries have standardized payroll dates that occur weekly (once a week), biweekly (once every two weeks), or bimonthly (twice...
If you own a business that gets paid immediately and doesn’t experience seasonal shifts in revenue, you’re far less likely to encounter major cash flow issues. However, if your business collects payments for services rendered up to 30, 60, or 90 days after the invoice date, you’ll likely struggle to have cash on hand when...
One of the benefits of staffing agencies are that businesses can scale quickly without overextending their payroll costs. In fact, many companies turn to temp agencies and staffing companies when they need to add more employees and manage cash flow issues at the same time. This is often a viable option, as temporary employment agencies...
Getting any kind of loan for small businesses comes with various lending requirements. Banks and other lending institutions do not want to take on too much risk by handing out funds to just anyone. Consequently, traditional business loans often require you to meet stringent criteria just to qualify. Alternatively, small business loans for payroll offer...
Businesses that work with government agencies frequently find themselves short on cash. This is due to the fact that government reimbursements often take weeks or even months to arrive. As a result, many businesses are left with a major gap in their accounts receivable. Payment periods can take between 30-60 days (if not longer), while...
Although any industry can find itself in need of a loan to cover payroll, businesses or organizations whose revenues are tied to insurance remittances or government reimbursements are prime candidates to benefit from this funding strategy. While expenses, especially staffing costs, are regular and consistent, revenues for these industries can be slow-moving and generally unpredictable....
Managing cash flow is an issue for any company, but it is one that is perhaps most acute in the construction industry. Whether due to seasonality, unexpected change orders, payment retention, or slow-paying clients, cash flow is undoubtedly the most common pain point for construction business owners. In a recent survey conducted by TSheets and...
There are many causes for cash crunches in the retail industry, including seasonality, supply chain disruptions, stagnant inventory, and poor revenue projections. In my experience, one of the most overlooked causes is delayed receivables. Many small businesses, especially suppliers conducting business with larger corporations, structure their invoicing around extended payment terms (EPTs), with payment periods...
Many business gurus will tell you about the amazing feats you can accomplish as an entrepreneur, but they will not always tell you about the enormous responsibilities it entails. By running your own business, you are taking on the responsibility of maintaining staff. Even if your company only employs one person, you still owe it...