28 Nov Most Small Businesses Struggle to Make Payroll at Some Point
There are 30 million small businesses in the United States, and 60 percent of them deal with cash flow issues at some point. Facing cash flow issues likely means dealing with the challenge of not making payroll on time. Missing payroll can have some serious consequences for your business and your employees. 49% of American workers start a new job search after experiencing only two problems with their paychecks. Under such circumstances, if a business faces a payroll problem, it can be catastrophic.
When you are in danger of missing payroll, you are in danger of harming your core business and making it more difficult to grow. It is important to understand that you have options. There are payroll financing opportunities available that allow your business to meet all of its obligations on a timely basis. More and more small businesses are using these financing options to make sure that their employees get paid on time. Here’s a deeper look at problems small businesses face when strapped for cash.
Most Small Businesses Have Cash Flow Challenges From Time To Time
If you run a small business, you’ve faced a cash crunch. Cash flow issues are relatively common, but it is all about how you resolve the matter. Letting cash flow issues spiral out of control can harm your business; which brings us to our next point.
Don’t Let ‘Not Making Payroll On Time’ Harm Your Core Business
If you are having cash flow issues and unable to make payroll on time, your employees are going to be unhappy and may even consider leaving. This can result in the need to replace and train new employees on a regular basis, which as the report suggests is a mammoth task these days. Even if it doesn’t reach that point, you may find yourself diverting time and energy away from strategic planning, to focus on how you will make your next payroll. All of these cause harm your core business.
Continue To Develop and Grow Your Company
Your focus shouldn’t be on how you are going to make payroll. It should be on how you are going to grow and develop your business over time. If you are spending more time worrying about payroll than you are about your company’s long-term growth strategy, then you know you have a problem. After all, you are in business to grow and help others grow with you.
Apply for a Payroll Line of Credit
If your small business has been struggling to meet its payroll obligations, you aren’t alone. Thousands of small businesses deal with payroll issues every week. Payro Finance can help you avoid these problems. Payro Finance allows small businesses like yours to receive up to $20,000 in payroll financing immediately. Get started today by contacting us at (833) 271-4499 or firstname.lastname@example.org.