Cash flow management for light manufacturing firms can feel especially challenging during a recession. Avoid these three common fear-based mistakes.
According to Manufacturing.Net, “Smart executives keep a laser-like focus on the future and keep their fear in check. If you can do that, your firm can thrive and emerge from tough times stronger than ever.”
Smart executives also avoid these three dangerous mistakes:
- Don’t cut your prices; this sets a bad precedent when the economy recovers
- Don’t cut your sales development budget; sales staff keep your company afloat
- Don’t cut your marketing budget; this supports your sales staff
So, if you shouldn’t cut these areas of your business, how do you free up your cash flow management? MP Star Financial recommends invoice factoring.
With invoice factoring, you free up your cash flow so that you can invest in the parts of your business that will bring you the greatest return. So, as a light manufacturing company, you can use these funds to invest in your sales and marketing.
When you choose factoring as your business funding solution, you take on no new debt.
This is especially important to you during recessionary economies.
When you choose MP Star Financial as your invoice factoring company, you are charged no hidden fees.
Ready to apply for your business funding solution? To find out more, call today at 800-833-3765, #150, today – or apply for your business funding online now.