From the housing market crisis to the infamous bank bail outs to the most recent elections, a lot has happened recently that will have lasting effects on the cash flow industry in a multitude of ways.
The lending crisis is having a tremendous effect on small business owners, as banks and credit card companies raise borrowing costs and slashed credit lines. At the same time that the banks stopped lending, many small business owners saw their account receivables slowing down, which led to a cash flow bottleneck.
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While we would like to know what lies ahead for the cash flow industry, no one knows for sure what the future holds. However, one thing will go unchanged during these times of uncertainty-the need for business owners to proactively manage their cash flow will never go away.
As factoring brokers, your services will be in high-demand over the next year as the fate of economy remains unsettled. Not only will you need to continue to locate non-traditional lenders (i.e. factoring firms) for your clients, but you will also be called upon to give a factoring broker plan to help business owners navigate through these turbulent times.