Even in hard times, you can count on family to keep things on the bright side– family businesses, that is. According to the ABF Journal, US family-run businesses are more optimistic about growth prospects compared to their overseas counterparts. 93% of US businesses compared to 81% of global peers are confident that new opportunities will arise and that they will be able to capitalize on them.
While challenges still exist and are of concern to family businesses, confidence is at a two year high and concerns about economic challenges have waned. According to the article, this suggests that these businesses are adapting to changing market conditions and are accepting volatility and uncertainty as the “new normal.” They are willing to take risks and are now actively seeking growth opportunities whereas before they were content to sit back and watch what happened.
With renewed interest in growth, family businesses are going to have to consider extra funding for their ventures. For companies that have trouble securing bank loans, factoring is an option as long as they have invoices and their customers meet the criteria. Factoring could be a way for everyone to benefit, and to continue the optimism of US family-run companies.
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