About half an hour later they reached number 58. And then something interesting happened. They called 59 and nobody answered. The server then moved to 60. Same thing. 61... no one. 62.... no one. All the way to 65. A minute later, they were helping us. It seemed that in desperation, 60 through 64 had just left. I was happy to be served but wondered if the store realized that they had lost a whole bunch of sales.
By the way, the meat counter only had two people and was clearly understaffed. Adding an extra worker for 20 minutes would have helped clear through the folks and make all those sales. And this happens every weekend at my local grocery store. I wonder how many sales they have lost?
Much like my story, many companies lose sales because they lack the right business financing. For example. companies that have commercial or government sales are expected to give up to 60 days payment terms. However, few companies in this environment can afford to go without payment for such a long time. This puts them in a dire situation where they have to chose between making a sale that they can't afford - or - not making the sale at all. For many business owners, letting go of making a sale is simply unacceptable.
One way to solve this problem is to use factoring financing. Factoring is a financial transaction where a factoring company advances funds to your company using your invoices as collateral. So instead of waiting up to 60 days to get paid, your company can monetize the invoice quickly and use the funds to pay for expenses. It minimizes the effects of having to wait up to eight weeks to get paid.
Many business owners see factoring as a tool to salvage cash strapped businesses. And they are right. But what they miss is that when used properly, invoice factoring can be used to optimize your company's ability to make sales and grow.
