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Accounts Receivables
Factoring
Business Resource Article, Part III
"How
to build a sustainable, Trust based Financial Services firm in
Accounts Receivables Factoring" |
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Toll Free Phone
877.894.UCFC (8232)
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 The
5 Basic Tools to build a high “Trust” Environment in Factoring
Accounts Receivable
Now that we have explored the 4 common denominators of a high
“Trust” based invoice factoring company, it is important to
discuss the tools that we as owners/managers and employees of
our specialized financial service practices can use to build
such an organization. As previously mentioned, the 5 tools
that need to be utilized are: |
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Serve
and Mentor |
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Integrity in
all aspects of accounts receivables factoring |
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Exhibit
Decisiveness |
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Be
Persistent |
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Business
Focus |
A quick discussion on each is presented below.
The first tool in building a cash flow funding company is
something we have already discussed at some length in this and
other articles. I believe that there is no higher vocation
than to serve our funding clients. Again, the defining text
for how to serve [whether it is in a business, school, not for
profit organization] is Greenleaf’s book “Servant Leadership.”
The servant has the ability to excite and encourage the
“troops.” They exude passion and spirit, and perhaps just as
important, can laugh at themselves when mistakes occur. They
believe that the leader is the least important person in an
organization; and the follower [client, partner] is the most
important.
The second tool to use as a financial factor is to
consistently use integrity as the guiding principle for the
organization. Business finance integrity, like character, has
been best defined as “what we do when no one is watching.” I
believe that a more accurate definition of integrity is to
refuse to sell out on our true inner self, regardless of the
situation. By holding true to our ethics and being honest with
ourselves in all aspects of business financial factoring, we
are able to unleash the power of the truth.
In accounts receivables factoring, the next tool is to exhibit
decisiveness in our business finance relationships and the day
to day operation of our practices. Decisiveness is not being
or acting in an aggressive manner in the cash flow funding
industry. I believe to be decisive is to act in a mindful
state of assertive self confidence, and have the willingness
to change. Assertive is not to be confused with aggressive. A
decisive leader in the financial services industry is one that
is strong and has clarity in all of his or her relationships.
This lack of “grey” zone makes followers know exactly what is
accepted behavior, or not.
The fourth tool we practice as a factoring company is to be
persistent. As Winston Churchill said, “Never, never, never
give up.” Numerous academic studies have over and over again
validated that the persistent athlete, scholar, musician,
technician, etc, has the highest chance of long term success
in their chosen discipline. Being persistent is the single
most important attribute to being a successful receivables
factoring business owner and human being. |
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I also
believe that being persistent as a business finance
professional is much more than simply trying the same steps or
techniques over and over, without any consideration or
evolution. Quite the contrary. Persistence as it relates to
invoice discounting and receivables factoring is an attitude
of approaching all tasks in a deliberate, intentional manner.
At the same time, the persistent business finance professional
focuses on both how to amend the cash flow funding process to
achieve success quicker and the joy of the journey. The
persistent financing company also recognizes that plateaus and
setbacks are a natural part of the process, and that mistakes
should be used as learning lessons.
In invoice factoring, the last tool is the ability to focus on
a limited number of tasks or goals, and to be able to
concentrate all of the resources of the receivables financing
company in the same manner. This approach to business
financing and cash flow funding recognizes that all journeys
start with a single step, and then as one gains confidence and
experience, it is prudent to only then expand one’s vision.
Focus is not only the ability to look forward or up the path,
but also to be able to cultivate oneself; recalling that
before we can plant the seeds for success, we need to “weed”
out our own garden first.
Summary and Conclusion
I hope that this article discussing the ways to build and
sustain a high “Trust” invoice factoring company, or business
financing organization, will spur you to analyze your
specialized financial services practice and act to improve
your enterprise. I also hope that it encourages you to take on
the task that once seemed impossible, to work harder to better
serve your clients in accounts receivables factoring as well
as partners, employees and to strengthen the business
relationships you have with all whom you come in contact with.
Recall the words of Teddy Roosevelt as you embark on this
exciting journey:
“Far better it is to dare mighty things, to win glorious
triumphs, even though checkered with failure, than to rank
with those poor souls who neither enjoy much or suffer much
because they live in the gray twilight…that knows neither
victory nor defeat.”
Please feel free to email me at any time with questions,
observations, comments or if you need any additional
information on these business finance services topics. I can
be reached via email at mark@ucfunding.com. United Capital
Funding Corp., is a provider of invoice factoring and accounts
receivables management, offering increased cash flow and
working capital to companies and businesses throughout the
United States.
View and Print this Article (pdf version):
Invoice Factoring:
Building a Trust Based Financial Services Firm
In this
series of articles to assist you in winning business and loyal
clients, Mark Mandula offers his guidance from the viewpoint
of an experienced business finance professional based in the
US.
Winning Business and
Loyal Clients in Invoice Finance (part I)
Winning Business and
Loyal Clients in Invoice Finance (part II)
Winning Business and
Loyal Clients in Invoice Finance (part III)
Winning Business and
Loyal Clients in Invoice Finance (part IV)
Winning Business and
Loyal Clients in Invoice Finance (part V)
Winning Business and
Loyal Clients in Invoice Finance (part VI)
Winning Business and
Loyal Clients in Invoice Finance (part VII)
Winning Business and
Loyal Clients in Invoice Finance (part VIII)
Other Invoice Factoring Articles of Interest
Trust Based Financial Services
in Factoring of Accounts
Receivables:
How to build a sustainable
trust based financial services firm
Winning Business
and Loyal Clients in Accounts Receivable Factoring "How to Sell More to Your Existing Clients"
Winning Business
and Loyal Clients in Accounts Receivable Factoring "Work
Smarter, Not Harder"
Factoring: Fact vs.
Myth: What types of companies use factoring?
Factoring: Fact vs.
Myth: Will factoring negatively affect your
customers perception of your company?
Factoring Company
Corporate Overview
Apply for Factoring Online
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