When Tom Cavanaugh needed working capital to support daily operations, he turned to Gateway for timely solutions. "We recently won a couple of large contracts with some of the gulf's largest oil and gas companies. We had massive up front expenditures, a new vessel, new sonar equipment and an expensive ROV."
Land & Ocean is a twenty year old family run surveying company. "We struggled to obtain the necessary equipment and failed to take into consideration the daily operating costs of fuel, lodging and other expenses while we were deployed. We have great customers but waiting 45 days was simply not an option." Tom reached out a decision maker on a Friday afternoon, had a workable structure Saturday afternoon and his initial funding within 4 working days.
"Gateway had a clear line of site... no run-around or 11th hour obstacles. Dealing with a decision maker made all of the difference".
A company that gets the chance to double or triple in size with just a few new contracts has a lot of things to consider. For example, if those new contracts require the purchase of new equipment, then what will it cost to run and maintain that equipment? How much staffing will the company need to meet all of the requirements of the new contracts and avoid suffering from financial collapse at the same time?
Family-owned businesses often develop strong reputations with their clients because their owners will work hard to keep their name strong in the industry. In many ways, business is personal with a business that carries the family name. That is why many family businesses get opportunities to grow from grateful customers, but those opportunities can become headaches if they are not handled properly.
When you have a sustained cash flow, then you can use bank loans to purchase the big equipment and utilize your cash flow for ongoing operating and payroll expenses. With a combination like that in place, your family business could continue to grow and never have to worry about small business funding issues.
But the problems come when the larger customers ask for 45-day terms to pay their invoices. That means that the small business has to find a way to fund its operational costs for 45 days without help from the bank and with the current cash flow in place. Anyone who has tried to maintain a business on a slow cash flow with mounting expenses knows how nearly impossible it is to stay in business when the big contracts start rolling in.
An factoring funding company can set up your account in just a few business days and then turn those 45-day invoices into the business funding you need to run your business. Instead of worrying about how you will cover operating costs, you can go out and secure even more business and watch your family-owned venture grow beyond your wildest dreams.
Factoring funding allows you to use your invoiced sales as the foundation for a sustainable cash flow. Our experts can put together a plan based on your specific business needs and show you just how easy it is to submit outstanding receivables and turn them into the cash you need to sustain your operations.
The biggest fear small businesses have is taking on huge contracts that could simultaneously grow and destroy their businesses at the same time. To avoid that kind of problem, all you need to do is turn to our factoring company and take advantage of the simple small business funding programs that are available.
The whole point in taking on more business is to generate bigger and more profitable invoices. A good small business funding company can help you to take advantage of those bigger invoices and make sure that you always have the cash you need to help your business grow.