The tight labor market combined with an increasingly competitive atmosphere in the staffing industry means that growing your staffing agency can be an uphill battle. Payroll funding can offer you additional resources to effectively grow your staffing agency in this competitive environment. With payroll funding (also known as invoice factoring), your accounts receivable is purchased, which gives you more flexibility while waiting for your clients to pay their invoices.
While there are several benefits of payroll funding, here are three ways it can help grow your staffing agency:
1. Experience a consistent and reliable cash flow.
With payroll funding, you benefit from a consistent cash flow. This means that you can focus on ways to grow your business rather than worrying about how to pay your payroll before your client pays the invoice. This gives you the flexibility to make smart business decisions to grow your staffing agency more efficiently.
2. Expand your pool of clients.
With the benefit of consistent cash flow for your payroll, you no longer need to shy away from slow-paying debtors. If you stop weeding out clients based on longer payment terms, then your pool of potential clients will grow significantly. A larger pool of clients means more orders, more revenue, and more growth for your staffing agency!
3. Spend more time on your growth strategy.
Avoid time-consuming back office activities like invoice processing, payroll processing, accounts receivables management, tax management, and new hire reporting. When you sign up for payroll funding with Lone Oak Payroll, you also receive these valuable, time-saving services as well as front and back office staffing software at no additional cost.