We find the week's best small business articles so you don't have to. Here are the top stories posted this week:
1. Sales vs. Collections: The Battle Between Growing Revenue and Cash Flow | When you hear the word “collections” it conjures up images of nasty warning letters, harassing phone calls, Repo Man and maybe a scene out of Goodfellas. Those types of collection methods, legal or not, might be part of the collections process at companies that sell products. However, there is an entirely different dynamic when it comes to collecting payments for businesses that sell services ( i.e. SaaS services, streaming movies, mobile services, etc.) | Read more here (from FundingGates.com)
2. Bank Lending (to small biz) Just Got Interesting for the First Time in 250 Years | Not too many days ago Oklahoma City-based MidFirst Bank acquired Presidential Financial (one of the country’s largest non-traditional, asset-based lenders), making it possible for them to offer more options to small business borrowers looking for cash to fund working capital or fuel growth. Although I’m not convinced there’s anything inherently earth-shattering about the merger in and of itself, I do think the perspective of the executives from MidFirst, one of the largest privately owned banks in the country, and their counterparts at Presidential Financial represents an incredible and much-needed paradigm shift within the banking industry. | Read more here (from Forbes.com)
3. 7 Habits of Great Small Business Owners | When looking at the players in any industry, there are usually a handful of businesses that stand out ahead of the pack. Assuming that all similar companies are doing more or less the same kind of work, and all attending to the basic demands of their business, what exactly goes into making some more successful than others? More often than not, it comes down to the kind of leadership they have steering their efforts. Being a strong small business owner is an elusive enterprise that there is no one secret recipe to achieve. But if there was a sure-fire way to be a dynamite small business leader, it would undoubtedly include the following 7 components. | Read more here (from TheSBA.com)
4. How to Break Through 5 Common Barriers to Small Business Growth | Trying to grow your business, but thwarted at every turn by problems within your own organization or by external factors such as broken supply chains? For many businesses, the biggest obstacle to growth isn’t poor sales, financing or tough competition; it’s often the business itself! So, if you find yourself operationally ill prepared to grow, what can you do about it? Here are some strategies that can help you break through some of the common barriers to growth that many small businesses experience. | Read more here (from sba.gov)
5. Signs a Small Business Needs a CFO | When should a small business owner hire a CFO? While there is no right answer, there are certain indicators. I spoke with Marc P. Palker, CMA, about this topic. Marc is Director of CFO Consulting Partners, LLC – a firm that provides interim and part-time CFO services to small and midsized public and private companies – and a member of the IMA (Institute of Management Accountants) Board of Directors. | Read more here (from Forbes.com)
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