MP Star Financial

An Invoice Factoring Boom?

mpstarfinancial — Thu, 24 May 2012 21:12:18 +0000

An Invoice Factoring Boom?

Companies in more than 70 countries and representing dozens of industries have relied on invoice factoring services for years. Factoring can improve cash flow, make the receivables process more efficient, and allow a company to expand its product and service offerings with less risk than would be the case with conventional lending sources.

Ten Commandments for Family Businesses

mpstarfinancial — Mon, 21 May 2012 16:58:58 +0000

Ten Commandments for Family Businesses

Family businesses have always been a force in the U.S, but you may not have realized the degree of impact these companies have on the economy. According to PeakFamilyBusiness.com:

Setting the Record Straight: Debunking Invoice Factoring Myths

mpstarfinancial — Thu, 10 May 2012 16:53:13 +0000

Setting the Record Straight: Debunking Invoice Factoring Myths

Every industry has to deal with its share of misconceptions and the invoice factoring business is no exception.

Despite widespread acceptance in dozens of industries and thousands of companies, factoring is still misunderstood by many business owners and operators whom it could benefit. Concerns tend to focus on the costs of a factoring program and on how companies using factoring programs might be perceived by their customers.

Overtime Pay: Who Qualifies?

mpstarfinancial — Tue, 08 May 2012 14:48:49 +0000

Overtime Pay: Who Qualifies?

Just when you think you know the answer, someone changes the question.

Rules regarding overtime pay, which were fairly stable and consistently applied for decades, are suddenly subject to a great deal of attention. At issue is exactly which employees, based on job description and regular responsibilities, are eligible to be compensated for working beyond 40 hours a week.

The JOBS Act and Crowd Sourcing

mpstarfinancial — Fri, 04 May 2012 15:22:13 +0000

The JOBS Act and Crowd Sourcing

If you’re thinking about raising additional capital for your business, or perhaps investing in an early stage company, heads-up. The rules are about to change, thanks to the Jumpstart Our Business Startups Act (JOBS Act).

Leaders from both parties hope the legislation will help small businesses and startups raise capital by loosening certain regulations that had slowed or restricted funding processes.

President Obama signed the legislation in early April, after it had easily cleared both the House and Senate.

Nine Steps to Better Referrals

mpstarfinancial — Wed, 02 May 2012 19:15:13 +0000

Nine Steps to Better Referrals

There are three fairly obvious ways to grow your business:

Find new customers
Sell more to existing customers
Acquire another company and its sales volume.

All three are legitimate growth strategies that can work for companies in nearly every industry. Any of the three can be appropriate depending on your company’s current resources, the state of the industry where you compete, and your personal long-term objectives. But no matter where your company is in its development or life cycle, adding quality customers – assuming you have the capacity to serve them well – should always be a priority.

Painless Customer Service

mpstarfinancial — Mon, 30 Apr 2012 07:20:39 +0000

Painless Customer Service

While it’s true that the Internet-based promotional and marketing tools make finding new customers easier than ever before, the fact remains that it’s still smart and cost-effective to keep your current accounts around.

Estimates vary, but when all the various costs are considered it’s widely believed that it’s at least five to seven times more expensive to bring a new customer onboard than it is to retain an existing one.

Costs of new customer acquisition include:

Eleven Things You Must Do as a Business Owner

mpstarfinancial — Fri, 27 Apr 2012 07:49:51 +0000

Eleven Things You Must Do as a Business Owner

Just what you needed, right? Eleven more things to think about.

Relax. There’s no finger wagging or scolding coming, just friendly reminders of some of the universal truths of growing a successful business.

You’re likely doing a lot of this already. If you’re lacking somewhere, put together a plan to shore-up the weak areas.

How to be a Billionaire: Advice on Building Ten-Figure Wealth

mpstarfinancial — Wed, 25 Apr 2012 17:04:02 +0000

How to be a Billionaire: Advice on Building Ten-Figure Wealth

Forbes magazine’s first list of the world’s billionaires consisted of 140 names. That was in 1987. This year’s roster, presented in the publication’s March 26 issue, tallies 1,226 billionaires with a combined worth estimated at $4.6 trillion. Both figures are records according to Forbes.com.

An Introduction to Buy-Sell Agreements

mpstarfinancial — Mon, 23 Apr 2012 17:12:02 +0000

An Introduction to Buy-Sell Agreements

You might think your business partner’s spouse is terrific. You appreciate the support of the long hours and the understanding of the many sacrifices that must be made to grow a business. You get along fine during social situations. You even send a nice gift for the holidays. Heck, it’s like an extended family.

But if your partner becomes incapacitated, dies, or is otherwise forced to leave the business, would you want to be in business with the spouse? That’s a million-dollar question.