Business Pain Points

As businesses grow and change, different issues and problems arise that must be solved. Very new companies may face issues with making a name for themselves in the market and finding good suppliers. They may spend time and effort honing in on their competitive advantage. Companies that are a bit more established face a new set of issues. It could be finding the right resources to scale, retaining good employees, or making the correct capital investments to move the company to the next level. Even companies that have navigated the market waters for years still face new twists and turns in their effort to stay relevant in the marketplace. They must adapt to the changing needs of their customers, and keep their profitability levels in tact.

At Breakout we offer financing products like factoring, asset based lending, PO finance and more. These cash flow tools can be a potential fits for companies of all shapes and sizes, but it is important for us to understand what particular pain points a potential customer is facing. It could be any of the things noted above plus plenty of others.

A pain point is any part of a company’s operational flow that provides friction. A process that always becomes the sticking point, a fire that keeps needing to be put out, an issue that comes up repeatedly.

First we start by listening as the prospect identifies which areas are not going smoothly. Is it understanding the market, closing sales and creating new revenue? Are there issues in invoicing and billing correctly? Is it collecting from customers for work that’s already done? Or is it managing accounts payable and the cash going out?

In an ideal world, a business would run smoothly evenly growing revenues and expenses and a solid profit margin. In reality, growing is uncomfortable, with lots of starts and stops and problems to tackle. By better understanding the particular pain points for an individual customer it helps us pinpoint the type of solution that may work for them. For a factoring customer, they may use this tool to increase the speed of cash getting in the door. This can help even out the timing with seasonality and differing client collection schedules in a way that allows the business to still meet their obligations. For asset based lines of credit, a more holistic approach may be employed to take into account inventory and equipment and look at the overall cash needs of the business

While they can help in many situations, financing tools aren’t aren’t one-size-fits-all solutions. It’s important to examine your own business and find those points of friction to see what choices you have to alleviate those issue and achieve your larger goals.