In other words, it’s a great time to be the owner of a security guard agency. Provided, of course, your company has the necessary financing resources to meet your payroll and business expenses.

But meeting payroll can be very tough. Especially since commercial and government clients usually pay their invoices in 30 to 60 days. How can you pay employees every week if your clients take that long to pay? The math just doesn’t work.

The solution to the problem is to get financing. But I am not talking about getting a business loan. Business loans are hard to get. There is a better solution that is easy to qualify for and quick to set up. This financing tool is called invoice factoring and your bank does not offer it. Rather, you get it through a factoring company.

The premise behind factoring is very simple. Your invoices from good (but slow) paying customers are an asset – a valuable one. The factoring company is willing to provide you with financing using them as collateral. Factoring is easy to use and works as follows:

1. You do your work, as usual. You bill your customer but then submit a copy of the invoice to the factoring company for financing

2. The factoring company provides you an immediate advance on 90% of the invoice. You can use that money to meet payroll and pay expenses

3. The factoring company waits to get paid by your customer

4. Once they are paid, they rebate the remaining 10%, less their fees

As you can see, factoring eliminates waiting for payment and gives you funds to run and grow your business. Factoring provides peace of mind, enabling you to meet payroll easily. It also allows you to take on new big clients with confidence, knowing that you’ll have the resources to pay your employees.

If you own a security guard company or security agency, be sure to consider factoring as a tool to grow your business.

Having a plan and executing that plan are two different things.

Planning is good but it won’t get you anywhere.
Execution is good but without a plan, you won’t get to where you want to be.

I find that many online business owners tend to lean toward one and not the other. Which category do you fall into?

While most people tend toward one or the other, it’s the successful combination of planning and executing that will actually make a business successful. Help yourself by planning and executing brilliantly. Here’s how to create a simple but effective action plan:

1. First, get a blank piece of paper and a pen.

2. Decide where you are. Pick an area that you want to focus on (for example, monthly income or number of clicks to get one sale). Be sure to identify a specific area of your business and then identify a specific number you want to work on. For example, if your current monthly income is $3000, write that at the top of your page.

3. Decide where you want to be. Using the same area of business and the same measurement (dollars or clicks or whatever you chose in step 1), write out where you want to be. If you want your monthly income in six months to be $6000 per month, write that at the bottom of the page.

4. Now connect the dots! On the space on your page between where you are and where you want to be, create steps with real, practical ideas that help move you toward your dream. If it’s a simple matter of only two or three steps, that’s all you need. However, more than likely, you need to fill your page with ideas to help you move from “now” to “soon.” Some ideas for the example we’ve been looking at might include: increase prices by 10%, try upselling customers into a higher priced product, do half an hour of cold calling each morning, etc. These items should be specific action steps that you need to take, not general ideas you have. Be sure to assign due dates for each one so you have a timeframe to work in.

5. Now, take those action items, and implement them into your weekly
planner.

6. Then simply execute! Do one step at a time, each day, every day, until you’ve reached your time limit listed at the bottom of the page. Did you achieve your goal? Did you miss the mark? If so, how close did you come?

Once you get into the habit of doing these regularly, you’ll find that you’ll do them more and more often for a variety of business and personal goals.

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