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Issue #22

June 5, 2003

What’s in this issue...

1) Free Give Away -- be quick!
2)
Announcements
  
New Factoring Sm Rec. 6th ed. is now available
  
Small Factor Listing on SmallFactor.com
3)
Article: If You’re Not Ready to Do Business...
4)
Classifieds
5)
Featured Web Site: Bethesda Financial Services, LLC
6)
Reader’s Question:
   Previous Question: Web site design, maintenance & cost
   New Question: Reactions to Cash Flow 2003 in Dallas
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Free Give Away!

Each issue we give away a free item from our catalog! Last issue Greg deVries of Horizon 3, Inc., in Campbell, CA was the first to respond and won a free copy of the Factoring Case Studies eBook. Congratulations, Greg!

I’d like to thank all who emailed your replies...sorry I can’t reply to each of you. And now for the Free Give Away for this issue:

Be the first person to email me at
info@factor-tips.com (Subject: Free Give Away) and you will receive a free copy of our Unlocking the Cash in Your Company eBook. Don’t wait! And good luck!

Jeff Callender
Editor

Monthly Drawing Winner!

Once each month we announce the winner for that month’s free drawing. What drawing?

When you register to receive
FactorTips on one of our web sites you are automatically entered into a monthly drawing to receive an autographed free copy of one of paperback books from The Small Factor Series.

The winner for June is Mike Keating of Shawnee Mission, KS, who has chosen to receive Factoring Small Receivables new 6th edition. Congratulations, Mike! Your book is on its way.

Announcements

Factoring Small Receivables NEW 6th edition
is now in stock -- order here!

The new 6th edition of this long-popular book is now available from Dash Point Publishing.

This new edition has some very worthwhile features, whether you have an earlier version or not! You’ll find....

> Over 100 more pages than the 5th edition!
> Three completely new chapters including:
     * UCCs
     * Bookkeeping with QuickBooks
     * The USA Patriot Act and Factoring
Plus numerous updates and additions to forms, resources, record keeping, factoring software...simply a LOT of new information in numerous chapters!

And here’s even more news.... despite the additional information, the new edition sells for $49.95... $20 less than the previous edition! And....
anyone who has purchased
any earlier version from anywhere is eligible for a 30% discount off the new lower price -- $34.95!
Just provide proof of purchase and the discount is yours! This offer is available only from Dash Point Publishing.
Order here!

Are You Listed in SmallFactor.com?

Attention small factors! Is your company included in the Factor Listing of SmallFactor.com? It can be a great source of referrals and it’s FREE!

What’s more, if you have a deal you can’t do, chances are someone on the listing will be interested in it. Find an appropriate referral and make the call. Bookmark the page!

The number of people on the Listing is steadily growing, so be sure you’re included. Additions since our last issue include:

  • Sentinel Funding Servies of Hummelstown, PA
  • Diamond Quest Enterprises, LLC of Richardson, TX
  • Gulf Fuding, LLC of Estero, FL.

Requirements are that you:

  • are presently purchasing receivables (not just planning to, or brokering only)
  • accept accounts factoring less than $10k per month.
  • Pay a 5% broker referral fee to SmallFactor.com when you book business through your listing.

The Listing’s purpose is to assist smaller factors who do not fund large receivables. (We may make exceptions for niche factors who specialize in trucking, construction, and medical receivables.) Companies with maximums over $500k are encouraged to use web site listings suited to these larger receivables.

To see the Listings which are sorted by State go to
Listings. To be included fill out the form at Request Listing.

Links to listed companies’ web sites are provided. Contact each to learn the parameters of transactions they fund.

Article

If You're Not Ready for Business,
Don't Open the Doors
by Bob Frank

Editor’s Note: The following article is an email I received which makes an excellent point. I present it with Bob’s permission and have inserted a few editorial comments in bold green text.

Since our factoring web site was going to be listed on the Factor Listings page on SmallFactor.com, I thought I should take a look at what the competition was doing.

The first thing I found was that 3 out of the first 4 links on the Factor Listing page weren't actually links. They were blue and they were underlined, but they were not connected. Obviously a minor error in coding the web page.  While this was an error under the control of who ever maintains the Factor Listings page (...that would be me...ed.), it is really the responsibility of the web site that is being linked to who should verify that the link works.

I also found one link that didn't go to the intended site. It linked to a health club site.  Again a minor web page coding error, but one the owner of the referenced site should have checked (...again my boo boo that I will happily share with the web site owner).

I discovered that several of the web sites on the Factor Listings page were "Under Construction" or "Coming Soon" or just "Error -- This site not available." Why would someone want their web site address listed publicly when there was no web site for potential customers to go to? In this case it is very likely that the potential customer will not return.

My next discovery was very interesting.  I have often visited web sites where one or two links didn't work.  But here I found a site where there was not even one link on the home page that worked. There was a very obvious gross error in the web page coding. How someone could publish a web site without checking any of the links is beyond me. The first thing that should be done when a new web page, or an entire site, is uploaded is to click on every link on every page.

And I've saved the worst for last. One of the sites had been set up using a web page template.  Now, there is nothing wrong with this. I am certainly among the "artistically challenged."  Here was the problem with the site.  The home page was almost OK. There were some subject headings with no text under them,  but there was some contact information. The big problems showed up when I clicked on some of the links, which simply showed the words of a blank template.

Approximately 1/3 of the sites listed on the Factor Listing page were, in my opinion, not ready to be listed. You might wonder why I'm concerned about this.  After all, if a competitor's web site is broken or not ready why should I care?

The Factor Listing page is a valuable resource.  We should treat it with care and respect.  Imagine an eager broker/consultant would think if he had just obtained 5 really hot prospects.  He goes to the Factor Listings page and starts looking for a small factor.  He clicks on a link and it's dead.  He clicks on another link -- Under construction. He clicks another link and finds a template with no useful information. Again he clicks on a link and finds a unusable web site. Now, before he gets to your site, or mine, he gives up in disgust. Says to himself, "What a bunch of incompetent losers are on this list," and we all miss a great opportunity.

I hate to use cliches, but one fits all too well here. "You never get a second chance to make a good first impression." If your web site is not ready for the world to see, don't publish the web site address. If you are still designing the ultimate all singing, all dancing, all talking, ultimate web site, then at least put up one or two simple, informative pages. That will be better than having your web site showing "Under Construction" or "Coming Soon."

Very well put, Bob. I have deleted all the links to Under Construction and Error-laden sites from the Small Factor Listing and in the future will be far more diligent in my scrutiny of web sites of factors requesting a listing. As you said, this is a valuable resource and deserves to receive proper care.

To those factors listed...if your site’s link was deleted for the above reason, I’ll be happy to put it back in as soon as you have a functioning site with all the necessary links. No link is better than a bad link or a link to something under construction for many months.

- Jeff

Business Services Classifieds

Our June Sale features a freebie on a very handy tool!

Purchase a paperback version of
Unlocking the Cash in Your Company and receive the Factor Consultation Form free! You get both products for just $12.95 -- usually the price of the paperback book alone.

Unlocking the Cash in Your Company is written for prospective clients to inform them about factoring and the benefits it offers. Used as a give away to such prospects, the book is also a great marketing tool for factoring professionals. The Factor Consultation Form is designed to assist factoring clients ask prospective factors everything they need to know before signing a thing! It levels the playing field among factors vying for new business, and is especially helpful for new broker consultants, as they begin their business and learn what to ask factors.

Once your order is received, within one business day your book will be mailed and you will receive an email with the Form in Word document.

 Link: This Month’s Sale!

 

Need help with your marketing? Consider this:

“I thought I was pretty comfortable talking about my business, but Kendall SummerHawk's three tape series, ‘What to Say if You Hate to Sell,’ has taken me to a whole new level of ease and service. I am so impressed. Kendall shows exactly how to have a respectful, authentic, thoughtful conversation with prospects.

She tells you exactly how to talk about your fees. She demonstrates how to have a conversation that results in people asking if they can hire you (how would you like that!?). Kendall's tapes have simplified, focused, and energized my approach to selling. Start getting the business you've always dreamed about.”

Kendall’s tapes can be purchased from her site by clicking
here. They are also a part of the Small Factor Collection available from Dash Point Publishing. Her tapes are sold separately by DPP, as well.

 

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Reader’s Featured Web Site

Each issue we feature the web site of one of our readers. Our purpose is to highlight the niches and expertise available within our community so that everyone reading FactorTips can make good use of them.

To request your web site be reviewed for this feature, drop an email to:
info@factor-tips.com and put in the Subject line “Featured Web Site.”

This issue’s Featured Web Site is that of
Bethesda Financial Services, LLC, of Chevy Chase Maryland, with Adam Drescher serving as President and CEO.

A newcomer to the factoring scene, Bethesda has a management team with impressive credentials and a wealth of business experience They are ready and eager to accept new clients. Broker submissions are especially welcome.

Log on to this nicely done site by clicking their logo below:

Reader’s Question

Each issue we print a question from one of our readers. We welcome questions -- as well as your answers to these questions because...well, we don’t know everything! Plus you get a free plug for your company when we use your answer.

Please submit your questions and answers to:
info@factor-tips.com and put in the Subject line “FactorTips Question.”

The last issue’s question was from David Hurley:

What would be an approximate cost to have a site like your www.DashPointFinancial.com constructed and maintained?


David,

I designed and maintain my sites myself and am not in the biz of creating sites for others. If you want to have your own site -- and anyone serious about the business should -- I suggest a few alternatives, each with a different price tag.

1. If you're new to creating web sites but don't want to pay someone to do it for you, use a site that provides templates from which you can build and maintain your own web site’s pages. Costs are reasonable ($20/month) and features plentiful if you click on the link to Builderspots on SmallFactor.com:
http://www.smallfactor.com/Other_Resources/Web_Resources/web_resources.html.

I began my net presence with a template-using site like this and think it’s the most cost-effective way to start your own site, maintain a lot of control over it, and not cost a small fortune in time or money.

2. I use a program called NetObjects Fusion 7 ($140), which is a competitor of Front Page and *much* easier to use. This is a web-site building program and if you don't have much computer experience, you may take quite some time to get your site up and running with this. But being your own webmaster gives you complete control over what your site looks like and you can change it any time to anything at no cost. Here’s a link to the Fusion site http://www.netobjects.com/netobjects2.html

3. You can hire a web designer to create and maintain your site. Prices are all over the board (a few hundred to tens of thousands of dollars) so you may want to shop around, as web designers are everywhere and very easy to find. Web design is an art as well as a skill and you can easily hire a newbie who claims to know it all, but in truth is learning as s/he goes. One professional web designer familiar with factoring is Tri-Media.com in Virginia. Mary Layman is a graphic artist as well as web designer and will give you a good product with fairly standard pricing for a professionally designed and maintained site. Please tell her I referred you. Her site is
www.abouttrimedia.com/web_main.html

Good luck!
Jeff

Our question for this issue is about the recent
Cash Flow Convention in Dallas:

I’d like to hear readers’ reactions who attended the Cash Flow 2003 Convention in Dallas recently. Was it worthwhile for small factors? What was the most valuable information you gained or experience you had? Do you plan to attend next year in New Orleans?



Email your answers to info@factor-tips.com and put “FactorTips Answer” in the Subject line. We’ll include the the names & answers from replies in our next issue.