Sheila Jordan runs a consulting firm that provides organizational development leadership training for large public transit agencies and government agencies. When her company was ready to launch a new service area developing mobile apps for maintenance management, she was concerned.
“How are we going to strategically operate both businesses and grow them at the same time?” Sheila wondered.
Having access to capital can make or break a business, particularly during the scaling up growth phase. It’s the number one factor that puts the brakes on businesses growth. With bigger contracts and larger customers comes the custom of offering payments terms that can extend to 120 days. Accounts receivable balloons as these companies wait to be paid, but suppliers and payroll won’t wait.
Not getting paid on time is the biggest reason why more businesses grow out of business than go out of business.
Sheila solved this program creatively by leveraging her established relationship with NOW Corp.
“NOWaccount gave us access to our operating capital on a monthly basis, consistently,” explains Sheila. “That helped us launch the new business within 18 months, and to grow from $1.5 million to $18 million in two years.”
NOWaccount is an innovative payment solution that pays B2B and B2G businesses immediately, while their customers still get an invoice with terms and pay later. Hala Moddelmog, President & CEO of the Metro Atlanta Chamber of Commerce says, “NOWaccount really helps with our small and medium sized businesses that are trying to grow, and for our Fortune 500 companies as they look for new suppliers who can meet their needs.”