Michigan has a distinctive place among the most industrialized states in America as a hub of transportation equipment manufacturing.
The transportation industry is big in the state because of its industrial base which needs to be serviced by multimodal transportation across roads, railroads, water, and air.
Between all of that, there are transshipment points where the cargoes are hauled from one mode of transportation to another for onward shipment.
In any of these transportation modes, there is the involvement of heavy-duty capital equipment requiring skilled labor to operate them which is a major addition to your overheads.
With hassle-free access to transportation business funding in Michigan, it becomes a lot easier to manage operations.
Of course, your overheads would depend on the specific nature of your operations. A small freight-forwarding or stevedoring operation or even both combined will just require payroll and office expenses.
However, any operation involving heavy haulage functions like trucking, container handling, or warehousing, will require capital equipment and skilled workers.
Meeting the recurring cost of running such operations is not easy as there is always the chance of cash flow disruption.
If you find it difficult to get funds to manage any such situation, don’t get stressed and start thinking, “I just hope there are sources of business funding near me.” Rest assured, there are reliable sources of business funding close by.
Tackle cash flow disruptions and meet overheads
Heavy-duty haulage equipment like freight liners, trucks, tankers, cranes, container stackers, etc. is capital-intensive not just to own but also to manage.
The transportation industry has to deal with two significant challenges – the high cost of operation and long payment timelines of 30-45 days.
If you have positioned your business to meet the cost of operation with the revenue you earn, you could be facing some tough challenges.
The long payment timelines can be coped with as long as you don’t face any unforeseen disruptions anywhere.
In business, you are never far away from a crisis. However, when you have easy access to invoice factoring finance you can handle such challenges quite easily.
Manage growth and expansion of business effectively
Every business must strive for growth and expansion which is consistent with competition. If you begin with one truck, it’s natural for you to think of owning a fleet one day.
Similarly, if you own a small warehouse, you would like to expand it with larger and more warehouses in other promising locations.
When you are doing well and revenues are flowing in, it is easier to save some of the surpluses for investments in business growth. However, for big investments in real estate, buildings or heavy-duty equipment, the capital expenses are going to be high.
With smooth and easy funding for business, you will be able to meet the challenges of growth and expansion without difficulty. For that, you have to find lenders who are reliable and understand your needs better.
Alternative Funding Group is a nationally renowned company that has lent over $250 million to businesses of all sizes across the country on easy terms.