OFFICIAL BLOG FOR BUSINESS FINANCING SOLUTIONS

KOMPASS FUNDING: MORE THAN JUST FINANCING

Welcome to Kompass Funding’s Official Blog.

Our blog contributors cover several different topics ranging from industry trends, alternative funding solutions, and helpful tips for small business owners. Our goal is to be a financial resource and help discover different sources of funding and ways to evaluate your business.

We also want to keep it personal. We will be sharing employee and client spotlights to show you the team behind our services and clients we have helped along the way.

If there is a subject you would like us to cover, please feel free to write to us at clientsupport@kompassfunding.com and we’re happy to share insights from our leadership team.

Thank you all for your interest and partnership with us. We are excited to continue connecting with you and help you overcome financial hurdles and grow your business.

OUR LATEST BLOGS

Inflation isn’t done yet – but for small-to-mid-sized businesses, there are alternative ways to weather the storm.

Recently, Kompass Funding conducted an online poll, specifically regarding finding new workers, retaining talent, inflation, and cashflow. Unsurprisingly, one of the biggest concerns companies face today is inflation. We’ve seen record-high PMI statistics over the last two months, and it’s no surprise that owners are looking for outlets to cope with rising costs.

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Alternative Funding Provides the Engine that Keeps Wireless Running

“The demand for subcontractors and general contractors from the crush of 5G build projects snowballs into the need for cash flow or capital to continue to run these businesses,” Tom Joerger, Kompass Funding Director of Operations said. A critical resource helping companies to make payroll and cover operational expenses during this time is alternative funding, a solution offered by Kompass. This engine keeps companies moving forward at full speed.

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Kompass Kapital Funding helps to strengthen startup companies by increasing their working capital.

The Situation: A startup company specializing in 5G underground boring, a method of installing underground utilities including pipes, conduits or cables, was winning numerous new projects and were in high demand; however, they struggled to come up with the capital to purchase new equipment and hire additional employees, two necessary components in order to continue to scale their business. As a startup that opened its doors in early 2022, the company did not attempt to seek out traditional funding such as a bank loan.

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Welcome Ops Analyst, Will Downey!

And our team continues to grow! We are so excited to have another Kansas native join us, Will Downey! Will is an avid Kansas City fan who is the type of guy you would want on your team during trivia night.

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Meet our new Division Manager, Tom Joerger

Someone once said, “time spent on hiring is time well spent”. That statement could not be truer about our newest team member, Tom Joerger. We are excited to welcome Tom as a division manager focusing on divisional strategy, product development, marketing, sales, and distribution.

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Team Spotlight: Ben Hagenkord

For this week’s blog post, we feature a team spotlight on our newest member, Ben Hagenkord! Ben recently graduated from Kansas State University (Go Wildcats!) and joined Kompass Funding as our account executive. In his role, Ben will be focusing on building and managing client relationships across our factoring division, while also assisting with portfolio management and underwriting new opportunities.

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Kompass Funding Adds Team Members

Kompass Funding, based in Overland Park KS, recently added two new team members to its organization. Tom Joerger joined as a Division Manager and Ben Hagenkord will serve as their lead account executive.

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How to Choose the Right Lender

As members of a large industry, we want to help clients find the right financial partner with the right solutions to ultimately help their business grow. With hundreds of different options out there, we are often asked by potential clients “what should I be looking for in a lender?” As a lender ourselves, we want clients to look for 3 key characteristics before entering a relationship: curiosity, mutual benefits, and multiple funding options.

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Invoice Funding Made Simple in 4 Easy Steps​

Applying for an invoice funding program can seem like a daunting task, especially if you do not know what information and documents you need to apply. From the first interaction all the way to initial funding, we compiled every action and documents required during each step below. Keep in mind, some applications may be different but generally request the same information.

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One stop-shop for Logistics and Invoice Funding

In the trucking world, there are lots of moving parts (literally and figuratively). Literally in the sense that goods are being shipped across the country and figuratively because shippers and carriers are constantly being matched to determine optimal routes for shipments.

Another important moving part is cash. For many carriers, sometimes it can take a couple weeks for brokers to pay for their loads. This can cause a buildup in invoices and a gap in cash flow, especially if truckers are hauling every single day.

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What is an Aging Report and why does it matter?

A key tool for success for small and mid-sized businesses is an aging report. But what exactly is an aging report and why is it so important?

An aging report is often referred to as account receivables reconciliation, which is essentially a compilation of all your invoices.

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Get to know our CEO: John Minnis

Some of you may not know who is steering this ship and that is why we wanted to do this week’s team member spotlight on our fearless leader, John! John’s role spans across all aspects of the company including business development, underwriting, relationship management, finance, and marketing.

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Funding for an Uncertain Future

Although the ripple effects of COVID-19 are still prevalent today, we want to take this moment and recognize people’s adaptability and resilience over this last year. Many of us turned bedrooms into offices, living rooms into gyms, and kitchens into personal 5-star restaurants.

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What are the differences between invoice funding & a bank loan?

When business owners are faced with financing and funding challenges, many of them will turn to banks for help. And in some situations, bank loans make sense! However, invoice funding can also be an option to help with cash flow needs. That is why we pulled together some of the key differences between invoice funding and bank loans to help determine which option may make the most sense for your business.

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What is Supplier QuickPay and how does it work?

According to the SBA, 99.9% of all businesses in the US are considered small businesses meaning they have less than 500 employees. At the same time, small businesses tend to work with over hundreds of suppliers! We’ve found that for many business owners, managing supplier payments and their accounts payable can be a challenge.

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Get the funding you need, when you need it.

Give us a call to discuss your business funding objectives, so our advisors can show you examples of similar businesses leveraging cash-flow solutions to scale their business quickly. 

You can customize and manage how you want to factor with Kompass Funding, so you get the funding you need, when you need it. Our clients can even avoid waiting 30 to 60 days for your customers to pay invoices, we pay you the amount of the invoice within 24 hours and assume the risk of collection.

Now you can focus on growing your business. 

Let's talk.
Call us at 913-728-0530