Oftentimes, small businesses begin on a hope and a prayer. Unfortunately, in order to ensure that a business is successful, entrepreneurs need a sufficient amount of capital to get things going. 37 percent of millennial entrepreneurs in the United States fund their businesses with credit cards. Without the proper capital, many entrepreneurs end up in debt and have to close their businesses or file for bankruptcy.
Additionally, with a new business, it takes a while to obtain consistent cash flow. Many entrepreneurs fail to realize that clients often take several days to a few weeks to pay an invoice. This requires businesses to operate with barely any revenue coming in. A majority of new businesses do fail because they are never able to generate enough capital to get out of debt or to sustain themselves.
Businesses that want to get a handle on their revenue should utilize automation software to ensure invoices are sent on time, every time. By using electronic billing, regular invoices are sent automatically and will eventually allow a business to build up a steady stream of income.