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In the manufacturing world, there are plenty of behind-the-scenes activities that do not get the fanfare they should for the contributions that they make to a company's success. The logistics department works hard to find cost-effective ways to move product from one point to another. The finance department develops investments and ideas that the company can use to make its money work smarter. The production department spends a great deal of time finding new ways to manufacture products with greater efficiency. But none of these departments get the chance to do their jobs if research and development is not strong.
What exactly does a research and development staff do for a company? Without research and development, none of the company's new ideas would become reality. The research and development team is the one that puts in countless hours to make the seemingly impossible, possible. These are highly skilled research scientists and engineers who take the time to look at all of the possible angles for a product and then come up with a prototype that will impress the board of directors and the investors. Not only that, but the research and development crew also has to find a way to make the product economical and at a price point that will sell. It takes a lot to be a research and development specialist, and these are the professionals that get paid the big bucks for their hard work.
Everything Starts With Research And Development
By the time the marketing plan for the brand new product has just been released, the research and development department is already working on the next generation of products. In some industries, research and development is critical to a company's success. For example, the computer processor industry has seen hundreds of companies go bankrupt because they just could not maintain a brisk pace of research and development. The companies that were able to release new processors that delivered the features clients were looking for were the ones that were able to survive. The rest faded into the distance and never resurfaced.
Everything to do with a new product or service starts with research and development. Most companies that do tours of their facilities will not include the research and development department as part of that tour. The most closely guarded secrets of any company can be found with the research group and those secrets can often be worth billions of dollars. The latest innovation that will shake the industry to its foundation will come from some clever company's research and development group. That new upstart manufacturer will suddenly grab a huge part of the market share because of its research and development group. It all starts with research and no manufacturer can survive without a strong development team.
Research And Development Requires Significant Corporate Resources
As the manager or owner of a manufacturing company, you know the cost requirements of a research and development department. The board of directors for your company will often question you for hours about the money being spend by R&D. But when those dollars are turned into a the newest industry innovation, then all is forgiven until the next research project gets underway. A good research team requires state-of-the-art equipment, the best possible supplies and the most experienced talent. Without a strong research staff, your company is not going to be able to create the innovations that will put it ahead of the competition.
Within the research staff are several levels of employees ranging from inexperienced research assistants to the brightest and most experienced research professionals in your industry. The scramble to hire the best research personnel in strong in every industry and to remain competitive your company needs cash. You need to develop the kind of reputation that will get the best scientists and engineers to come work for your company and you get that reputation by investing in the best equipment and meeting payroll on a regular basis. The R&D payroll burden is significant, but it is one of the most important payroll obligations your company will ever make.
Real-Life Corporate Financing Is Nothing Like The Movies
For some reason, the research and development department idea has become a very popular part of Hollywood movie plots. When the company owner needs to put his R&D department over the top to develop that one product that will bankrupt the competition, he gets his payroll funding from a bank that just happens to believe in the future of the company. Hollywood always forgets to mention the interest debt that comes with bank lending and it also leaves out the fact that bank lending has maximum limits that could put the company in a bind in a real emergency situation.
In the real financial world, receivables-based lending is the best way to fund your R&D payroll and keep your research staff happy. Your invoiced sales are the lifeblood of your company, but past due invoices can slow cash flow to the point where you are going to struggle to make payroll each pay period. But receivables-based lending will turn those past due invoices into cash and use all of your other outstanding invoices to create the kind of cash flow your company needs to keep the innovations coming and get that new product to market long before the competition can.
Use Your Company's Financial Strength To Fund Its Future
Your sales department works hard for the invoiced sales your company uses as revenue. If you want to keep your company moving forward, then you will need to find a way to turn those invoiced sales into cash immediately. 1st Commercial Credit is a receivables-based lender that will use your invoices as collateral against cash advances that will go directly into your company's bank account. We advance you the face value of your outstanding invoices, minus our lending fee. We will work with you to approve your invoices and establish the credit status of your clients. Once there are approved invoices, then we can turn those to cash in 24 hours or less.
We do not require your credit profile for the application process or for any transactions we will do with your company. All of the approvals we make are based on the credit scores of your clients. We do not charge set-up fees and we do not have hidden fees. We also do not have any per month or per invoice minimums that can slow down the entire process. We know that you have a research and development payroll to meet immediately, and we have the resources and tools you need to make sure that your R&D staff keeps working and creating the innovations that will make your company an industry leader.
1st Commercial Credit has flexible receivables-based lending tools that will help your company to meet all of its payroll obligations. You can use our simple online application to get the process started, or you can contact one of our experienced financial associates by phone. We will give you the sustained cash flow you need to meet payroll and advance your place in your industry.