Recently, a survey asked successful entrepreneurs as to the elements that influence the success or failure of a business startup. The 549 founders of different organization came from all industries, including computing, electronics, aerospace and health care. For them, the critical factors to success are: learning from past mistakes and successes, work experience, good management team, and good luck. In addition, 98% of them mentioned the significance of prior work experience. Interestingly, a strategy known as invoice factoring was mentioned by some of these respondents.

Some of the most common questions on the government's Small Business Administration (SBA) website are: How do I get a small business loan ... or grant? What's the best way to launch a business? How do I look for an investor for my business? On the SBA's Guarantee Loan program, what kind of interest rate, terms and fees are required?

Following are some real tried and true financial aids that can help any business prosper, as small business entrepreneurs head into the year 2010.

The first reason is do not waste money! By using good financial options, you can stick to the plan to help reduce operating expenses. Re-evaluate your expenses to make sure you're not paying double for anything. You can assess your financial health quarterly - taking the time to review and make adjustments in the expenses. You will definitely find areas to cut back. Do you lease or rent a vehicle? If so, be aware that buying a company vehicle is better since in can be reflected on your company tax returns and can be depreciated. In this sense, you will get a higher return on investment when this vehicle is paid off instead of when you lease it. But consider leasing your company's computers, which is usually a tax deduction, so that you can always trade them in for newer technology when the time comes.

Another great financial tactic is to use invoice factoring for your outstanding invoices. An invoice that won't be paid for 60 to 90 days isn't doing your company any good today. But if you're fortunate enough to find a factoring company that will purchase more outstanding invoices, then you can certainly use the funds to develop your business. Several factors nowadays do what is referred to as "single invoice factoring" where they'll spot one invoice at a time.

Accounts receivable factoring is especially useful if you need cash in a hurry since once a factor receives your application and reviews your invoices, you can receive payment within as little as 24 to 48 hours after they've pre-qualified the vendor that owes you the money. In this financial option, your credit history is not assessed, but your clients will be - so be certain that they're as creditworthy as they can be.

Just like any financial institution, factoring companies shall charge you with a fee. First, the factor would want to examine your invoices and assess the creditworthiness of your customers. Also, get ready with these documents because the factor would need these: a current financial statement, an accounts receivable aging report, a certificate of incorporation or partnership agreement, proof of insurance, invoices and other relevant papers.

A factor shall take charge of collecting your receivables, so they'll want to ascertain that your customers pay their invoices on time. Once it is clear which invoices will be due for factoring, then the factor will advance you the money, say 80% now and 20 percent later, when the customers pay their invoices.

Charges for this type of service range anywhere between 3% and 7%. Factors' fees vary depending on the size of your invoices, your customers' creditworthiness as well as the number of days (30/60/90) until the invoice is due.

You can visit www.ifgnetwork.com to learn more about invoice factoring.