Here’s a few things to get and keep your business funding in the eventuality that you may need to access funding for your business.
Firstly, what do we mean by “funding ready”? This simply means that you have everything you need ready when you are about to apply for finance. This means you know the general requirements as well as specific requirements and you’re ready to prepare your funding applications.
Know what you need funding for
As you review your cash flow projections or your growth plans, you will pick up your needs for financing. You may need financing for current operations or to buy assets or expand operations. Depending on this, you will know the kind of financier you need to approach for finance.
Know the requirements from financiers
Depending on what finance you need, financiers have differing requirements. Knowing the minimum requirements and where your business stands in relation to them is vital in saving time and effort in the long run.
When you know what the basic or minimum requirements are, you are able to get those together beforehand as practically as possible. We will be discussing what financiers need in the upcoming blogs, so stay tuned.
Keep up with your administration
All financiers conduct a basic level of due-diligence in assessing if they should lend your business money. They not only look at the business, but also the business owner. So make sure you make supplier payments on time and keep up to date financial records. This shows that you are serious about your business and the financier is more likely to take you seriously.
Prepare your funding pitch
Whether you are needing finance for day-to-day operations or for growth, as the business owner, you must be able to articulate what you need, why you need it and what the finance is going to yield in your business and for the financier. There’s nothing more off-putting for a financier, than a business owner that cannot express the need and end result. Preparing your funding pitch will help you articulate all of the above and give you the confidence you need to face the financier.
As your trusted business partner, SBS is always here to help and we play a vital role in helping our clients get and stay funding ready. Contact us if you need more help.
