Month: August 2018

Guarantees don’t happen.

When it comes to business, no one can promise immunity from market ups and downs. But even though no one gets any guarantees, businesses can still be ready for anything. Here are some ideas to get you started.

Keep an eagle eye on your budget. Watching levels of debt, cash flow, and expenses are always important. But you’ll be especially glad you did if the economy heads south. Always make sure you have enough cash reserves to handle emergency expenses.

Consider your debt. It could be time to look at how your debt is structured. Look at both your long-term and short-term debt; think about whether they’re both structured in the best way.

Meet with your lender. It never hurts to meet with your lender for a financial review, show them your current financial information and talk about the best way to resolve any issues. Ask if you’re eligible for Small Business Administration guaranteed loans.

Examine your insurances. Reviewing all policies can help you eliminate old or obsolete items and possibly lower your deductible. Examining life insurance policies can have some perks, too. It’s always good to know which policies let you borrow against them. Plus, if you review costs and shop around, you might find a way to get the same coverage for a lower rate.

An article from the American Bankers Association

What’s your secret sauce?

Success depends on plenty of factors – creativity, hard work and commitment, just to name a few. Business loans also play an important role. They help take businesses to the next level or push ideas from the drawing board to real life.

But tackling the loan process? That idea can sound overwhelming. Especially considering how busy business owners already are. A successful loan process isn’t a pipe dream, though. Consider these tips from the American Bankers Association.

Do your research. Lenders will need financial information to consider your loan. Walking in cold turkey can definitely make the process feel like just another giant job on your to-do list. Check out this collection of financial documents they’ll need to see and give yourself time to collect them.

Trust that honesty is the best policy. You’d never work with a lender who was less than truthful, right? So, don’t throw your lender curveballs, last-minute surprises, or small fibs about your financial situation. Being completely honest truly helps them give you the best possible rate.

Give yourself plenty of prep time. Look at this list of 12 questions and consider your answers. Knowing all the answers helps define any fuzzy edges your project may have and helps you feel more prepared when you’re ready to get down to business with your lender.