|
Certainly veteran small business loan information is
important to helping you succeed in your business. Here are some
resources to help you along the way:
The Primary Cause Of Business Financing Frustration
By Brent Finlay
Finding proper financing is not easy at the best of times for most small and medium sized owners and managers.
There are a number of reasons that collectively explain why the financing market can be so difficult to understand and navigate.
But probably the single biggest reason is the lack of useful information about how the financing market actually works.
Business financing information and education sources predominantly come in two forms: 1) Text books; 2) Major bank advertising.
If you've ever read through a educational finance text book or taken a financing course, you already know how difficult it can be to apply the theories, principles, and strategies to a small or medium sized business.
Our formal education system provides limited information as to how the market place works, how to plan for financing requirements, how to manage periods of growth, decline, transition, start up, etc.
Sure academic books and courses can go through all these areas in great detail, but is the information practical, real world, something you can relate to and apply yourself as a manager or owner of a small or medium sized business?
In most cases, the answer is a resounding NO.
Most finance text books speak to big financing dynamics that are not easily transferable to small and medium sized scenarios.
Outside of the formal education system, the next great source of financing information is the information provided by the major banks, which they tend to make available to you by the boat load through their broad based marketing campaigns.
Unfortunately, the information by itself seldom helps you determine if a particular institution would be able to provide you with financing, or what would be required to qualify for a loan.
The good news is that financing sources continue to grow in numbers as more and more lenders carve out a particular piece of the market to service.
In order to take advantage of these alternatives, you need to have a solid approach in place when seeking financing.
Here's a short list of things to consider
VoIP Subscribers on the Decline
Ofcom reports a drop in VoIP subscribers in 2008. <a href='http://www.voipuser.org/forum_topic_13813.html' >Read More...</a>
News In Brief
The Summer Lull is upon us, as everyone heads out on vacation. Here are some news snippets from Jajah, Fring, Freeswitch, Truphone, Palringo, Counterpath and more... <a href='http://www.voipuser.org/forum_topic_13811.html' >Read More...</a>
FreeWorldDialup Moves to Paid Model
Free World Dialup is implementing a $30 USD annual membership fee during the month of August after 12 years as a free service. <a href='http://www.voipuser.org/forum_topic_13749.html' >Read More...</a>
Building Telephony Systems with OpenSER
An attractive new book from Packt aims to bring newbies up-to-speed with OpenSER <a href='http://www.voipuser.org/forum_topic_13641.html' >Read More...</a>
iPhone. Do I, don't I ?
Did you? <a href='http://www.voipuser.org/forum_topic_13570.html' >Read More...</a>
Low Cost and Mobile VoIP
A new industry standard looks at the disruptors in the moble VoIP business... <a href='http://www.voipuser.org/forum_topic_13545.html' >Read More...</a>
One Small Step Towards VoIP for Cellcos
The GSMA's trial of SIP-I is a first step to VoIP federation between operators, and higher voice quality. <a href='http://www.voipuser.org/forum_topic_13544.html' >Read More...</a>
iPhone Fever Comes to Truphone
Truphone have their own iPhone launch-day, allowing VoIP over WiFi on the iPhone <a href='http://www.voipuser.org/forum_topic_13484.html' >Read More...</a>
Ribbit Sells for $55 Million
Rumour has it that BT has bought Silicon Valley-based Ribbit. But could BT have just jumped on a train instead of a plane? <a href='http://www.voipuser.org/forum_topic_13482.html' >Read More...</a>
Ribbit , have they havent they?
VentureBeat reported that the company was close to being acquired by British Telecom (BT), but later changed their story. <a href='http://www.voipuser.org/forum_topic_13468.html' >Read More...</a>
Femtocells: What is in it for us?
Knowledge of femtocells in the consumer space is currently at absolute zero, so there is a huge education task in front of the cellcos <a href='http://www.voipuser.org/forum_topic_13421.html' >Read More...</a>
Is the economic downturn good for VoIP?
VoIP User members discuss how an economy in recession might affect take-up of VoIP services. <a href='http://www.voipuser.org/forum_topic_13401.html' >Read More...</a>
/>
>>> Develop a solid, ongoing, understanding of both your personal and assets, income, and cash flow.
Regardless of the financing model, these elements will always come into play to some degree.
Being able to demonstrate a solid understanding of your financials is also an indication of your ability to manage the underlying business.
>>> Monitor and manage your personal and credit.
Small and medium sized financing is focused on both personal and credit histories.
Regular reviews of both personal and credit reports from the major credit reporting agencies are important to avoid errors and credit practices that can severely damage your borrowing power.
>>> Develop your marketing position.
Yes, seeking financing is a marketing exercise.
When applying for financing, you're marketing your to lending sources and they in turn are marketing their financing programs to you.
Think of the lender as a customer to better understand what they're looking for. Then, develop a proposal that addresses all their potential needs and concerns.
>>> Research Lending Sources
There are lots of financing sources. But there is also lots of variation in the types of applications each one is prepared to consider.
Broad based lenders rely on credit history and net worth. As you get more specific in terms of financing application and industry, lender programs become more narrow and can be harder to locate.
You need to consider things like industry, sector, and geography when looking for financing sources.
Financing consultants and loan brokers can be an excellent source of information to aid you in this process.
>>> Qualify The Lender
Before you make a formal application, find out if the lender has the programs and lending track record to meet your specific needs.
Too often, the lender is doing all the qualifying.
>>> Compare your options
Depending on the scenario, there can be several financing strategies that could work for your business.
Make sure you take the time to compare before making a decision. The extra time spent could save you considerable time and money in the long run.
>>> Start Today
Regardless of what your financing needs are right now, you should regularly invest time staying on top of your financials, monitoring your credit, and researching financing sources that fit your industry and potential future requirements.
When the time comes to acquire capital, your proactive efforts can make all the difference in getting the capital you need with terms and timing that are acceptable to your business.
Brent Finlay makes it easy to understanding business financing. Learn how to locate and secure proper financing for your business. To receive your free 6 part mini-course visiting the business loans
|
|
We hope you found this veteran small business loan information to be helpful.
|
