Things you need to consider in financing your business:
- Know the experience of the lender you intent to do business with.
- Network with other business owners so you know whom to approach and if they have the right experience.
- Be well prepared (That is where we come in and can help). This means going with as much information as possible. Being well prepared will help your lender get to a YES answer.
- Make sure from the outset that both your short and long term loans are properly structured.
- Always ask for financing that meets your needs, and not what you think the financial institution will approve.
- Understand that the maximization of long terms loans can help to provide much needed working capital critical to any business.
- Plan ahead always. Give your financial institution plenty of time to process your application. This will avoid many headaches for you the business owner.
- Never use an operating loan to acquire a fixed asset hence the comment plan well in advance of your need.
- Use where possible the various Federal Government Small Business Loan Guarantee programs.
AVOID PROCRASTINATION BEFORE ALL OF THE ABOVE!
At Labrecque Business Consulting we have a passion for business and a desire to help. We understand that business owners do not have the time or an understanding of why financial institutions ask for certain things. It can be come a frustrating experience but with our inside knowledge, we will do all of the legwork for you. We are here to help you find the right financing solutions for your business. We have the experience that you can count on!
Here is how to contact us:
-Write us at P.O. Box 20067, Qualicum Beach, BC V9K 0B1