When you are evaluating different financing options for your business, one key aspect to consider is the interest rate. Make sure you consider all available sources of financing and then compare interest rates, grace periods, repayment schedules, and monthly payments. This can help you head-off cash flow issues in the future.
Does networking make you feel nervous? Put yourself in the mindset of a host to feel at ease! Ask others how they’re enjoying the event, why they came out, what they’ve learned…. you’ll be amazed at the confidence you feel and the natural conversations that flow!
Contributing equity shows that you are personally vested in your business. Lack of personal equity is a red flag for lenders, who want to see that potential clients believe in their venture and are willing to invest their own personal finances to help the success of their business. If you’re lacking personal funds to invest into your business, consider MBO’s Impact loan program. As a government-backed loan, Impact is considered personal equity when other lenders evaluate your business for financing.
Before working with a consultant, ensure you have a firm plan of action prior to signing a contract. All parties should know upfront the scope of work to be evaluated. You must also ensure that confidentially is discussed before, during, and at the conclusion of the project.
In order for an external consultant to fully understand your business, they must have a complete picture – the good, the bad, the financial issues, etc. Do not hide negative aspects of your business, as the consultant will need full knowledge for their work to be successful. Give them the freedom to discover the underlying issues in your business, so that they can use their skills and knowledge to help your face its challenges.
Step back from the sales pitch! Build your social media audience with valuable content – entertaining posts, educational tips, and interesting information. Keep it on brand and appealing to your audience by making sure your content aligns with your business vision. However, make sure to include a Call to Action so your content can convert your followers into customers!
Managing your business debt and loan repayments can seem daunting, especially when you are repaying various sources of financing. Entrepreneurs should maintain an open and honest relationship with their lenders, even during financially challenging times. It is also good practice for business owners to be stay involved in managing their finances, and not rely solely on their accountants for updates on their financial situation.