7 Ways To Improve Your Chances Of Getting A Small Business Loan

Some business’s live for a long time and never need any money from anyone. These companies are rare and eventually there comes a time in every small business when some kind of finance is required. Whether it is for expansion or to cover a cash-flow problem, eventually every business will need to get financial help at some point.

Financial help can come in many forms. Angel investors and friends and family are both popular sources of finance but both have drawbacks that should really make them a second port of call. The first port will probably be a bank loan. A loan from a bank has many benefits and for this reason many small business owners try to get help from the bank. But the banks are fussy, they have certain criteria and procedures that must be met in order to get your finance.

Below are 7 things you can do to make your chances of getting a small business loan much better.

1. Check your credit rating and if it is bad, make it better! It may take a little longer but you can improve your credit rating in a number of ways.

2. Keep your audited accounts up to date and have them on hand so you can refer to them if asked for info.

3. Update your business plan. If you don’t have one then you need to write one, even if you never intend to use it yourself.

4. Have a clear plan of action for the monies. The bank needs to know the risks. State exactly what you want the money for. What are you going to do with it?

5. Be prepared to talk figures. You will need to be able to discuss your business finances in great detail including next year’s profit and loss predictions.

6. Know what you want. You must understand that the banking institutions are in it for the money; they will look after themselves before they look after you. They may not offer you the best product for your business. Do your research before you enter the bank and check what other banks are offering.

7. Be sure that a loan is the right option. Loans are suitable for buying vehicles, buying property, etc. They are not really suitable for things like ongoing expenses and bills.

Remember that the banks want to lend you money; they don’t want to say no. If they say no then they aren’t making any money out of you but they still need to assess the risk and the best thing you can do is to paint a risk free picture by giving them as much info as possible.

Single Business Owners Need Love Too!

As a single business owner, your focus is and should be on your business. With no partner to assist you, it is easy to lose sight of “the grand picture” in favor of the “tiny details” that support and enrich a healthy lifestyle. The “LOVE” I refer to in my title is not just your love for your business, but a deeper and stronger love for yourself and others. So let’s talk about your busy life from a spiritual prospective.

When you get the idea for a business – it is all consuming. You eat, breathe and sleep your new business. You research, plan and plot the ways to bring this “idea” into fruition. During this time – time for you is a distraction. Not really your focus.

So, now the plans are in place, the business is running and my question to you is now What? Now is the time for you to make sure YOU are taking care of yourself for both the long and short term. When you are single, at some point, you start thinking about a partnership on a personal level. This would be the time for you to Stop, Sit Down and Get to know you!

Just for today, I want you to take a few minutes to focus on YOU! Yup, that’s right. Walk away from the computer. Put down your PHONE and relax. This does not have to be a long process, but it should be a daily process. Turn your phone OFF- for at least a few hours every day. This allows you to rejuvenate yourself, to bring the YOU back into the equation.

In business and in pleasure, people are attracted to authenticity. In other words, clients and mates want to SEE the real you. You do not have access to that person if every hour of the day you are online, texting, FB’ing, emailing, etc. You have to have down time to rejuvenate.

You can start before you leave your bed in the morning. Instead of leaping from the bed and running for the shower, use the minutes before you truly wake up to connect to your God in a personal and private way. Thank God for waking you. Ask your angels to assist you during the course of the day. Be focused on just this moment every day- you will be stunned at how well this will work.

To be in business you must have PASSION! No business can be successful without it. It is the driving force of what YOU seek to bring to the world. But don’t use all your passion in your work. Since you are still looking for a mate- get out there in the Real World doing the things that only you can do.

Use that enthusiasm to volunteer your services. Many cities have professional business volunteer groups and pool their needs into one easy to search website. Find a group of like minded individuals (they don’t have to be business minded, but should share your real life philosophies) and meet with them at least once a month to discuss whatever topics you would not discuss with your business clients. In other words, get out of yourself! Look for network opportunities that are more formal in nature. That could be a sit down meal, gala or other function, not just networking events. These types of events allow you to talk to lots of people without beating them over the head with your business information. The structure demands manners and civility- and both go a long way in business and pleasure!

The beauty in this is you won’t wake up in 20 years, a huge success with no one to share it with. The world needs your creativity, your passion and your joy. By making and sticking to personal boundaries, you will make yourself a happy and truly authentic person who is a joy to be around.

Here’s to a prosperous and successful business. Good luck in your search for both a mate and yourself!