Looking Good – on Balance – How to Make Your Business a Better Candidate for Financing
August 21, 2007
It is common for businesses to need conventional financing from time to time for continued growth and maybe even ultimate survival in the marketplace. What, if anything, can a small business owner do to make his company a more attractive candidate to obtain that financing?
There are several areas that are traditionally given a fair amount of weight by a lender when considering your financing request. If you give ample attention to these areas you can enhance, and in some cases assure your success in obtaining the necessary financing commitment that you are looking for.
First is the ever important balance sheet. Along with a supporting profit and loss statement, this document provides a prospective lender with an immediate and succinct overview of your company’s ongoing business operations and profitability, as well as a reasonable indication of where your company is headed in the near future. A balance sheet that is truly “balanced” is in effect a snapshot, if you will, of your company’s business at a particular point in time. It provides an effective tool when searching for the right financing.
Second is a strategic business plan. …
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by: Gary G. Breton , Esq.
August 6, 2007