Top 5 Ways to Kill Your Chances of Getting Business Financing

As I’m working on various financing engagements, I’ve noticed a trend of behaviors and am using this avenue as a therapeutic sounding board.  This article is dual fold.  It’s a chance for me to rant and get some things off my chest while providing constructive feedback to you as to what NOT to do when searching for business financing.

There are ways to present yourself and ways NOT to present yourself.  Today, I’m going to focus on my top 5 ways to kill your financing chances in hopes that you can avoid them.

1) Not Answering Questions Completely or Honestly – Nothing will ruin your credibility faster than being evasive with your answers; or worse, not being truthful.  If you’re hiding information that is later caught, it makes me wonder what else you’re hiding.  Your credibility is shot.  Some people want to put a rosy face on a less than ideal situation…well don’t.  In order to find you the best financing for your business, it’s important to disclose the good, the bad and the ugly.  No business is perfect and these flaws WILL come out in underwriting.  So be upfront…show everything, warts and all.

2) Not Following Through on Your Commitments – If you commit to providing information by a certain date, call back at a specific time, or meet at a certain time, etc. and don’t follow through as promised, you’re viewed as undependable and unprofessional…and nobody wants to deal with that.  Say what you mean and mean what you say.  If you follow through on your commitments, your clout goes up dramatically because of all the mediocrity in the world.

3) Radio Silence – If you think being late with your commitments is bad, going underground and ceasing communications is equivalent to you saying that you don’t want your deal done.  Aside from a family emergency or something life threatening, I can’t think of any other reasons that are acceptable to just stop communicating.  “But I’ve been soooo busy”, you might say.  SO WHAT!  I’m swamped and put in 14-16 hour days and don’t need or want to hear excuses like that.  Please remember to stay in constant contact.

4) Sloppy and Unprofessional – When information presented is sloppy and unprofessional, it shows little care was used when preparing it.  Many conclusions can be drawn, whether true or not.  Maybe they’re not smart; maybe they don’t care; maybe they’re not serious.  Whatever the conclusion, it will not help you get your financing.  Make certain to prepare as if you’re providing the financing and ask yourself what you would want to see.

5) Form Over Substance – If you find that funding sources are cutting meetings short or they don’t want to have them at all, chances are you’re providing form and no substance.  What’s this?  It’s when you talk a good game and it ends there.  You might get lucky and schedule a meeting or two, but when they catch on that the magic ends there, so will your meetings.  Don’t discuss business philosophy or high-level theory.  Have specific, concrete information about your company, why you need financing, how you’ll pay it back, etc.

BONUS:  Here is a sixth way to kill your chances to get business financing…

6) Not Saying “I don’t know” – It seems simple but so many time people will stumble their way through trying to answer a question instead of just saying “I don’t know”.  We’re all human.  It’s OK to say “I don’t know; I’ll have to get back to you with an answer”.  Don’t guess, or worse, make something up.  Trust with others is always easier to build when you’re honest.

How to Get Business Funding

It does help to know how to get business funding before submitting an application to commercial finance lenders. When entering the realms of the business world, it is advisable to make use of the expertise of business finance consultants.

1. These experts usually provide a full service to the business owner.
2. Business finance consultants understand how business works.
3. If a business is experiencing difficulties, they can help pinpoint trouble spots by means of figures and facts.
4. Such a professional will explain how to get business funding that will benefit the particular requirements of a business.

Commercial finance lenders provide a similar service and follow a similar process.

1. If the business owner wants to give an application a good chance of approval then transparency is paramount. Good business practice is dependent on all concerned to be as accurate as possible regarding a situation.
2. Commercial finance lenders want to know the applicant has the skills to run a business. This will ensure they get their money back.

Finding out how to get business funding is the start of the process. Having all the right information on hand makes a business an attractive option to business finance consultants. The end result should be an agreement that is conducive to good business for all those involved.

Not knowing how to get a business loan is nothing to worry about. There are plenty of brokers who can help you. It would be best to consult one to see what corporate business loans options are available to you.

Homework Doesn’t Do Itself – Stop Stressing and Get Busy

Are you the king or queen of procrastination? Do you just not see the point in planning ahead? But then, are you at the peak of your stress level when the deadline is right around the corner? If you answered yes to any of these questions, well, you just have to face the fact: homework does not do itself! So, here are 5 ways to stop stressing and get busy.

1. Take time to save time. Look at the big picture then break it down. At the beginning of every school year or semester, teachers hand out a syllabus that lays out the course requirements. This gives the outline of what chapters will be covered when and due dates for homework, papers, projects and exams. The problem is that most students take more than one course at a time and often several. That means there are always many long boring chapters to read, many papers and projects to work on and many tests to study for and they all seem to have deadlines that coincide.

Just digging in is one approach but if you get so caught up in one assignment, deadlines for others creep up then suddenly hit – leaving you unprepared. Here’s where the big picture approach helps.

While each course syllabus provides an overview of course requirements for the semester, students need to break it all down into monthly, weekly and then daily plans. This requires time that some might think can be better spent on actually doing the homework. Experience shows otherwise: time spent now will be worth it in the end.

2. Start with the quick and easy. Some assignments are huge while others are simple. When there are numerous assignments, it feels overwhelming. By quickly cranking out 3-4 short assignments and leaving 2 medium and maybe one large, accomplishment is achieved with a sense of control and relief.

3. Break it down. Tackle the big project or paper by breaking it up into parts and setting dates to coincide with completing each part. Again, map this out at the beginning of the semester.

4. Read in a whole new way. Those long, boring reading assignments can kill a person! Don’t just sit down and start reading. The first step is to get the big picture of the reading assignment. Find the beginning and the end and then flip through the entire assignment to assess how much there is to read, the general layout of the reading, (are there charts, diagrams, special interest stories, pictures?) and the basic outline of the content. Ask yourself what you will be reading about and estimate roughly how long it will take. Now you can assess when the best time will be to do the reading. If it is a quick read, do it now. If it is a long read, plan a time when you can take it on in one setting. This will help you get the most out of the reading assignment.

5. Have fun. College is not all about studying. There are so many activities and just plain old hanging out. Taking advantage of all can result in graduates who are well-rounded and well educated in academics and life experiences.

So, take time at the beginning of the semester to look at the big picture and get organized. You might be surprised when you find just how much can be accomplished that is not all work and no play.

Copyright ©2009 Gloria Howell

Getting Business Insurance Quotes

No matter what type of business insurance that you need, you have to start the search with getting quotes. To be sure that you are getting the right price and coverage for your business, make sure that you are getting quotes from several different providers before settling on one. If you already have insurance coverage but it is time to renew, then look for quotes that might start with the current provider, but let them know that you are shopping. If you do not have insurance coverage, especially in the case of the new business owner, you have to start with figuring out what kind of insurance coverage you need and what you would like to have.

Identify your needs

Before you can start getting business insurance quotes at all, you have to know what you need. Are you just a small company starting out? Are you a large and expanding company with a lot of employees? Different sized companies have different needs and different legal obligations. Do you know how many employees you can have without having to legally provide health insurance, for instance? You can get a business insurance quote that takes into account not only the business and physical property but the health and safety of the employees as well. If you have to provide health insurance for legal reasons, you need to investigate all of the different plans and options to make sure that you are providing the best coverage for your employees at a price they and the company can afford.

Research different options

Getting business insurance quotes may not be as simple as getting quotes for car insurance; however it takes some of the same skills. First, you have to know what coverage you are looking for and what you do not really need. Second, you should know that sometimes it is necessary to look at the big picture before you can tell if you have the right option or not. For instance a health savings account in addition to other health insurance coverage may not look like it is a good value at first, but if you break it down to the cost and additional benefits over a year’s time; it becomes apparent that it is the better option in a number of cases.

You are not married to your agent

Even if you are married to your agent, you should have a strong enough relationship to say “honey, I have found better coverage with a better price” and move on. If the agent that you are currently working with cannot help you find a comparable plan package to the other companies that you are getting quotes from, they are not the company for you after all. Just because they have satisfied your insurance needs for year does not mean that they will be able to continue to do so forever. The rules and regulations of insurance needs change frequently and so do the packages and premiums that you will pay for them. When it is time to start looking for new insurance, it is fine to start with your old agent but never let that be the only place that you look.