Small Biz Tip: Managing Finances: Preparing for Financing

Tips from September 23, 2009

The Small Business tips today cover talking to your bank about financing.

  1. Know the facts, including the current state of economy and type of business you run & its success vs. the industry.
  2. Prepare documents, files, and reports to have available for banks. Do light research on various ways to finance.
  3. Evaluate your business financially. Use legit records and be honest. Know your net worth as well as annual and personal cash flow.
  4. Plan ahead and predict the future. Think about previous years and sales trends. Forecast monthly for the entire year.

Daily Overview: Be efficient and have all the information ready & prepared to talk to a bank about financing.