Being successful in business requires expansion of operations, retail stores, more inventory, and an increase in personnel. The ability to expand depends upon access to financial capital and successfully acquiring funding for your small business. Here are 4 habits we have observed among thousands of our customers who have been approved for business funding.
You need a financial budget. Your bookkeeper, accountant or finance assistant can help prepare this. The servicing or repayment of small business loans is often underestimated and can cause default. Planing is critical and be sure to read more tips on applying for small business funding.
2. Revenue Projections
Small businesses typically service a defined geographic region and it is very important to model in seasons & climate factors when demand forecasting and projecting revenues. Many businesses face unforeseen events based on climatic factors. Our clients include many small businesses operating in specific regions across the USA . Learn how these successful small businesses avoid funding traps by correctly forecasting revenues.
3. Monitoring cash flow
We are very experienced in providing merchant loans for small business. Cash flow can be unpredictable, Repayment of loans is often structured as a percentage of credit card transactions. This makes it very important to monitor cash flow. Whereas traditional lenders impede small business with complex funding application forms, we have access to a wider range of financial lenders who provide competitive merchant processing loan rates.
4. Maintaining healthy business financials and bank statements.
Preparing your business for funding commences months before the application process begins with diligent and detailed book keeping and accounting. Make sure you have this checklist covered before applying for business funding.