Applying for a Business Loan? 5 Tips for Success

I think the following raises some excellent points about Business Loan. I’ve included a few of the highlights for you to get the gist of the article:

Here are 5 tips for crafting a successful strategy for obtaining and using loan funds for your business:

1. Know Your Financing Needs

We often see entrepreneurs underestimate or have a lack of understanding about their financing needs. This is usually a result of these common mistakes:

Having unrealistic financial projections. The most difficult part of developing financial projections is estimating sales, particularly for a new business. A new business does not have a sales history to rely on in building the case for revenues, and consequently, entrepreneurs project sales based on a variety of financial models (i.e. those of similar businesses, breakeven, best-case/worst- case scenarios, gut feelings, etc.). More often than not, these projections are overly optimistic and paint a financial picture that does not reflect an adequate amount of money required to make the business succeed.

What do you think? Maybe you’d like to read on? Check out the full version here… https://www.toryburchfoundation.org/resources/finance/applying-for-a-business-loan-5-tips-for-success/ then give me a call to discuss how this might impact your own business: (0400) 032-110. Alternatively, email me at [email protected].

Thanks,

Bill Mitchell