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Business owners need to start bridging the gap between themselves and their sources of funding, to get over the barriers of communication and start speaking the same “language”.
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GET FUNDING FOR YOUR EVERYDAY
BUSINESS
Part 2: How To Grow Your Business With Other
People’s Money
Lost in Translation
Entrepreneurs and small business owners know their product very well, the services they offer, how to market, how to sell, but they aren’t always familiar with the needs of the business.
They know they have a good business plan, but they don’t know exactly
how much capital the need to fulfill that plan.
So when these entrepreneurs and small business owners approach banks and investors without a clear idea of how much money to ask for, or asking for funding for the wrong reasons.
Most business owners approach banks for money to fuel their company’s continued existence; pay the bills, fund employee payroll, purchase equipment.
• “How is your cashflow?” • “What does your balance sheet look
like?” “What are your long-term plans?”
• “How do you intend to grow your business?” “How will you pay me back?” or
• “What returns can I expect?”
But banks and investors are asking questions like…
Banks and investors aren’t asking these
questions to be difficult, they’re like doctors
asking the questions to assess the health of the
company.
Most business owners haven’t spent much time
building relationships with the bank or
investors BEFORE they need funding. It’s like
trying to get money from a total stranger. Do I
know you? Where’s the trust? Where’s the
credibility?
Business owners need to start bridging the gap
between themselves and their sources of funding,
to get over the barriers of communication and start
speaking the same “language”.
Continuation in Part 3
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