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Old 14th February 2010, 09:40 AM   #11
envisionary
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The biggest issues seem to be 1) cash flow and 2) financing. Most businesses that we talk to are more concerned with collecting those A/Rs than they are with getting a loan. With the economy hitting everybody so hard, the consumers are simply choosing not to pay on their accounts and the businesses choose not to pursue collections for one reason or another. We help them with both sides of the equation - helping them increase the A/R but doing it in a way that the consumer appreciates their consideration. Very cost effective and the business retains both the customer and the cash flow.

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Old 15th February 2010, 03:43 AM   #12
David Morson
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I think that Capital raising is the biggest problem which is faced by the small businesses and mostly small businesses face capital shortage problems and they find it difficult to expand their business due to capital shortage problem.

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Old 1st March 2010, 03:03 PM   #13
SmallBusiness1
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definitely cash flow, businesses need to preserve cash and keep overhead low..

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Old 3rd March 2010, 07:26 AM   #14
jamessmith
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Fund & knowledge both are important thing which Small Business owners needs.

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Old 7th April 2010, 02:54 PM   #15
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I have been exposed to the lending environment and I know it can be a very daunting task to obtain loans or business credit of any nature. Fortunately, banks are opening up and lending more and more every day. This doesn't mean things will go back to how they were with the willy nilly money everywhere lending, we saw just a few years ago. These days banks want to establish a relationship with their borrowers. Here is a quick list of some of the things banks will require:

- Established credit If you are a start up, then you definitely don't have business credit. You will need to build it up. If you are looking for a line of credit, there are creative ways to obtaining it. Any good banker will work with you. There are several ways of going about this. One way is to set aside some of your start-up funds to open a secured line of credit. Over time, your business credit will grow. There are secondary lenders out there that do not have the same standards and restrictions that traditional banks have. These lenders charge higher interest rates. You can start with one of these lenders to establish credit there, then go to the big banks if you want a lower interest rate down the road.

- Put together a fantastic business plan - Unfortunately, a lot of businesses go into the bank with an idea and nothing on paper. Bankers need a great business plan to plead your case to their managers. If you don't give them any ammunition to plead your case, he or she is dead in the water and can't help you. If you are unsure about writing a business plan seek a professional who can guide you through the process and help you write it. A big no no in the banking world is to have someone completely write the business plan for you, because the business plan requires personal knowledge from you about the business. If you write it yourself, you will be able to talk the talk with the banker because you will know your business plan better than anyone else.

- Put together a great financial forecast - This is one of the absolute musts for any business obtaining a loan. The banks need to see how you are going to pay this loan back and they need these financial forecasts to do so. Your fantastic business plan will have these great financials in it. No business plan is complete without the forecasts. Again, if you are unsure of how to do this, there are professionals who can provide these services for you for a small fee.

Check your personal credit - Since your business doesn't have any or little credit, the banks want to see what your credit is. Don't worry too much if you credit is bad. If there are dings in your credit that don't reflect who you are due to certain unusual circumstances (laid off, economic recession,...), explain what happened to the banker.

These are just a few things to think about when you are planning on obtaining a loan or line of credit. The SBA is also a wonderful resource for start-up or new businesses funding. Just remember that banks want to lend because they still make a good portion of their revenue from loans.

Alex

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Old 8th April 2010, 11:33 PM   #16
patty
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First, how is your business setup? Are you incorporated or a sole proprietor?
Generally it is easier for a corporation to gain financing as long as you have established some sort of business credit history.

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Old 27th August 2010, 03:53 AM   #17
LenWilliams
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Default What Small Business Owners Need

Good question. I agree with what has been said so far, one of the main problems that small business owners may face is that of receiving capital. At the very beginning they can appeal to family and friends, after using their own savings, but that is not enough, as they will need more capital for development. Accessing government funds is not easy, there are lots of papers and conditions. Bank loans are sometimes impossible to get in the case of small businesses. Angel investor funds or venture capital can be obtained only if the business idea is considered worth investing, able to generate high returns. Business investors have to be presented a well-developed high-quality business plan, they are also going to ask a lot of questions and you need to either have strong business experience, or an excellent team, or both, so that you will prove a realistic approach to making money:
http://www.vcgate.com/2010/06/03/ele...business-plan/
You have to know exactly what amount of capital you need, what for and when. Besides that, another problem that may become a barrier for some entrepreneurs is the lack of patience. You have to stay motivated, also expect drawbacks and hard times, you need to be passionate with your work and also have other expectations, besides money.


Last edited by LenWilliams; 27th August 2010 at 03:05 PM.
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Old 16th September 2010, 05:57 AM   #18
jacobbon
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The essential ingredient to success in every business is maintaining a cash-flow. In fact, cash flow management is often more important to success than the ability to manufacture a product or generate a sale. Any firm can lose a customer without irreparable damage, but a cash flow gap can put you out of business.

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Old 13th April 2011, 11:28 AM   #19
davidm4210
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Liquid cash is always the most important

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Old 9th May 2011, 08:14 AM   #20
Marquise152
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Thumbs down Hot Dog Business Start-up

Greetings!
I have some cash to invest, so I thought maybe I can do something small from there.
What do you guys think if I start a hot dog cart and set it up somewhere, then hire a young guy to work there?
Would it be really beneficial for me? What do you think about my plan?
Thanks in advance!


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