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Financing your Business Growth

All new businesses need a solid plan for further growth along with a continuous flow of steady finances. However, obtaining finances is not an easy task especially in today’s age and time when economy is usually under stress. To obtain finances for growth, you should know your exact needs, your resources and how you can approach lenders and receive capital. We have compiled a list of questions for you to ask yourself and look into before heading out for financing your business growth.

  • How much more capital do you need? Can you not survive on the incoming cash flows? Moreover, how do you plan to use the capital? Is it for a new investment in the business or as a cushion against any future or impending risk?
  •  Do you need the capital urgently? If you need the capital soon, you will need to have your terms devised to show to the lender that you are neither under pressure nor in a position of weakness. If the lenders feel that you need the money fast and soon, they will not be willing to agree to your terms of loan.
  •  What are your business risks? Classify them according to their probability of happening and the possible loss figure. You will need to show the lenders that you know your risks and you are doing everything to keep them to minimum before they agree to lend you any money.
  • What is the state of the sector you are operating in and at what stage is your business developed? If the sector in general is suffering from instability, chances of receiving a loan are low. Therefore, you should prepare your pitch so that you can show the lender that you will survive in the industry and provide them a good return. Also, the stage your business is in will affect the lender’s decision too.
  • How will the incoming capital be utilized in the business? For example, if you have a seasonal business, a short term loan would suffice. However, if your business is cyclical, you will need a long term loan that will not only finance your needs in the peak season but will also get you through low times.
  • How strong and risk proof is your business plan? Do you have a productive management team to run the business? If you do not have a business plan, there is no point in looking for money. No one is going to lend you the money unless they see a plan in action. Also, if you have a good team backing you up, chances of receiving a loan is high, as it shows that your chances of succeeding are high.

Create a proper business plan, with all your aims, strategies and tactics streamlined. Then, ensure that you are aware of all risks and potential losses and take all actions possible to minimize damage and loss. When you have a risk-proof plan set, pitch your loan scheme to investors to increase your chances of receiving a loan, at your terms.

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