GET MORE MONEY BY BEING PREPARED
Here are some tips on how to be prepared:
- Have your accountant introduce you to a banker. He/she will have access to high levels in the bank that you might not otherwise have. Don't just walk in off the street.
- Bring current financial statements consisting of a balance sheet, a profit and loss statement, a statement of cash flow, and footnote disclosures. The bank may require these statements to be reviewed or audited by a CPA.
- Bankers will want to review your history, so be prepared to present two or three years' prior financial statements and/or tax returns.
- Generally, you will personally guarantee the business loan, so have your personal financial statements and tax returns available.
- Bring financial forecasts. This will consist of forecasted profit and loss and cash-flow statements for at least one year in advance. It will also show the banker that you are sophisticated in your management approach.
- Provide a breakdown of what you're going to use the money for.
- Prepare a packet of additional information, which might consist of brochures, sales literature, contracts, history of the company, publicity, research projects, etc. Gather all the propaganda you can muster to show the banker that you are someone they must do business with.
- Watch your appearance. First impressions are lasting.
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