Date Posted: 11/11/2012 6:16:08 AM
Posted By: Viona Membership Level: Silver Total Points: 879
Many prospective entrepreneurs and investors shy away from lucrative business opportunities due to lack of adequate finances. Even to existing businesses, accessing finance in order to expand operations is a major challenge. The following are guidelines on how to ensure your credit or finance application to financiers is accepted:1. Gauge how equipped you are as an entrepreneur. Financiers look for investors who have the ability to grow and develop an idea. Remember that they have interacted with similar businesses and hence have experience on how to handle businesses in your line of operation. Ensure you have the ability to manage daily operations especially pertaining to business cash flows.2. Build a reputable personal character. Financiers place priority on businesses whose entrepreneurs have a good proven repayment history. In addition, integrity and commitment to best business practices secures an entrepreneur better chances of getting finance from financiers. Ensure you have been cleared by the credit reference bureau organization. 3. Establish a competitive sales strategy. Evaluate your sales goals to ensure that they ate both realistic and achievable. Sales determine whether the business will survive in the foreseeable future. In this regard, form a realistic idea of how much you will make as sales and the value of sales needed to cover the costs. Financiers often examine the profitability of a firm.4. Ensure you have good business and personal recording. More often than not, financiers will request for a number of personal and company documents. This is to help them get a clear picture of the firm. Ensure your records are in order and well organized to avoid delays while applying for business financing. In addition, well organized documents secure an organization a positive and professional image.5. Lastly, if a business financing application is unsuccessful, try to find out why the application was rejected. Then work out on strategies to ensure your application is accepted next time.
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