Bank Financing & Small Business Funding - 5 Things You Can Do to Increase Approval Likelihood
Here I explain the 5 things that you can do to increase your likelihood of obtaining funding - bank financing - for your business:
1) Generate monthly financial statements (income statement and balance sheet).
2) Build a relationship with a business banker.
3) Prepare a well-written Executive Summary.
An executive summary provides the lender or potential investor with an overview of your business. It briefly discusses what your business does, how long it has been doing it, your industry and market dynamics, your go-to-market approach (in other words, your sales and marketing strategy), and your management team. Preparing this helps you almost as much as the actual document since it makes you focus on the key factors that define your business and why your business is (or will be) successful.
4) Generate and understand the cash flow statement.
5) Create and utilize an Advisory Board.
For an explanation and more details about each action, listen to the entire video.
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