One thing that strikes fear in the heart of many business owners is having a meeting with their banker. It’s not that these banker types tend to be intimidating or mean, it usually has more to do with how comfortable the business owner is with their financials. As the owner, the last thing you want to do is to say the wrong thing to your banker. Can’t the banker do all sorts of terrible things to you and your business? Like pull your line of credit? Or not approve the loan for that new piece of equipment?
A phrase that can often strike fear in the hearts of even the bravest of business owners is, “Your banker is on the phone and would like to speak with you.” Oh no, you think, what could she possibly want? Does she know about my key employee who is threatening to leave? Did that upset customer call her to complain? Will she be pulling our line of credit?
Most owners start and fund the initial growth of their business through a combination of their own personal savings, borrowing from family and friends, and maxing out their credit cards. As those sources of money dwindle or become tapped out, the growth of the business can often be stifled by this lack of capital. It’s at this point that many business owners approach alternative money sources (e.g. bankers or investors)
In This Episode Kids grow up so fast. It’s hard to believe our “kid” the show Dirty Secrets of Small […]
On the weekly show/podcast, Dirty Secrets of Small Business®, Jack Mencini and Adam Sonnhalter co-hosts uncover the secrets, which many of the United States 28 million small businesses face day in and day out. This week’s secret centers on the premise that “your banker really can help you if you know how to help him […]
If you are a small business, which there are 25 million in the United States, you DON’T NEED A BUSINESS PLAN! What you need is a profit plan and the 7 Keys to Success. In this week’s show, Dirty Secrets of Small Business, Jack Mencini and Adam Sonnhalter debunk this myth that every business needs […]
The post Small Business Myth: You Need a Business Plan to Succeed! appeared first on Maximum Value Partners.