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Taking the Financial Plunge; Planning for a Healthy Future
Submitted by Phillip Black on Tue, 06/15/2010 - 14:50
As many ponder about their summer vacations, others are thinking about the next steps in maintaining a healthy business. I attended a banker’s breakfast last week to learn about the state of business financing. Several local community banks maintain they continue to make loans to their customers.
So, I asked about what a new customer should expect when requesting a business loan. I asked several bankers from different organizations. While some were more detailed and some defaulted to “it just depends,” the common thread in their answers was related to having good financial records that were accurate and current.
So, if you are new business now is the time to get your records set up and in good order. If you are an existing business, perhaps it is time to brush up on your financial and recordkeeping system.
If you are expanding, you must understand all that is contained on your financial statements and the impact it makes on your success at obtaining the necessary financing.
QuickBooks makes a great product but there are others too and this is not intended as an endorsement. Here is their website: http://quickbooks.intuit.com/product/add-ons/small-business-management-software.jsp?mboxSess
You may find that a local ta provider offers free classes. Alternatively, you may decide that you want to offer classes to your customers. In any case, financial management remains a critically import element of business success. So if your customer does not get help from you –make sure they get it from someone with the credibility and expertise to provide quality assistance.
In addition, for those not thinking about business but instead are just thinking about taking the plunge in diving in a cool lake on a hot summer day then happy summer!
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