Keeping Track Of Your Small Business Needs
Every business, large or small, can benefit from the vast number of resources available to them. But before reaching out to a potential funding source, you’ll want to have a clear picture of your small business needs. It’s good to do a thorough review of operations and fiscal standing, to know exactly what to ask for.
At Affinity Bank, our goal is to help prepare you for success. You aren’t just another number in our system. We have a vested interest in giving back to our clients. As such, we’ve put together a list below to assist in preparing you for the success your industry deserves.
Knowing Your Starting Point
As stated, the first step is a complete evaluation of your business’s current standing. You need a solid picture of what’s coming in and out to determine an accurate portrayal. The good news is, the hard part here is over, as it relies on your already established history. Think of your banking statements as a great journal of your business’s story.
Many funding sources will ask for these statements before deciding on resource provision. Knowing them back and forth help you to be fully informed before making the request. You’ll not only get a solid read on things, but it’ll also give you a better understanding of the supports that you qualify for. You can use this to hone your decision making, as you’ll know where your strengths and weaknesses lie.
Credit Is King
When your business is lacking in cashflow, it can feel like your efforts are being crippled. Thankfully, there are more ways to apply capital than the tangible dollars you have in your pocket. This is where maximizing your business’s credit can take a world of stress off of your back.
Don’t know where to begin? Start at your bank. Building a solid rapport with the lenders at your home bank can skyrocket your efforts. This improves chances of success when securing a line of credit. They can help you organize your affairs in such a way that sets you up for success. Here’s where resources like Affinity Bank offer maximum value.
Improving Your Existing Credit
If you’ve already secured a line of credit, then congratulations. You’re already a step ahead of many in the same position. We wish we could say this is all you had to do, but in truth, the work has only begun.
Monitoring and maintaining your credit can feel like a full time job. One great tip is to pay more than your minimum monthly payment, to keep your debt and income percentages at a good place. This, of course, relies on your income being able to sustain such measures.
These beginning considerations are a great start to getting your small business on the track you desire. While it won’t be easy, as you likely already know it will be worth it. Ready to get a jumpstart on managing your small business needs? Contact Affinity Bank today.