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Be in Business-Stay in Business-Grow your Business-essentials you need to do

Over the years many ups and downs. stress, no money, no access to money, everything that could go wrong -did. I think I have seen, experienced, or heard it all.

But, alas, this is my 21st year in business (a lot of perseverance, bull headedness, and determination), my successes and failures have helped me develop systems that help business stay, develop, and grow their businesses. I have written 6 financial books here is my shameless plug: 16 major awards, “the sexy little book of finance III, it contains personal development, budget’s, investment, and retirement strategies, but also business strategies (2 books in one). My other book, Seminar marketing for sales professionals is still selling from 2003-why?  With all the phishing, email blasts, mailers, nobody pays attention, my book is back to basics for marketing and one on one strategies.

Besides all the major headaches and regulations that affect us in business like 550 filings for 401K plans, ERISA, Section 125 plans, IRS tax filings, and on and on it goes.

Here are things YOU MUST DO:

Whether you are a startup or established

  • Develop a budget, do it on an excel spreadsheet.
  • Develop a detailed business plan and strategy, review your plan at least annually to see if you have met, failed, or exceeded your goals.
  • Develop a marketing plan-how are you going to penetrate the market? Seminars, advertising, mailers, email lists, shows, cold calls, face to face door knocking? Check out your competition to see how they doing and what is effective.

        How do you separate yourself from everyone else? SERVICE

Service

Ethics

Reliability

Value

Integrity

Contact (using a CRM)

Extraordinary product selection

Services and products that fit your client’s needs (a niche market)

Go back to basics: I call it FABASS (my first job with 3M company taught this-what a novel idea)

Features

Analysis

Benefits

Advantages

Sold

Keep it simple

  • Join as many organizations as possible, branding is huge (logo, name recognition, etc. Most are free like Manta, Yelp, WordPress, Listen, LinkedIn, Facebook, Yahoo, Twitter, Alignable, Hootsuite
  • Website-must have along with SEO underwriting. Who cares if you have a web if they can’t find it. Reasonable SEO like YEXT and ALEXA
  • Use quicken or other software to pay and track bills and expenses
  • List out your debt, liabilities, and assets in detail – P&L
  • Develop a spread sheet of inventory or merchandise to track costs and profits
  • Make sure if you offer a 401K plan you are in compliance-if you do not use a outside fiduciary (3(38) plan, then you must do the due diligence on fund selections, timeliness of payroll deposits within 7 days or as IRS riles as soon as feasible possible), conducting quarterly meetings, disclose fund costs and fees to employees. Your free 401K plan may come back and put you out business on an IRS, ERISA or DOL audit.
  • 5500 filings for your healthcare plans, most do not do this, (ERISA)
  • Record all credit cards, loans, inventory, cell phones, vehicles, insurance.
  • IMPORTANT: Google changed the rules converting to Penguin, now they changed again-if you are HTTPS -ssl certificate Googler may not scan you for tracking or block you. Your website will come up unsecure…

You will need all this (at a minimum) if you are applying for a bank loan, or any type of financing, and success. Lenders look at how well prepared, organized, marketing strategies, P&L etc.  you are to help determine if they are going to lend you money.

I have changed my business model many, many times over the years, some through necessity, some through insights to new markets, the key a is never stop learning, and never think you are too successful to change or listen to new ideas.

Frank J. Eberhart, CEP® RFC® Author

President

http://www.Lendingcapital.net

Buy my book: Seminar Sales & marketing Techniques from my website

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SO…When is the best time to take out a business loan?

It’s summertime and business is snoring. But you still have bills and employees to pay!

As you spend your marketing and reserve dollars to keep up with all the things you have to pay-WHY?

The time to get a business loan or line of credit is not when you go crawling to the lending institution out of desperation, the time is now to prepare your budget for the fall when business picks up again-BUDGET (my book: “the sexy little book of finance III”-on my website gives you 2 books in one-personal and business)? YES you need one and you should follow it.

In addition I wrote my book Seminar Sales & Marketing Techniques in 2002 (also on my website under mission), it is probably more relevant today than back then. To many phishing, emails, robo calls, and texting. One on one-setting up marketing and successful seminars to increase business.

Time and time again we see this scenario, and in most cases the results are generally not what people are not looking for. Most loans fund rather quickly depending on what type (a commercial mortgage can take up to 6 months to close). But, the average is still around 2 weeks to one month to fund a loan of any kind at least a loan you can live with for interest and terms.

One thing we do on our website is tell you about how long it will take to fund the loan, in addition we let you know terms, requirements, and payment frequency so you can see what fits your time schedule for funding.

Anyways, at that point you know what you need to do, so do it. The see if you qualify for any of our loans is free and does not affect your credit.

Be prepared-be informed-be funded

Fueling business dreams since 1996

www.lendincapital.net

our website is SSL certified, malware scanner protected and Google black list protected for your security.

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Getting Business Loan is Easy…LOL

As an advocate for small to mid-size businesses (I am one) I give a word of caution when shopping for a loan. DO NOT shop 2 or 3 lending or credit institutions at once, every time you go they pull your credit and you get a “ding”.

  • Do your homework, Google can save you time and energy and money, shop on line for lenders who favor your type of business, i.e. best lenders for restaurants, machine shop, start up, poor credit etc. We actually do this for you with our vast pool of national lenders and partners.
  • Go to credit agencies where you can get a full and free credit report without “a ding”-like Credit karma (free). We will use this report to shop for you-without all the “dings”
  • Once you obtain your report see what you need to correct or challenge on any information in the report.
  • Have a game plan, why you need the money, how it will help grow your business, or start your business.
  • Correct BEFORE you apply, or at least have a reasonable explanation.
  • Find a lender who will initially accept the credit report you have provided to see if you can qualify with that lender. We do that with our 30 second app-we shop multiple lenders, in most subprime (non-bank) lenders once they turn you down that’s it.
  • Many lenders will have an on-line see if you qualify without affecting your credit (we do), it helps give you the direction for your next steps. The problem as stated above they are generally a single source self-funded group. So if they turn you down you need to start over-not good.
  • If you are generally under 5 years in business and walk into a bank, you are turned down before you even speak, and your officer of the month is probably still in training so …you know where that goes.
  • Make sure you have all your documentation in order (read our loan 101 on our website). Most get turned down because of paperwork. We underwrite our loans so we know what is missing and will help you obtain it. Plus, we know where to send the application, unlike most lenders we actually LOOK AT THE LOAN and YOU
  • Make sure you can actually pay back the loan, use our calculators to see what your payments and amortization schedule will be, adjust to meet your cash flow.

Simple steps to help you obtain the financing necessary for your business…oh, and read the fine print before you sign.

Fueling Business Dreams since 1996

Frank J. Eberhart, CEP® RFC® Author

www.Lendingcapital.net

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Before you apply for a Loan-READ THIS

Tired of being turned down? We are tired of turning you down – we want to approve everybody – however below is why (generally) businesses never get loans approved. 

Check your credit, make any repairs or statements of explanation for any negative items the items below are what you will need, be prepared, don’t try and cheat with false information or omissions, lenders do not like surprises. The more information you provide increases the likelihood of approval.

  • Apply for credit repair if not so hot (we offer these services)
    DO NOT apply to several banks at once, or reapply if turned down until after you have corrected why they turned you down.
  • Get your FICO/SBSS score (small business scoring service). You can get this at Nav.com free
  • SBA requires a minimum score of 140, most lenders will NOT provide a loan if SBSS score is under 160. The range is 0-300
  • Personal FICO score-0-840 most lenders want 650 or above-CreditKarma.com-free
  • Get a D-U-N-N-S number (Dun and Bradstreet-100 as the highest a score of 80 is good-free

Let us do the work-we have thousands of lenders to choose from-we can submit to many lenders without re-pulling your credit & know where to go-even if you were turned down, we have the paperwork to resubmit without pulling credit again.

  • Let us do the work-we have thousands of lenders to choose from-we can submit to many lenders without re-pulling your credit & know where to go
  • Most lenders want to see profit, what they really look at is good cash flow
  • Debt service, can you cover your debt with current cash flow with adequate reserves
  • Annual sales volume, where does your revenue come from, the more customers the less risk to the lender-explain how are you different than your competition
  • Most lenders will lend around 20% of your annual sales volume, less for credit lines
  • One of the important things is a financial statement
  • Initial Borrower Documents Need for all individual who own 20% or more of Ownership
  • Current Personal Financial Statement (All Borrowers)
  • Personal Tax Returns (Last 3 Years)
  • Current Credit Report w/scores (annualcreditreport.com) CreditKarma, etc.
  • Initial Business Documents Brief Overview of Ownership / Entities and Loan Requested
  • Business Tax Returns (Last 3 Years)
  • Current Balance Sheet YTD
  • Profit and Loss Statement
  • For commercial mortgages:
  • Old Appraisal (if available/applicable)
  • Current Rent Rolls (if applicable)

Get busy… https://lendingcapital.net