The Leasing GroupThe Leasing Group

Tag : funding a growing business

By Bob Callander

Borrowers…What are You Looking For?

Borrowers…What are You Looking For?

(Seven Questions)

 

So, your company is acquiring new equipment and you’re ready to search for a lender, loan broker, leasing company or maybe even a supplier financing option.  In today’s economy, the choices are many and growing fast.  With such a vast array of financing providers how does a business sort them out?  Maybe it’s simply a matter of deciding the best fit.

There are certainly any number of traditional big banks in your market, in addition to numerous loan shops, smaller community banks, equipment leasing specialists, internet lenders and captive financing companies.  Only you can decide which is best for your needs.

To help you sort them out, start by making these comparisons:

  1. Do I need a traditional big bank with unlimited capacity or would a smaller community bank or perhaps non-traditional lender provide enough capacity?
  2. Do I prefer an on-line application or a face-to-face experience?
  3. Is an existing relationship best or someone new?
  4. Should I seek a provider with the lowest rate along with possible side fees and charges, or a provider offering a fair rate with no surprises?
  5. Do I need a quick credit decision (less than ten minutes) or would a processed decision based on mutual respect, trust and communication be fast enough?
  6. Is this a one-shot deal or is it better to line up future financing with a trusted credit partner for many deals over many years?
  7. Am I okay with a lender who will plug my company’s financial statements into their credit scoring model or one which will look beyond the numbers and ask questions to personally understand my story?

It all ties back to finding a lender that serves your needs first.  How important is pricing?  What about trust, timeliness, longevity, integrity, experience?  How important is building a future relationship?

There is no right or wrong lender for your business.  Most are very good at what they do.  So, go find the one that best fits your needs.

how to finish big in buisness

By The Leasing Group

What is Your Edge?

Check the Internet any day of the week and you’ll find no shortage of “experts” promoting easy paths to intelligent investing and wealth accumulation.

 

“Follow these seven strategies to achieve investing success.”

 

I’m always surprised by how simple they make it sound, because successful investing is neither simple nor easy.  Becoming a successful entrepreneur isn’t either.  Recently, I found the following list.  Although intended to help navigate the troubled waters of the stock market, this list also serves as a guide for entrepreneurial “wanna-bes.”

 

  1. Find an Edge
  2. Manage Risk
  3. Be Disciplined
  4. Stay Flexible

 

Find an Edge

No company will get far without a solid value proposition, be it price, location, service, experience, quality or whatever else drives its revenue.  Every entrepreneur must discover an edge.  What sets you apart from your competitors?  When you figure it out, go tell the world.

 

Manage Risk

We evaluate options and make decisions everyday, and options carry risk.  The trick is to manage the process.  Before going bankrupt, the Penn Central Railroad bet the company on the future of passenger trains.  That was a big risk.  Penn would have been better off hedging their bet with automobiles and airplanes.

 

Be Disciplined

Someone once told me that a good entrepreneur never does anything between 8:00 and 5:00 that can be done between 5:00 and 8:00.  In other words, working hours are made for selling.  Paperwork comes later.  That takes a lot of discipline.

 

Stay Flexible

Back in 2002, Apple was unprofitable.  Early internet flops tarnished its appeal, its retail stores were viewed as dumb ideas and music-playing iPods were seen, even by some Apple executives, as relatively insignificant.  Worse yet, the Macintosh wasn’t selling.  Thankfully, the company was flexible enough to innovate.  The rest is history.

 

Find a market advantage, manage your risks, be intentional and disciplined, while also flexible.  Maybe you’ll be an Apple too.

 

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Borrowers…What are You Looking For?
how to finish big in buisness
What is Your Edge?