BOB SEIWERT, the senior vice president for the Center for Commercial Lending and Business Banking at the American Bankers Association, a trade group in Washington, urges small-business owners to start meeting with bankers before they need a new loan or credit line. Mr. Seiwert spoke in a recent interview about the challenges facing small-business owners seeking business loans.
Before joining the bankers’ association, Mr. Seiwert worked for 30 years as a commercial banker — more than half of that with the Banc One Corporation.
Starting A Small Business In Tough Economic Times
Starting a small business is hard work. In a tough economy, it can be even harder. This is partly because when credit markets are tight, it can be tough to get startup financing. That's why it's crucial for small business owners to hone their business plans. In other words, if you want a slice of the financing pie, you had better work your cash projections really hard and know your bottom line down to the penny - how much money you need to put into the business, how much you will need to charge to meet your operating costs and, hopefully, what you need to do to realize a profit.
If you're thinking about making the leap into entrepreneurship, consider the following tips to successfully build your business in a difficult economy.
8 Tips For Starting Your Own Business
No comments:
Post a Comment