The world can be complicated.
Business financing can be even more complicated.
So many business owners struggle with understanding why they receive denials when pursuing business financing. They become discouraged and quit looking or apply using the same strategy that got them the denial. Many times, they end up accepting much more expensive business financing. Sometime financing that actually hurts the business instead of helping the business.
Business Financing Preparation is a vital process that each business owners should undergo prior to applying for business financing.
Financing Preparation Works
There are a lot of areas of business financing that can make or break your search. understanding the goals of the lending source, the industries they serve, how they underwrite submissions and other areas all need to be understood.
BB Bookwork’s Inc offers expert assistance with Business Financing Preparation. From tax returns to bank reconciliation to resource building, we have expertise that can make your financing search effective.
We have relationships with banks, private lenders, business card providers, suppliers, fintech firms, CPA’s, capital groups, hedge funds, real estate hard money providers, crowdfunding programs, factoring suppliers, business technology firms, software companies, and many other business service providers.
Cash Flow Management
Most business financing providers are going to want to see your business bank statements. Depending on what is on these statements, you can receive an immediate denial. Are cash balances low? Are you spending a lot of business income on personal items? Have you received any NSF (Not Sufficient Fund) notices.
Lenders do not like low average balances, and they definitely look down on businesses that have NFS’s. Improve cash flow and you will greatly improve the chance of approval(s).
Another area they look at is the consistency of monthly income. Is there a constant flow of income into the business or is the business depending on “big hits” regarding income. We recommend adding streams of revenue that keep a consistent flow of income coming into the business.
Helping Small Business Since 2019
BB Bookwork’s Inc has been helping small business owners since 2019. Yes, we survived the terrible lockdown of 2020-2021. In fact, we helped hundreds of small business owners navigate those terrible times.
We know business. We know survival.
BB Bookwork’s Inc is a small business consulting firm with offices in Boston, Tampa, and Dallas. Our aim is to help United States small businesses to achieve better outcomes. Our sole purpose is to help businesses operate better.
Schedule a time to discuss how we may be able to assist your company. Visit https://bbbookworks.com/contact-us/ to schedule a free initial consultation.
