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Archive for October 2009Business Finance During a Recession- Part Two: Boot Strapping25. October 2009 by Frank Goley, Business Consultant for ABC Business Consulting.
Date: October 25, 2009 Author: ABC Business Consulting, Chief Business Consultant Subject: Business Finance during a Recession- Part Two: Boot Strapping In the previous Blog on Business Finance, I talked about obtaining funding through smaller community oriented banks, and what Loan Officers look for when making lending decisions. While it is important to establish close relationships with your local bankers, no matter the stage and situation of your company, your business may not qualify for a bank loan. Let’s explore some other avenues businesses are utilizing today to obtain finance in tough, recessionary economic conditions. Bootstrapping This is how I have built all my companies, and how many, incredibly successful companies have initially grown. In fact, growing your company organically, with your own cash flows and most significantly, ingenuity, is the preferred method. Get your company “right”, and then bring in outside funding. You will find that you have many more options and opportunities this way, as well as, build a structurally sound company and business model, which when financed, will be “cash flow” successful from day one. You will experience exponential, yet planned and controlled growth. When bootstrapping, it is imperative you take the time to develop and implement a well conceived Comprehensive Business Plan which you refine through the business building process. With a Good Business Plan, a solid Business Structure and Foundation in place and some quality Product Development completed, it is now time to turn to your Marketing and Strategic Plans and bootstrap your business to a Cash Flow level that can attract different funding options. Bootstrapping will present you with flexibility in funding choices, not forcing you to jeopardize your business with Business Finance that doesn’t fit or prohibitively expensive. Guy Kawaski (co-founder of Alltop.com, Managing Director of Garage Technology Ventures and author of the book, Reality Check), wrote an article in Entrepreneur Magazine (May 2009), “10 Tips for Successful Bootstrapping” and made some good points:
Build your Business Plan around bootstrapping, then when in the right position, your company will attract a variety of funding, giving you the right options at the right time for your Business.In my next blog, I will explore some concrete, available Funding Options, even in this economy! Copyright 2009 ABC Business Consulting, LLC Posted in Business Finance, The Business Success Blog | Print | No Comments » BIZ FINANCE DURING A RECESSION: PART ONE: COMMUNITY BANKS17. October 2009 by Frank Goley, Business Consultant for ABC Business Consulting.
Date: October 17, 2009 Author: ABC Business Consulting, Chief Business Consultant Subject: Business Finance During a Recession- Part One: Community Banks Obtaining Business Finance can be challenging during a Recession but there is money out there for enterprising entrepreneurs. This Five Part Business Finance Blog will provide some real-time, real world finance sources and conduits to help you grow your company, despite the looming recession. Community Banks: Recession or not, it is highly advantageous to have solid relationships with Community Banks. Community Banks are looking for new ways to seize market value with businesses as the large banks falter. According to BancVue, Community Banks only have 34% deposit market share (Entrepreneur Magazine, July 2009, “Community Banks to the Rescue” by Jennifer Wang). Look for this to change as small Banks seek to increase market share when big banks are at a disadvantage.Good business means having a good relationship with local, small bank Loan Officers, VPs and Presidents. Community Banks often take the time to get to know you and your business, giving you a prime opportunity to build a funding relationship, something tough to do with the ever changing ranks of bigger banking institutions. Troubled Asset Relief Program (TARP): Many small banks are obtaining TARP funds to immediately loan to small businesses in their market areas. Small business is the foundation of our economy and Community Banks understand this. Some examples:
Check out your local banks for TARP funding recipients, and you may find a willing lender. Build small bank relationships! Reference: Wall Street Journal, Sat-Sun, June 27-28, “Small Banks not Shying from TARP” by Robin Sidel. The Do’s and Don’ts when Approaching A Bank Loan Officer: Ok, so you want to approach Community Banks for business finance what should you keep in mind? Mr. Dolphin, Chief Commercial Lender for 21st Century Bank, has the following advice, which from the perspective and opinion of this Business Consultant, can be applied to most banking relationships. (Reference: Entrepreneur Magazine, June 2009, “Impress Loan Officers” by Tom Nawrocki).
Look for the upcoming Part Two of this Business Finance Blog for more ways to obtain funding for your business in this Recessionary Economy. In the meantime, please visit our Business Finance Section for in-depth, how-to-articles on the multitude of ways to fund and grow your enterprise. These articles will teach you about how to obtain funding, as well as, where to look and get funding. We would like to hear your funding stories- what has and has not worked for you in obtaining Finance for your Business. Your Feedback is appreciated! Posted in Business Finance, The Business Success Blog | Print | No Comments » Welcome to the ABC Biz Success Blog11. October 2009 by Frank Goley, Business Consultant for ABC Business Consulting.
Author: ABC Business Consulting, Chief Business Consultant Subject: Welcome to the ABC Biz Success Blog ABC Business Consulting, LLC is a new company (formed in July ’08), yet we bring over 20 years experience in starting, growing and helping small and medium sized companies. We understand the importance of a Business Plan, yet we firmly believe for a Plan to be any good, it must be Implemented and Tracked. In short, ABC develops Action Based Business Plans (as well as Marketing Plans, Strategic Plans, Turnaround Plans and Web Development Plans) in partnership with our clients to achieve specific, measurable goals and results. We back our Plans with Interactive Consulting and Action Oriented, Success Based Implementation Processes, Steps and Plans. Some Basics on ABC: What’s in the Name? “ABC” to indicate a step by step, building block process, developed over 20 years of business building experience:
The ABC Mission Work as a Partner with our Clients to create sustained and measurable Business Success through Planning, Consulting and Implementing Business Plans, Processes and Action Strategies, leveraging our Proprietary Planning and Consulting Methods and Business Building Experience. What is ABC Business Consulting, LLC? Two Main Functions: Business Success Resource for Entrepreneurs / Business Owners / Executives / Managers:
Business Consulting Firm Offering:
For more information on our Value Based, Measurable Result, Action Oriented Business Planning, Consulting and Implementation Packages, please visit our Services Section. Who is ABC Business Consulting? An Entrepreneur and Business Owner, with 20 years experience starting, growing and turning around small and medium sized companies in a broad range of industries. Please visit our About Us section for more info… When are We Open for Business? Our FREE Business Success Resources are Available Now! Leverage our Experience!
Business Planning and Consulting Services are available NOW! Visit our Services Section for more details on our Value-Based Business Packages. What is the ABC Blog? Business Success Oriented Real World Business situations and solutions Interactive: We want Entrepreneur and Business Owner/ Executive Comments, Tips and Collaboration! Weekly Themes: i.e. Business Finance, Business Planning, Smart Business Tactics, Business Technology, Leadership, Cash Flow Management, Business Resources, Smart Start Up Strategies and so on…Updated weekly! Challenging: Challenge all of us as Entrepreneurs and Business Owners to think outside the box, never be complacent, and most importantly, always take Action toward Success. Partnerships: The Strength of our Client Relationships, Strategic Partner Relationships and Online Collaborative Relationships will define the strength of our Company and Blog. We encourage your comments, feedback, collaboration and Strategic Relationship Inquiries and Ideas. Interested in a Cross-Link Relationship? Please contact us through our Feedback Section. Please Refer our Blog to your friends, partners and associates:
Posted in Welcome to Business Success, The Business Success Blog | Print | No Comments »
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