“I own a business and we need some money, can you help?”
“What do you need the money for?”
“Oh lots of things…”
“How long do you need the money for?”
“Maybe 6 months to a year”
“How will you pay it back”
“Well we are having a really good year and just seem to be a little short so we need to borrow some money to get over the hump”
This is the most common conversation I have with small businesses who are looking to borrow money. They do not always know exactly why they need money and are not able to articulate how they are going to pay it back. The most popular business loan request we get is for a business line of credit. The problem is that a business line of credit usually means “working capital” (see blog here). Working capital (and lines of credit) are very difficult to get.
This video (click here) was a great reminder that small businesses are unique and each fill a small void in the marketplace that when earnestly worked can produce something amazing. It is refreshing to see each of the business owners in the video hold so much enthusiasm for what they are doing even though their businesses are not big. Their businesses are personal and in their own way are adding value to the market.
“Some people plant seeds and some people hope for magic beans” (Anonymous). I heard someone say this over the past week and I couldn’t help but agree – and laugh. In working with entrepreneurs and small business owners this statement really does capture the essence of Continue reading “It’s like being a farmer”→
In considering the US election results I am reminded of the old adage “Plans get you into things but you’ve got to work your way out.” – Will Rogers. It is of course important to have plans but it is important as well to be able to execute and get results. Continue reading “Entrepreneurs still need to deliver”→