Speaking with your bank about business loans can be tough as we continue with pandemic issues in 2022. It’s best to get all your ducks in a row beforehand. In the words Abraham Lincoln; “Give me six hours to chop down a tree and I will spend the first four sharpening the axe.” Here are some quick tips that may help:
1. Get expert advice. Your accountant or an experienced financial adviser will be useful here. If budget is a concern there are supports from your Local Enterprise Office, Enterprise Ireland & more.
2. Assess where your business is currently. Weigh up the strengths, weaknesses, opportunities and threats. Many businesses are pivoting completely or you may just need to focus on a particular area that’s working right now.
3. Be frank with your bank. When you speak with a bank in black & white terms, more focused on the facts & figures you should find them most receptive.
4 . Fail to plan; plan to fail. Write it down in a budget with a clear, concise plan of action detailing realistic forecasts & projections. If there are many variables in your forecasting consider presenting a best-case & worst-case scenario.
5. Hard talk. Be ready for your conversation with the bank & for difficult questions. Have your answers prepared.
6. Consider alternative options. If you have tried your best with the bank but they’re not on board there are alternative business finance options that may work.
The BusinessLoans.ie view is to engage with your accountant, advisers or government agencies & prepare. If the bank declines you don’t give up. Ireland has many alternative business finance options. We can assist with fast finance quotes & we’re here for you 7 days. Email hello@businessloans.ie or call 01 55 636 55.