Best Business Blog

I thought now would be a good time to revisit the subject and let you know where things stand today.

Firstly, the good news: finance is available at very competitive rates.

Lenders have money they need to invest and their staff have monthly sales targets, so they’re keen to find viable businesses they can lend to.

And, with fewer and fewer businesses meeting their criteria, those that do are treated like royalty.

So, if you meet their (strict) criteria, things are looking good… especially if you know how to play the system.

Now, the bad news: as you’ve probably realised, “strict criteria” means the lenders want as little risk as possible.

And that means, if they think you are risky, they’ll want you to reduce that risk by

offering them security and directors guarantees. And, if you can provide those, they’re usually happy to talk with you.

What they don’t want is risky ventures where the business owners aren’t sharing the risk. Those sorts of deals are simply off the table, so you have to be realistic.

So, assuming you fit one of the categories they’re still interested in, how can you do to improve your chances of getting the best deal?

Here are three tips:

(1) Apply for credit in the second half of the month. The people reviewing your applications will usually be working to monthly targets and, if they short of their quotas, they’ll be more motivated to say yes to you.

(2) Run your figures past an accountant or finance broker before submitting them to a lender.

There are two reasons for this: firstly, it’s important to make a good financial first impression. Secondly, missing data from your books means delays and delays with finance can lead to cashflow problems or missed opportunities for your business.

(3) If you’re in a hurry, use a finance broker. He or she knows the market and knows the lenders… and, assuming the borrowing is possible, they should be able to get you a better deal than you could get yourself.

(and in less time and with less effort)

Finally, if you’d like more information or advice about borrowing money for your business – or, if you’d just like my opinion on whether you’re likely to be able to borrow the money you want – I’d be happy to chat with you. Contact me via www.newbranch.co.uk.

Whilst wandering around one of my favourite and useful  business forums that I am a member of I came across a thread posted by a valued member and thought I would share with you the link he had posted up to a teleseminar he had undertaken on how to deal with nerves.  So go listen to his teleseminar here and I hope you find it of some use, I did!!

Have you ever been to a website and thought, Wow, I really must tell everyone about it? The site was easy to use, the payment was easy and flawless and when you rang up to change part of the order, a human being answered the phone and was happy to oblige.

If you are a website owner you should give the same service you would expect as a website customer, making the whole thing an out of this world experience. Every means your customers has of contacting you should be a delight for them, from the ease of navigation, having all the terms readily visible, getting emails answered immediately and just generally making them feel welcome.

Every aspect needs to encourage your customers to ‘stick around’ and come back for more. Admit it, how many sites have you been to where you have left frustrated and confused from?

Here are 5 key ingredients to making your site customer centric:

1. Post all necessary information on your site to help the customer, ie policies, help pages, delivery terms, and a means to contact you.
2. Personalise your site and use cookies, so that when they return they get a personal greeting.
3. Perform usability tests to your site and test them often.
4. Build credibility by letting your customers know who you are. Put up some pictures and details of key personnel they will be dealing with, thus making the whole experience more ‘real’.
5. Ask your customers for feedback, and when you get it, answer it immediately and act upon each one.