Getting Prepared

  • Prepare monthly financial statements
  • Profit & Loss Statements
  • Balance Sheets
  • Cash Flow Statements
  • Track key measurement ratios
  • A/R DSO, Inventory turnover, A/P DPO
  • Accurate record keeping is key! If you can’t do it yourself, get a bookkeeper
  • Update your business plan

Figure Out What You Need

  • Use of proceeds
  • What do you need capital
  • Cover operating losses
  • Buy inventory
  • Purchase real estate or equipment
  • Current and projected cash flow
  • Are you making money or operating at a loss
  • How quickly will your expenditure pay for itself
  • What best meets your needs
  • Equity or Debt: Short-term, long-term or line of credit

Conclusion

  • There are many sources of financing available to the well-prepared and tenacious entrepreneur
  • The Internet has made things easier, but watch out for scams - the seeker of funds, or anyone for that matter, is well served by applying common sense and discretion when searching the web for opportunities
  • Remember: if you get stuck, SCORE’s mentors stand ready to help
  • Good Luck!

Download the full presetation for more.

Funding Your Business