Funding Your Business
August 17, 2022
Rating
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 presentation for more.
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