When you are planning any major moves, it is wise to clean up your stuff so that the extras do not distract from your goal. Anyone who has sold a house knows the drill: Get the rooms cleaned, take away all photos, get rid of extra furniture, carry out inside and outside maintenance including touching up marks on the walls, mowing the lawn, trimming hedges etc.
This is true when you are looking for financing. Based on my experience companies that did the following had a much greater chance of getting the required funding
- Get your financial statements up to date. It is bad when you approach a lender and do not have up-to-date financials. In addition, you should know your numbers and be ready to explain why there are significant variances.
- Have your story ready. Why do you need funding? Benefits of the program should be outlined.
- Clean up complex organizational structures. While probably beneficial from a tax perspective, it makes understanding the business difficult. In addition if your corporate group has different year ends, try to have a common year end.
- Clean up the premises and office/warehouse areas. Lenders will want to visit the sites and look for orderliness. A poorly maintained or disorganized premises reflects on ownership and management.
The list while not exhaustive, is a good start. With proper planning and execution, you stand a better chance of securing the necessary funds. The professionals at Ariem can greatly assist in this very vital process to fund growth.