Recessions are stressful and challenging for any business owner. Even more so when you don’t know if the decisions you’re making are helping or hurting. Every business owner deserves to have a company with a strong financial future. All recessions have their own unique twist; however, they all follow a pattern. Revenue goes down, there…
Recessions are stressful and challenging for any business owner. Whether it’s your first recession or your second, third, or so on, it’s hard to know how to prepare for the worst and whether the plans you’ve made will help or hurt. Every business owner deserves to have a company with a strong financial future. In…
I have a confession to make. During COVID, I did my share of stress eating. Pizza, potato chips and dip, fast food with fries. They don’t call it comfort food for nothing. Of course, it wasn’t one single meal or circumstance that led to my weight gain over the last year. It was probably 100…
Recently, we talked about obtaining a line of credit as “sleep insurance” when growing your business and how to make sure you’re bankable and bank-ready when requesting a loan. Some people are risk takers and don’t mind going into debt. Some are totally debt averse and don’t borrow at all. But how much debt is…
Every business owner wants abundant cash flow in their business. It’s emotional and practical. Cash is like oxygen. Your business can’t function without it. When cash is in short supply, owners become lightheaded, then despondent, then desperate. Cash represents success and lack of it, failure. It’s not a question of “if” cash is in short supply,…
In your business, money has a way of going out just as fast as it comes in. When cash is tight (and it almost always is), many business owners go home at night worrying about lack of cash in their bank account. In fact, 54% of business owners in a recent Forbes survey are losing…
People do business with people they know and trust. But here’s an interesting fact: 8 out of 10 business owners that I talk to have a bank, but not a banker. So, if they don’t know or trust their banker, how do they borrow money? More often than not, they’re starting from scratch, trying to…
When business owners want to obtain a loan, it’s overwhelming to know where to start or what to do. It breaks my heart to see a business owner apply for a startup loan when many banks don’t even make them. But why don’t banks loan to startups? All banks follow a guideline that bankers call…
This is actually NOT a SEC football score between the Dawgs and the Gators, but rather the frenzy of bank mergers that were announced during 2018, and we still have 2 weeks to go! This week alone, Fidelity Bank, First Landmark Bank, and Calumet Bank announced they had been acquired by larger banks. So what…
When it comes time to renew your line of credit you might be wondering, what’s my banker thinking? For bankers, everything about your line of credit is analyzing any changes in risk. The financials tell a story about what happened in the business this past year. But more importantly your banker will ask you the…
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