When a lender steps into your business, they're not just peering at the numbers – they're evaluating the people behind the operations.
There's a handful of skills operating together that matter, and here's where your expertise takes the spotlight:
The Power Trio: A Recipe for Success
Visualize this trio as your business's heartbeat:
Product or Service Offering: Your masterpiece, your brainchild – this is your unique offering that sets you apart from the crowd. Showcasing your offering is the first step to winning over your lender's trust.
Marketing and Sales Magic: Crafting compelling stories, the ability to persuade and close deals – that's your marketing and sales prowess. It's the art of capturing hearts and minds, and your lender wants to know you've got the abilities.
Financial Competency: Numbers speak to you, financial statements are your canvas. This isn't true for everyone but while you might be an expert in the first two, your financial skills might need reinforcements, and that's okay.
Team Marvels: The Dream Team
Lenders crave assurance that you've assembled a solid team, poised to propel your business to greatness. It's about surrounding yourself with minds that complement your strengths and bridge your gaps.
Unlocking the Lender's Mind: The Questions They Ponder
As your lender delves into your business's core, these are the queries going through their mind:
What's your management background?
Does your experience demonstrate confidence in your ability to run the company?
Who are your advisors?
What voids do your team members fill in your knowledge gaps?
How do their strengths strengthen your venture?
Display Your Expertise Portrait
Every skill you possess, every expert you bring on board – this builds credibility with lenders. It's your business's lifeline. When you exhibit your expertise with precision and skill, lenders not only recognize potential but also see the architects of success.
This is part of our series: What A Lender Looks For: The Top 10 see the main post here.
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