This past weekend, I had the honor of being invited as a panelist and speaker at the Professionals In Paradise Annual Conference, hosted by the Florida Professionals Association. The panel setting fostered a highly interactive environment, offering valuable insights into the questions entrepreneurs commonly have about banking and finance.
Here are some of the most frequently asked questions:
1. When should I start preparing to request a loan?
My answer is always the same: Ideally, before you need one. Early preparation is key.
2. What do I need to do to prepare?
Take the time to think it through. Write down and analyze how much you will request, what it will be used for, and, most importantly, determine if you can afford it. It’s crucial to have a solid understanding of your financial position and what acquiring new debt will mean for your business.
3. Who should I bank with?
This is one of the most asked and significant questions I receive. The answer depends on your industry, the size of your company, and your specific needs. However, I always recommend that the answer should be the name of a person, not just an institution. Yes, the bank's capabilities and services matter, but nothing is more important than having a relationship with a banker who knows you and your business. You need someone you can call, who understands your needs, and who can advocate for you when challenges arise.
I always say, if you don't know who your banker is, you have the wrong banker. Your banker should be a resource and an advocate, someone who knows enough about you and your business to go to bat for you when you need that loan. If you don’t have a good banker, reach out—I’m here to help!