As more banks close local branches and eschew brick and mortar growth, small businesses face uncertain times.
With fewer branches in which to form trusted relationships, business owners often must rely on online banking for everyday needs.
This poses a problems for small business owners who previously benefited from personal relationships with bankers when seeking financing. Although a computer algorithm might not recognize the potential of a small business from an online loan applications, personal bankers often can, making local banking branches an important source of funds for small businesses.
So, what can small businesses do to secure vital financings in a world where brick and mortar branches are closing their doors? Where can they turn for personalized financing? Can online banking be trusted?
Entrusting a banking app with the financial livelihood of your business might make small business owners uneasy especially when facing rejection from online loan applications that only take into consideration hard numbers like credit scores and revenues.
You can offset this disadvantage by working with a skilled advisor - such as a Family Business Lawyer™ - who can help you plan for the future and secure financing for growth on your own terms. A Family Business Lawyer™ can do two things: help you prepare to secure financing from a bank and help keep you in excellent financial shape, allowing you to rely less on financing and more on growth.
A Family Business Lawyer™ knows what big banks want to see in a applicant and can help you represent your business as an attractive candidate for financing. By coordinating your business formation, tax strategy, insurance policies, and financial operations, a Family Business Lawyer™ can ensure your business is a sound investment for any financier.
But securing a small business loan is just the start. To focus on growth, you'll want to put financial systems in place that minimize your reliance on financing while maximizing the performance of the funding you do obtain.
Securing financial backing for small businesses is harder than ever, but with sound planning, you can beat the odds. If you want to put systems in place to boost your financial fortitude, begin by sitting down with a Family Business Lawyer™. As your Family Business Lawyer™, we can establish a sound legal, insurance, financial, and tax system for your business so you can focus on growth and reach your full potential.
This article is a service of Sky Unlimited Legal Advisory, Family Business Lawyer™. We offer a complete spectrum of legal services for businesses and can help you make the wisest choices on how to deal with your business throughout life and in the event of your death. We also offer a LIFT Start-Up Session™ or a LIFT Audit for an ongoing business, which includes a review of all the legal, financial, and tax systems you need for your business. Call us today at (650) 761-0992 to schedule.