Who’s Got Money – A Different Approach
Now is not the time to take your lender’s word on the safety of your financial relationship. It is time for your company’s finance people to meet with other bankers and get them familiar with your company—just in case your current banker pressures you to refinance elsewhere.
Who’s Got Money?
If businesses can find loans from banks these days, the loan rate and fees are higher. The covenants and advance rates are also tighter, a far cry from the “covenant-light” loans that were made in 2005 and 2006.
Value of a Good Business Plan
If there is a pretty good chance that you will need to raise money or attract partners in the future, start preparing now by keeping a file of stories that express who you are as a company, data that gives perspective on your market, and documents that will help paint a picture of the great opportunities that await your company—and, by extension, your potential partners.
Enabling Technologies
As dashboards move into the mainstream, they are helping to speed business model innovation—enabling companies to outsource any and all “non-core” activities. If you can still have the full information you need to manage a process, it will matter less and less whether you own the process.
