Small online business owner: Looking for short-term loan.

Discussion in 'Self Improvement and Being Successful' started by ronaldobrown, May 27, 2010.

  1. ronaldobrown

    ronaldobrown
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    I’m a businessman having small scale setup my financial condition is not so good. Some time I face problem in paying monthly expenses like water bill, electricity bill etc. I am here to find a solution for it. How can I manage all these bills? Or Is it possible to take short-term loan for these type of expenses? If you people have any idea so please let me know. Thanks a lot for any help.
     
  2. Fergal

    Fergal
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    Welcome to our business forum ronaldobrown and thanks for asking your business questions. Many small business owners are experiencing financial pressure and difficulties with paying their bills at this time. What country is your business based in?

    Have you spoken to your bank about an overdraft facility?

    You might manage to reduce some of your expenses, by going through your costs with a fine tooth comb and looking for ways to cut them. For example, could you save money on your electricity bill by changing supplier? Or if you negotiate with your current supplier they might reduce your bills by putting you on a different billing plan or giving you a discount. Maybe you can find ways to reduce electricity usage, perhaps by switching machines off at night.

    You could apply the same approach to all your bills. Basically look at each cost with a view to reducing it by 1) getting a discount from your current supplier, 2) changing to a lower cost supplier or 3) using less of it - perhaps even deciding that you don't need the expense at all. Even a small reduction in your bills should help ease your financial pressures.

    The other side of the coin, is money coming in and sales. Perhaps you can improve your credit control so that you get paid by your customers a little quicker. Is there anything you can do, to increase your sales?

    These are just general ideas, without knowing what type of business you are in or where it is based. If you'd like to tell us a little more about your business we'd be happy to give you more specific suggestions.

    Good luck with it!
     
  3. mdmd

    mdmd
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    I think the decision to take a loan a serious decision to be taken after careful consideration
     
  4. Kay

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    The absolute best thing you can do is arrange to see your bank manager or their financial adviser and ask for advice on your current status. Banks are far more sympathetic and can do more if you approach them before it becomes a major issue than if you wait until you're in a mess and/or have ignored letters from them or creditors. I worked in banking and speak from experience here.

    Make the appointment and be prepared when you go in. Have details of all your monthly outgoings with you, plus what you have coming in each month. Don't forget to include anything you pay annually (divide it by 12 and add to your list) and not only business expenses but household ones too. They can help you more if they know exactly what you're up against and how long it's likely to continue. Showing that you're willing to be proactive goes a long way. Honestly, banks are willing to help if you just give them the chance to do so. Good luck!
     

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