Recession Business Finance Tactics
During tough economic times, finance is a huge challenge for business owners. In the "Going Forward" section of the January '09 Entrepreneur Magazine, Mark Hendricks quotes some sobering statistics which frames up the extent of the recession we are experiencing: -- During the Second Quarter of '08, 65% of bank senior loan officers stated they recently tightened lending standards for small businesses. -- In August '08, 49% of business owners reported cutting back and by October that number grew to 69%. -- Sales Growth for businesses in all sectors fell from an 8% average increase over the last five years to 6% for the year ending October '08. Our best advice to meet the challenges is have a well developed and implemented Business Plan and Financial Strategy which proves your Cash Flow Model and determines which financial sources and structures fit that Model. With your Funding Business Plan, Loan Package and Investment Overview in hand, here are some real ...