Tips for approaching a funder or bank manager
It's essential that you present yourself well when approaching potential funders. Make sure you arrive at your meeting on time and look your best. This will play a part in convincing the lender that you are a good risk.
- Ensure that you have a well constructed, clearly defined business plan showing financial projections, cash flow, how much money is needed and how that money will be repaid
- Make sure that the plan is itself well presented and easy to follow
- Be prepared to present your case in a formal manner - rehearse beforehand, if necessary
- Have facts and figures available for any questions that may be asked
- If you are asked a question to which you do not have the answer - say so, and promise to get the answer quickly. Do not waffle or guess an answer, and do not forget to follow up with the answer.
