Are you looking for financing for your company’s expansion projects? Here are a few basic tips to help you prepare for your meetings with financial backers and increase your chances of obtaining the financing you want.
1. Identify your growth objectives
When it comes to expanding your business, your needs might vary: you might need to increase your production, add new members to your team, purchase new equipment, expand or move to new offices, open new points of sale, etc.
You should know exactly what changes you want to implement in order to target the right financial institutions. Preparing a global growth plan will help you.
» Prepare a business plan for growth: learn how to turn your business plan from a static document into a dynamic template that will help your business both survive and thrive.
2. Be well-informed
Find out what kinds of financing programs are offered by the financial backers you want to meet. What type of projects and sectors do they usually invest in? What are the financing options and terms available?
You’ll know what questions to ask and your meeting will be more efficient. To find out more about a variety of financing programs available, consult the Info Entrepreneurs website here.
3. Be prepared with facts and figures to answer questions
Some financial backers will be mainly interested in your company’s sales figures, while others will place more emphasis on the growth of your company, according to their sector of activity.
Prepare the financial projections of your project ahead of time. You should be able to show that the project is a low-risk investment and that it will contribute to the growth of your company.
With this information on hand, you’ll be able to answer any question with ease.
4. Set clear objectives
How much capital do you need? When do you need it? What interest rate is acceptable for you? Try to be as precise as possible when you answer these questions.
5. Meet with many financial backers
Whether you are seeking bank, risk, or any other kind of financing, you should be meeting with several institutions. There might be more than one type of financing available for you.
Keep in mind that nothing prevents you from meeting more than one institute that provides the same service. You’ll be able to compare offers (repayment terms, interest rate, etc.) in order to make the best possible choice.
6. Take part in a Funding Meet-and-Greet
This event is an opportunity for you to take part in 15-minute express meetings with up to 10 financial backers over the course of one morning. Because meetings are short, you should know how to succinctly describe your project and needs.
Want to find out more? This article lists 5 good reasons to take part in a Funding Meet-and-Greet.
Keep an eye out for the next Funding Meet-and-Greet – Growth on our website here.
If you have questions, please contact one of our experts at firstname.lastname@example.org or call 514 496-4636.