You certainly don’t want to keep paying a mortgage if it restricts your business in other areas. But you don’t want to cough up too much at once and have the same effect.
To write (or refresh) your mission statement, think about what you do, how you do it and why you want to do it.
Prepare to talk in detail about your business, the plans you are making and the reasons for expanding before you show the banker the facts and figures.
During these difficult times, small-business lenders are looking harder at intangibles—including a borrower’s character.
Property tax billing and collection were at their most confusing during the recession, when businesses were experiencing lost revenue, poor projections and, in general, toughing it out as best they could.
Small businesses should plan for the worst while being attuned to what is happening in their industries, and to their customers.