Myths Uncovered About Pub Financing

business-loans-for-pubsBusiness is the name of the game these days. In most cases, people don’t want to simply work on their day jobs and let their money go stale and sleep. They want it to accumulate and grow in the process. Investments are a great option and one way to do it is to put up your own business. A pub has been a really great option given the huge demand of the market. With great service, quality food and the right ambiance, one is sure to keep customers coming but before you could put one up, you have to find the means to put up capital or in short find the best business loans for pubs.

Now there are many myths that surround pub financing and you need to know what these are to bust them out. There’s no room for false information in business. You want your facts straight and clear as a crystal.

Myth No. 1: Your credit history has to be flawless and pristine. – It is very much true that financial providers will require you to provide information regarding your past and present credit. They will look into whether or not you were paying your dues accordingly and whether you are debt heavy. They would want to know if you will in fact agree to the terms of the lending should you be granted with one but this does not mean that you have to have zero liabilities or a flawless payment history. A lot of other factors will come to play as well so don’t conclude when you haven’t even tried.

Myth No. 2: The only place to go to is the bank. – There are many financial and pub financing providers out there who can offer great terms and interests. You aren’t solely limited to one choice. A bank is a popular pick but you don’t have to choose it as well if you have a better option.

Myth No. 3: The bigger the loan the less likely it is to be approved. – As mentioned earlier there are many factors that result to a pub financing approval. The amount that you need or ask may it be big or small will have a bearing but not all on its own. You cannot simply put one over the other. It is the totality of it all or the sum of all the parts. Funds and capital are important in every business endeavour and you’d have to find a way to make it work.

A 365 Business Finance Guide to Credit and Liability Management

credit managementWhen it comes to managing one’s credits and liabilities, entrepreneurs have to make a great deal of effort. Loans, mortgages, borrowings and other forms of debt and liabilities need to be handled and dealt with care because if not they could blow into proportions and haunt you with consequences rather than benefits. There is however no need to fear these type of financing methods according to 365 Business Finance. They have been created and designed to actually provide the needed capital of businesses but just like anything else, if you don’t use it properly and as should be, you risk foregoing the advantages and you instead harbour the cons. To avoid that you want good if not the best type of management and to do that you might want to take a look at the following expert advice.

  • See to it that you know your liabilities. Never ever go into a deal or contract without fully understanding the terms and knowing your responsibilities to it. You cannot enter a bank loan for example without fully grasping its pros and cons and how it affects you and your business. Each kind of financing method has designed differently. They work for various purposes and also for different entities and industries. To manage them best you need to know how they work and how you have to work for them.
  • Know your capabilities towards acquiring it. Not everyone can afford a particular kind and amount of credit. This will ultimately depend on the financial status of the entity, its credit history, its credit grade as well as your capacity of being able to fulfil it in the future as desired and required. You need to take a look at your financial statements because you might hurt your company instead of help it unconsciously. This is why careful examination and study has to be done first.
  • Be fully aware of your deadlines and always draft a schedule. Most entities and organizations have liabilities and credit obligations. To better and more systematically manage them as well as avoid penalties and other consequences, 365 Business Finance advice companies to see to it that deadlines are well noted of, schedules and calendar days are plotted and that payments are sent and remitted on time. A team should head this part of the operations too for better tracking and management.

Questions to Ask Before Getting Small Business Loans for Restaurants

small business loansWe all know that raising capital for your restaurant or any business endeavour is not easy. It takes time and pretty much whatever you have and whomever you could encourage to invest. There are many ways to do this and one of them would be to get small business loans for restaurants. But just like any other funding option, careful thought and examination has to be done to ensure that you reap benefits and not consequences. To help you do that, listed below are questions that one should ask before getting the said business loan.

  1. Do I really need it?
    This may sound simple but you really have to think it through. Apart from there being many other options, you also have to consider the purpose of getting one and if it will really be worth it. You can’t do this without a vision and a plan because business is no playtime.
  1. How much should I borrow?
    Depending on what you will use it for, you will have to come up with an amount. Be sure that this doesn’t fall short of your needs because that would only cause you to get another loan and at the same time it shouldn’t be way above your need because that will be a complete waste of funds. This then requires careful planning and thorough analysis.

 

  • How will I repay it?
    Be sure that you’ve got an exit route mapped out and all. You need to repay the amount you took and to do this you will have to plan it through and know your sources. Otherwise, you might find yourself having interest expenses filling up to the brim!

 

 

  • Can the business afford one?
    This will of course depend on the state of your restaurant business. You have to be sure that it can indeed afford to borrow and then repay it using future cash inflows from profits and other income sources. You will also have to check on your financial statements and how much your asset versus liability ratio is.

 

 

  • How well is my credit standing?
    Before you can get small business loans for hotels, service providers will require you to submit a couple of requirements and undergo their application process. One of the things that they will look into would be your credit standing. This includes your credit history and whether or not you have been paying your dues well and on time.

 

How Not to Go Overboard Your Corporate Budget

ExpendituresA corporate budget is essential for any business. It is a financial road map that is set to determine how much funds are needed, how much can be pulled out, what projects are to be pushed, what expenditures are to be prioritized and in essence how to allocate the entity’s funds and ensure that operations are running smoothly. Going on without it can be a tremendous headache if not fatal to a company. It has to be a major project done for every fiscal year. One of the burgeoning questions often asked by entrepreneurs is this: How does one ensure that they do not go over their corporate budget? The team at 365 Business Finance is here to answer that with the following tips on the matter. Read and fill up your notes.

  1. Keep things challenging but also realistic. Don’t set the bar too high because it will lead to frustration but don’t put it too low that it encourages slack and wastage. When making a budget, see to it that you make it challenging enough but at the same time doable.
  2. Allow yourself a little space to stretch. You can always do some forecasts and studies but you can never predict the future. Certain expenses or commodities could rise and affect your actual expenses. Emergency situations may arise or opportunities which have not been foreseen but are beneficial need to be grabbed. Allow yourself a few inches to stretch but don’t overdo it or else the waistband could explode and rip.
  3. Talk to key employees. You can never make a corporate budget all on your own unless you are running and manning your business on a one man show. You have to plan and drat it well with the right people who see and work on the various aspects in your business. It’s teamwork.
  4. Learn how to prioritize. You cannot possibly attend to every expenditure there is because finances are limited. You have to learn which expense or project goes before the other. This allows you to allocate and use funds when needed most and not when you simply have the urge or want to do so. This will also keep unnecessary spending at bay.
  5. Learn how to get great deals. 365 Business Finance encourages entrepreneurs to canvass well, grab discounts and opportunities that allow them to save from their purchases. This way, you wouldn’t have to spend as much but rather at an amount lower than your initial assumption.

Ripefinancial.com on Why a Business Plan is Important

A business plan or more commonly referred to as a budget is a well defined map that bears the plans of an entity as to how it plans to allocate its available resources in order of priority to its various projects, operations and segments. Having one is important to say the least and should you not be convinced enough then Ripefinancial.com is here to give you a list of reasons why.

It gives officers an idea as to their needs. Having one drafted or made can enable officers, directors and owners to see their usual operating expenses as well as those that have to be spent for the betterment of the company. It can help show how much more resources are needed for particular expenditures and enable owners to find other sources of such funds.

ripe-financial-servicesIt serves as a guide or a roadmap to spending. A budget is a carefully detailed plan as to the possible and recurring expenses of a business entity. It entails how much goes to which and why. This way, businesses are least likely to steer or veer away from the intended purposes of their available assets and resources.

It prevents wastage and improper use of assets. Cash is a very limited resource. No one has money bearing trees hiding in their backyards. Hard work has to be sown to earn it and wasting it or mishandling it can be a terrible blow. A financial plan being a roadmap helps prevent this. Furthermore, it helps determine whether an allocation for a particular aspect is lacking or too much.

It aids in prioritization of projects and activities. As is with every other business, there are many expenses for which the entity has to spend for. Since resources are limited and are not always readily available, it is necessary to prioritize one from the other. Having a budget helps achieve this.

It helps companies better allocate its limited resources. This has also something to do with prioritization. Allocating is a must to better cater to the needs of the company across all sectors, divisions and departments.

The above list from Ripefiancial.com regarding the importance of financial plans or budgets only contains a few of the many other reasons as to why such has to be done and prepared by entities and organizations. Remember that a budget is first and foremost a plan and failing to plan is like planning to fail.