First Show on WDFN!!!

For the first edition of The Business Reality Network on our new home of 1130am WDFN, the topic selected for the first half of the show was bank lending. As we know, the economy has taken a bit of a downturn as of late and even prior to that banks had begun to pull back from lending. While obtaining the financing may be more difficult than it once was, there is still ample opportunity for you to get the financing that you need for your business if you can prove to the bank that you are capable of being able to pay back that debt.

As was stated on the show, if you want to receive serious consideration for financing from banks, the things that you will need to have prepared are a well thought out business plan, tax returns, a budget and your story as to why you need this money.

The most important criteria that banks will look into to decide if they are going to give you this funding are equity, history of the business, personal credit as well as credit of the business. A personal guarantee for the difference between the assets that can be provided by the business and the amount of the loan is also standard practice.

In the first half we also discussed the questions that you can expect the bank to ask and expects for you to have a ready answer to.

For the second half of the show, Tom Searcy, founder of The Whale Hunters, joined us. Using the analogy of the Inuit people who hunted whales, Tom discussed how a small business grows to a certain point where not only are the smaller businesses attempting to poach your customers but you have begun to appear on the radar of the big businesses. Tom listed for us the four steps in hunting whales and the importance of moving on securing the whale, which he titles, “Sewing the mouth shut.”

Tom spoke on the use of a team in order to lure your whale, the importance of being extremely selective over the whale that you select to hunt and the strategies that your small business can employ to get the whale when there are other, bigger hunters, hunting the same whale as you.

Our first show was loaded with great content. If you missed the show or would just like to hear it again, the show is available to listen at our website www.businessrealitynetwork.com. You can add yourself to our listener database by emailing brn1130@gmail.com by providing a name, telephone number and email address. We will see everyone next week.