Step For Entrepreneurs
The vast, and I mean like 93% vast, majority of small business owners are dumber than hell. While larger companies are capable of assigning larger funds for employee benefits, small business require a level of caution when investing in an employee rewards plan in order to keep their budget under control, but at the same time, offer a competitive employee benefits.
A typical loan application asks for basic information about your business, such as the structure of the company, why you need a loan instead of personal finances and how you plan to use your capital In addition, you should show an excellent credit score, business experience , collateral and any licenses required to run a business in your area to prove you are responsible.
My personal weakness is I do not have much experience in running a business organization and because it’s my first business organization I will have to take risks which might make my business to lose profit or even worse make my business organization bankrupt.
The 2008 credit crisis has made it more difficult for small businesses to get a start-up loan than in previous years, according to Lydia Dishman of In 2009, for example, the U.S. Small Business Administration reduced its lending to small businesses by 36 percent over the previous year.
My business organization has to be ready on mortgages and taxes going up in order for my business to face financial crises it has to budget it money well in order to do this, my business organization will employ experienced accountants and use trusted banks to keep its money in. the business organization also have to be fair with its employees and pay them in time, in order not to get sued which can cause the business to get bad reputation.