I need help with small business banking
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siward
Apprentice
Joined: 09 Jun 2007
Posts: 5
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 Posted: 08/03/08 - 04:29 Post subject: |
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| A year ago I started making plans for a small family retail shop selling all kind of herbal tea, and my plans finally started realizing, we opened our store and its been very good for three months now, and Im hoping that it will be even better later in the future. When we first started thinking about this business, we agreed that we will work trough everything by ourselves. We read dozens of books about running a small business, and weve done practically everything without help from the others, so we think it started quite good, considering its been done with practically two amateurs. My spouse and I are the only employees, and at the end of our first month we could see that we had quite good earnings, but after the third month (even though, business was running excellent) we could notice that accounting (books and work arent synchronized the way its should be. I noticed that mistake has been made somewhere with bank loan and investment, its clearly visible now that we didnt know enough about that and we really need help and advice related to small business banking |
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aguistin
Apprentice
Joined: 03 Mar 2007
Posts: 2
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| Posted: 09/02/08 - 00:33 Post subject: |
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The most important thing that you need before you setup a business yourself is a good advisers- accountant and a lawyer who will handle finances, taxes and business law. All businesses demand certain amount of administration and lots of paperwork.
Business plan comes first and needs to be thorough and precise about certain elements of what you hope to achieve, (aims and objectives, opportunity, sales and marketing strategy, financial detail), because without good business plan you could struggle to make it work. There will be a lot obstacles and setbacks, but for people like you who are more than determined to succeed and prepared to work long hours there is no limit that can prevent them in lifting their business of the ground. Loans from bank are very important key in running your business, you have to find bank that could give you loan under the best circumstances, the lowest interest rate if in credit (1, 25), if possible free banking for first two years, where standing charge doesnt exist, authorized overdraft negotiable or very low, maximum turnover (? k), telephone internet banking, minimum transaction charges etc. All components are different for each bank, so you have to learn everything you can about banking, so nothing can surprise you in the future. Always consult your accountant and lawyer, and no mistakes will be bound to happen, but in business you never know what will happen next moment.
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