Fidelity Bank is dedicated to helping local business to succeed. Recently we invited Matt Orr, Owner of Orr Industries LLC along with Michelle Pane, Business Relationship Manager at Fidelity Bank, on our radio show, “Fidelity Bank – On Business” to share some of the ways to successfully implement your business idea.
Embrace risk and make it your best friend. With any new business, risk is always going to be a big factor, it’s inevitable. If you’re serious and passionate about your business idea, go for it and don’t let risk hold you back.
Create a plan. Before presenting your business idea, create a complete tax plan, business plan, and debt repayment plan. Have all of your credit information organized and ready to present to a banker to show your credit worthiness.
Come up with a creative way to finance your business. Let’s face it; most people do not have the funds for a startup business. In most cases, the idea is there but the capital is not. It’s best to consider and collect information on all possible resources such as a business line of credit, collateral, Small Business Administration loan, etc.
Meet with a banker. In order to implement your business idea, you have to appear “bankable”. In simple terms, this means you don’t have much debt and you have a good credit history. A banker will first look at possible profitability, the economy and its need for your business. Your tax returns, credit worthiness, collateral, and ability to repay debt will also be examined.
Choose your team wisely. Selecting the right team of employees is a vital key to accomplishing your goals. You have to trust your team and be able to develop a great relationship with them. During this process, it’s helpful to focus on the tasks you like to do and then hire for tasks you dislike. Delegating the tasks you are not efficient in is a good choice. Every successful business person has one thing in common – they have a good attorney, accountant, and banker. These professionals will be working very closely with you and your company, so it’s important to choose them wisely as well.
Always be concerned with cash flow. A lot of businesses have a slow season, so it’s important to have great cash flow management tools and have the skills to successfully move your business’ money around to make it work even during a season that creates a tight budget.
Stay focused on the big picture. Know your business goals and stay on track with them. Stay focused, organized, well-planned, confident, and put the time and hours in to make those business goals reality.
Learn how to sell your vision. This goes back to choosing the right team for your business. Good sales skills are crucial for any business. Either learn how to sell or hire a good sales person to get your vision out there.
To learn more on ways to execute your business idea, click to listen to the full show. Plus there’s more advice to listen to any time or anywhere at “Fidelity Bank – On Business”, which airs Saturdays on 94.3 FM.