Due Diligence and Bank Negotiations from Seasoned Pros
It can be problematic, especially if you’re a small business, to speak to the bank. Of course, there are so many banks out there which put out a friendly face in a series of advertisements targeted toward small businesses, but the savvy business owner knows that they’re not really on your side – no matter what they say.
The reason why banks tend to pander to small businesses in huge, expensive marketing campaigns is because the small business to the gigantic corporate bank is a walking paycheck – you’re getting out there, you are assuming risk, you are trying new things, but you are a payday to them, whatever happens. Should you succeed? You’ll make them money. Should you fail? You’ll make them money. It’s all about how much money can be made – and this usually comes into play with negotiations with your bank. Of course, a small business tends to need assistance from banks. It’s difficult starting anew, you may have an excellent idea and an excellent means to making that idea reality, but everyone needs investment.
Whether you’re a brand new, fledgling business or even one that’s been around a while, the circumstances year to year when you’re working for yourself are extremely different, and the services of a bank are needed on a regular basis. Therefore, banks are a necessary evil – as things change and as you deal with the day to day or even something new entirely, they are required. But how exactly does a bank make money off you? It could be the services they provide. A bank may choose to loan your business money at an interest rate that suits them, and not your business.
What else is there to do but put up, shut up, and take the service, even if it’s not exactly what you had in mind? Quite a lot, actually. There are some accountants in North Wales which will handle due diligence and bank negotiations with you – and to these ends, will go into the meeting with the bank with you, in order to advise you of the bank’s proposals in terms which are directly related to your business, and additionally they will negotiate with the bank in order to get you the very best deal possible. From overdrafts to mezzanine and equity funding, a good accountant in North Wales has you covered.
