Food for thought that could lead to capital
Michael Sytsma, a former real estate developer and current vice president at The Bank of Holland in Grand Rapids, has seven thoughts on what a business owner needs to do today to find capital.
1. Find the right bank.
2. Talk with trustworthy people who are not in the banking field but who have had lending experiences to find the right bank.
3. Develop a consultative relationship with a collaborative lender.
4. Build a balance sheet that is profitable and sustainable.
5. Become familiar with SBA loan options.
6. Figure out where the business should be in five and then 10 years, and create separate plans to get there.
7. Carefully manage growth in a way that doesn’t cause the business to become cash poor.