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If you have an enterprising nature as well as leadership qualities then you are the right person to become an entrepreneur.Being a businessman is not everyone?s cup of tea. Only that person who is able to take risks and can face challenges can become successful business man. When you compare growing a business to raising a family you will find the latter a lot more easier.To grow a business one needs to have a disciplined approach to managing finance as well as an acute sense to be able to sense opportunities that come your way.

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Now, let?s check out several practical tips.

The foundation of your business stands on financial control and planning.If the cash flow is not smooth, the business suffers. You should also realise that you are answerable to the banks and financial institutions for they are going to be your partners in business too. Of course as the promoter one needs to bring in the seed capital that is required as promoters share. The rest is financed by the banks in the form of term loan as well as over draft.These two types of loans help you acquire plant, machinery and resource as well as help you build stocks; pay all operational expenses as well as sales expenses too.

Those of you who think that starting with your business is the biggest challenge, wait for a while and you will see. Business too is like a living entity. You have to keep growing the business least it dies down. At one stage as soon as our have stabilized the business comes the phase where you need to start planning for next phase of growth. Some part of the finances required for funding expansion can come from your internal accruals. If you want to build surplus funds in your business you have got to have a finance professional managing your business operations.As soon as possible it is important for every business to engage the services of professional finance person who is able to control, monitor and manage fund flows. Apart from internal accruals, you will need to bring in some promoter?s share of capital too. You can expect one or more banks to bring in the rest of the funds for the project.

But then working on an expansion plan would entail a lot more of homework on the business plan. Your business plan would need to be water tight. The banks is likely to be favourable when it is able to see a growing sales orders in the pipeline. Besides your business plan you will need to have a good credit history with the bank too.This means that all of your financial repayments and commitments must have been made in time and promptly. The bank is likely to look at your sales performance records too. The bank will look at all these points to consider your application for extension of credit to you.

The bank holds the prerogative to either extend more credit to you on the existing loan or sanction an additional new loan. In case of new loans the terms and conditions as well as rate of interest would be different too.Alternatively the bank might advise you to foreclose your existing loans and in turn sanction a new loan covering the old outstanding as well as your new requirement. For refinancing loans the bank may use the original guarantee that it received from you and may not insist on additional security.Sometimes extended tenure might work to your advantage too.

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The banks always love to partner with small businesses who are disciplined and have an impeccable performance record. Apart from your business proposal, the bank will also consider its promoter?s personal credibility as well as conduct and credit history too.

Your business empire can stand to be a success in the long run only when you have laid the foundation in terms of strong financial discipline.

Here is a quick resource for you to take a look at:?
commercial-refinance.org/commercial-loan-workout.htm