Insulate Your Business Model
Expand your business model. When done right, your company could exit this period with improved operations, a stronger competitive position and a better balance sheet.
Address risky customer verticals. Does your core business fall into a discretionary (or nonessential) spending vertical? If so, consider a pivot. Try to seek out industries that people can’t live without, even in hard times.
Automate tedious processes. This can free up their time from tedious manual processes so you can do more strategic and thoughtful work (which also happens to be more rewarding).
Consider starting with back-office transactional processes. Automation software is a better bet and bargain for your team than sticking with antiquated manual processes.
Make data-driven decisions. To come out on top, it’s critical you understand and measure data. Consider taking the time to actually invest in data so you can keep a tighter hold on your financials over the next few months.
One of the most significant challenges for small businesses today is having access to capital within a moment's notice.
Our line of credit addresses this issue by offering working capital funds that can be drawn and paid back on a revolving basis. Once approved, log into your online account and draw funds as your business needs, simply by clicking a button. The funds will become available again as the account replenishes with every payment. There are never any maintenance fees or origination fees.
Moreover, the line will grow with your business!
The process is simple! When an unexpected bill, purchase, or growth opportunity arises, simply login to your account and receive funds in hours. No hassle! No waiting! No application! You control the funds because you know what is best for your business.
Getting approved for a loan or venture capital investment can be challenging for business owners, especially when you need funding to help your small business grow.
Understanding the typical reasons for a decline and addressing it before before going for a loan or VC raise can help you avoid getting turned down. Here are eight common reasons lenders or VC's may decline an application:
Bad or weak credit A good credit score or PAYDEX and FICO score indicates that you’ve prudently managed your financial obligations A poor credit score means the opposite
Revenue Most lenders have minimum criteria for annual revenue of your business. The number varies widely from lender to lender, with some requiring anywhere from $10,000 to $30,000 in revenue per month or higher.
Lack of preparation You need to have up-to-date and relevant business plan, business background, income tax returns, financial statements, bank statements, current contracts and leases, any licenses and permits to operate your business, and legal documents that certify you are a corporation in good standing.
1-to-1 coaching sessions assist founders with actionable goals achievement. By developing strategic plans to increase engagement. Our coaches guide owners through a deeper learning and personal awareness to support specific skills improvement leading to a greater depth of achievement for the enterprise.
Financing Strategies for Every Stage of Your Business
Bootstrapping, seed funding, equity crowdfunding, Series A: You may recognize these terms as different financing options, but how do you know which are available and the right mix for your business venture. Platform Capital’s Accelerator program will give you the expertise you need to discern best financing options that create long-term growth and foster future financing capabilities.
We develop your professional prowess with our 10-step Evergreen Learning Process. You will have an immersive training in our program.
10-Step Evergreen Learning Process
1. How to Hone a Learning Mindset.
2. Examine Your Decisions 3. Reading Regularly 4. Write Regularly 5. Attend Training Programs 6. Teach What You Know 7. Build Self Awareness 8. Gather Feedback 9. Find the Right Mentors
10. Cultivate Peer Relationships