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The WSJ reports on this question almost daily now: When will banks start lending to small businesses again? Greenwich Associates partnered with Ftrans, surveying a host of community banks, to gain insight into the issue. Dan Drechsel talks about the results of that study and his perspective on the outlook for bank lending to SMBs over the next 18 months.
Next up: Will banks help SMBs recover? Is there actually a demand from SMBs for financing?
There were times when I lay down on the floor at night, close to crying, and said, “I’m done. I can’t make payroll.” Then my wife would come over and kick me and say, “Get up and figure it out.” One time, I got a customer to prepay us. Another time, I came into the office and said, “Oh, by the way, we’re changing payroll dates.” That bought me 10 days.
This month’s issue of Inc. is full of 3-minute case stories of entrepreneur productivity. The above quote comes from Josh James of Omniture which recently announced its acquisition by Adobe. It caught my eye because of how honest it was. If you are running a small business, you have to have had the same gut twisting night at least once. Josh is a creative guy and he brought creativity to solving his cash flow crunches.
What was the most creative approach you ever took to solving cash flow problems?
“Small businesses can’t survive if they can’t get customers to pay bills,” says Edgar Ortiz, president and CEO of Strategic Analytic Solutions, an Atlanta-based management consulting firm, a guest columnist for the Atlanta Journal and Constitution this past weekend.
I read that, and maybe because of the recent success of the New Orleans Saints, I immediately thought of an expression I heard quite often in the three years I lived in New Orleans, “For True!”
Ortiz opines further:
Credit policy and debt-collection processes are fundamental requirements to run a profitable business.
Knowing who to approve for credit, how much credit to extend and how to collect are key responsibilities of successful business ownership.
I can almost feel heads nodding in agreement. But the reality is that most small businesses are afraid to know the truth about their customers’ credit because they are terrified to turn away potential business.
Small businesses can fail if they don’t understand the value of credit intelligence and accounts receivable and collections practices for all the reasons Ortiz outlines in his article. Kevin Kiernan, FTRANS VP of Sales, just yelled over to me from his office, “Hey, I just scheduled lunch with that Ortiz guy!” Maybe he’ll come back with some more small business wisdom.
Ortiz’ article is a must read for small business owners. For True.
Now that I’m back at my desk after the holiday break, I came across this news note from WXIA –TV and the Metro Atlanta Chamber of Commerce President, Sam Williams.
*According to Williams, thinking “small” may pay off big in the long run. “This economy is going to turn around when small business turns it around,” he said.
Even in a city that has the 3rd most Fortune 500 businesses in the U.S., Mr. Williams points to the role of small business growth in growing the economy overall and highlights the current financing obstacles small businesses face.
With bank lending slowing, small businesses must be open to alternative ways of expanding their working capital. FTRANS helps small businesses get the funding they need to begin growing again.
Excerpt from the full article:
As business and political leaders met in Washington to discuss job growth, Metro Atlanta Chamber President Sam Williams offered his own thoughts: “The private sector creates jobs. The government cannot create sustainable jobs over the long period. I think the biggest part of our economy that needs help is small business owners.”
According to the Small Business Administration, small businesses account for 99.7 percent of employers. They employ more than half of private sector employees and they account for 44 percent of the total U.S. private payroll.
In a conversation with reporters Thursday, Williams said the scarcity of credit is holding small businesses back. “Availability of loans and financing from the financial industry. They’re being pushed down a lot by the regulatory environment that’s coming out now and the whole aftermath of the financial crisis,” he said…
Inc. Magazine announced it’s prestigious Inc. 500 list today, and FTRANS is listed as #345. From 2005 to 2008, FTRANS achieved a record 718.4% growth making it one of the fastest growing private companies in America. Congrats to all of the FTRANS team for the accomplishment and hard work!
