 | What is a small business loan? |
| What is a business plan? |
| Why is marketing important? |
| Why is accounting important? |
What is a small business loan?
It is a loan made to your business for inventory, equipment, leasehold improvements, or working capital. Business loans must be repaid within a specific period of time at an interest rate set by the lender. Commercial lenders will require a formal loan application. Therefore, a good loan package is important.
It is a plan of action that answers the following questions:
| Who are your customers? |
| What's your strategy for reaching new customers and retaining existing customers? |
| What resources will be needed to make your business a success? |
Marketing is your approach for bringing in and retaining customers. You need a marketing plan to be effective in your market and to reach your customers.
Operating a successful business demands that you monitor your sales and expenses using current information about your company's financial performance. This requires written record keeping which is updated frequently. To accomplish this, you need an accounting system.