The internet is a fantastic resource for information but a terrible tool for making a decision.
Online resources help you find out how. How to fillet a fish, how to build a house or how to access Business finance.
Certainly, entering Business finance into your browser, accessing the results and reading, listening to or watching the information will increase your knowledge but not your understanding.
Understanding comes from interaction with people. Discussing, questioning and challenging the information, the “what” and “why”. In the context of this article for example what if we structured our borrowing another way? Why do we have to offer so much security? What alternatives are there?
The internet does offer a level of interaction via FAQ’s, instant messenger and video calls but they all lack one other fundamental aspect of Business decision making, emotion better known as “gut feeling”.
Let me illustrate. By an online search of unsecured Business loans, you discover that the average interest rate for such Business loans is 30% and are offered over a 6 to 24 month term.
Accessing the FAQ’s and online chat you further discover that no additional fees are payable, what information must be uploaded in support of an Application and that a decision will be typically made in 2 Business days.
So, the answer to your question how can I finance my next import of electronic equipment from Asia? Appears to have been answered.
However, you feel the interest rate is higher than expected and emotionally you are nervous about committing to a 24 month term which would make the repayments affordable. You ask yourself:
- What alternatives are there?
- Why are the interest rates so high?
- What if you took the loan now and then repaid early?
- What would be the impact on you cash flow of the loan and early repayment?
- Why can’t my Bank help me and would other Banks be interested?
- Why do they need to know about my personal credit history and home ownership? I thought this was an unsecured Business loan?
You go back online, search some more, interact via chat messenger, call the Customer Support teams who are clearly busy when they finally answer from the noise of many people you can hear in the background.
You’ve found answers to only half of the questions above, but now have 7 more so feel frustrated and worse under pressure as the other 29 things on your “to do list” need attention and you’ve not sorted the cash you need to secure your next import.
At Ashwood Partnerships we appreciate that before we meet a prospective Client they will have searched online and have information regarding Business loans However during our visit we will not only increase that knowledge we will ensure your understanding.
How? Having taken the time before and during our first meeting we will understand you, the people in the Company, the Business and how it operates. That provides us with the context and unique aspects of your Business.
Then having undertaken a commercial audit we will know what solutions from the vast range of finance for Business are both available and suitable for your Company.
Now the discussion, questioning and challenging suggestions starts, interacting with you in real time. At the end of that process not only will you understand all the options available and the ones most suitable to your Business but also your gut will tell you what feels right.
Financing your Business is a fundamental Business requirement and tool for growth, expansion, diversification or improvement. One that cannot be simply acquired by utilising online resources.
It is stated that information is power, we disagree. In Business, it is the interpretation and understanding of that information that is true power.
Concluding, let Ashwood Partnerships help you to understand the “how, what and why” of Business finance thereby providing you with the power to develop your Business.