Borrowing to Avoid the Plateau – Week Forty-Four
Thirteen groups of three gathered this morning for business prayer time – how cool it is to see a consistent movement amongst colleagues. I wonder how many of them have instituted some sort of prayer time at their workplaces. It would be cool to have evaluated what God is doing in all of these places and people since they began getting serious about brining God into their businesses. As for my group, Liz said that catering in Lubbock has gotten a few new competitors in the past month. She said they are challenging her to dig her heels in and market her business better. Josh didn’t have much to say about his Lubbock landscaping business but gave a new report about the fire damage claim he had settled. It was nearing a successful closure. I didn’t have anything specific except to ask for peace. I have been feeling more anxious lately and I cannot put my finger on why. As all of you know, anxiety makes it very hard to function as well as we would like to. I’m usually a confident person. I think my faith is weak in some areas.
As for the larger business gathering we had a guy talk to us who runs a swimming pool installation business. He talked to us about how and when to seek a loan to ramp up and expand our businesses. He told us that sometimes we know we need to grow in equipment and with staff but that we don’t have the money on hand to go ahead and blossom. He mentioned how to use equity and collateral to get the best loans. He also suggested several places that he had found that offered perks for small and large businesses looking to expand. One thing he said that stood out to me was that there are plenty of institutions that want to loan money. He went on to say that this reality leads to our being able to have these lending companies compete for our business. He said that we should talk to at least five of them before choosing one. He told us not to be scared to go for it in this area because if we hesitate at times of growth, we will plateau and typically go into a free fall mode. A guy who works with fire insurance claims (he runs a business out of Lubbock and Dallas) asked some poignant questions that cleared up some questions I had. They were very specific questions and I always appreciate those.
I did take out one small loan in the past to get some new and bigger tools as well as to get some trucks to haul our teams around town to do our work. It ended up being a good situation and it helped me to grow. But it has been quite some time and I will give some careful thought to what this speaker said. Maybe I do need to expand in the near future. Why rest on my laurels when I could be expanding.
So readers, what do you think about acquiring money from lending institutions to get your business moving? Have you ever done this sort of thing and if so, what were the pros and the cons? Let me know in your comments.
Until next time…