In my personal life curry is one of my favourite things, in my professional life it is about helping clients obtain funding, typically business loans and other commercial funding.
On further thought it became apparent that the two are very much linked, especially when business loans get declined.
Expectations of Finance Approval
It most areas of life we have expectations. These are built around experience, awareness and knowing our own limits. Curry is a great way of explaining how setting the right expectations when applying for business finance really matters.
The Curry Analogy
I love a nice curry. A Bhuna, Rogan Josh or even a Madras. I like to try different things, but I know how hot a curry I can stomach, I like a bit of a kick but not something that will blow my socks off. I wouldn’t order a Vindaloo or Phal as it would not go down well, I know where my limits are.
The same thing happens in most areas of everyone’s life, be it in sport, relationships, driving or work. We are all aware of our own limits, we may push the boundaries but expectations exist.
So why do business owners not have the same expectation of limits when applying for business finance and loans?
Expectations, Set Them Right
In my experience there is usually a solution for most businesses that can show affordability. Even for those that have been declined business loans, there is normally an option somewhere that works.
If there is a solution and someone will grant your business loan then why was the loan not approved first time around?
The answer is that normally the business has applied for finance from a lender that wanted a different type or level of client. The business simply applied to the wrong lender because they were not aware of their limits and as such had the wrong expectation level. Think of it as trying to eat a Vindaloo when you would really enjoy a Tikka Massalla instead.
If you want to know where the best place to apply for your business is then give us a call on 01293 541333 or contact via the website. We can point you in the right direction pretty quickly and it will save you a whole heap of time. Generally lenders will not tell you upfront if your business loan application does not fit them, they want to cherry pick so rarely say no on day one.
Next time give us a bell first, and if you really want to then we can chat it through over a curry.
By Dave Farmer