The Pre-Lending Thinklist

Pre Lending ThinklistPre-Lending Thinklist

So, you have been thinking about changing things in the business and need the finance to get this in place. What do you do next?

This is not a checklist, it is not a flowchart to follow. This is about thinking around your proposal and getting your thoughts together. It is about provoking ideas that you may have not fully considered.

The thinklist has been split into 5 categories, let me take you through them quickly;


With this it is about getting your figures together and making sure they add up in real terms. Make sure you have your figures and make sure they are current, lenders like that. Then make sure you know what they are saying about you and your business.

If costs have gone up then know what. If sales have increased then know why. The idea here is that you can hold a conversation about your financial accounts without being caught out.


Why are you looking to borrow? In essence you must be borrowing for at least one of three reasons, the finance must;

  1. Save you money
  2. Make you money
  3. Benefit your business in another way

If none of the above apply then why are you borrowing? If the benefit is to get your business out of a hole, then what are you changing so you don’t fall into the same hole again?


If you are changing your business then do you have the skills to achieve this. It is not about doubting you, it is about recognising that you may need external help. Think whether you need new staff and where these will come from etc.


If you are changing something in the business then will it mean;

  • Your product is changing
  • Your market is changing
  • You have new competitors
  • You will need more sales

This is about what could go wrong with your plan. If you are expecting more sales then drill down into where these will come from. How will you achieve this.

The Deal

Deal or no deal? It is about what you are prepared to give to get what you want. As with any business transaction there is a negotiation to be had. Think whether you are prepared to offer security, how much you want to pay, are you prepared to take a smaller amount of money?

Lots of questions that you need to think about before your apply for borrowing

The Summary

This is purely about getting you to think about what you are doing. It may only take 15 minutes, but the benefit it can add could have tangible results. It works very well after you have undertaken a SWOT or Porter analysis.

The more focused thinking you can do early on the better your chances of success.

If you have any comments or questions about this then please add a reply above or contact Lime Consultancy here.

The pre lending thinklist can be downloaded here – Resource – Pre Lending Thinklist please use this for your benefit, then if it has helped drop us a quick thank you email. Remember that we give this information to you free, lovely people aren’t we?

By David Farmer

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