Navigating Through Today’s Economic Storm

By Brian K. Volner

Whether you are an entrepreneur charged with the daily duties of operating your own business or an employee of such a business, you have probably felt the effects of today’s economic storm.  And while many challenges abound, with them comes opportunity.  In order to seize these opportunities you must have adequate resources and access to capital.  Loans have been the most commonly utilized method for acquiring this all important ingredient, capital. 

There has been much talk about the tightening credit markets and the challenges of securing loans.  But while the rules of the game may have changed, the players remain the same – lenders and borrowers.  In order for our economy to recover, it is imperative that individuals and businesses receive the funding they need, whether for the purchase of a new home, the purchase of a new business or the consolidation of existing loans.  So the question becomes, how do you give yourself the best opportunity to secure a loan in today’s market? 

Start by utilizing each and every resource available.  Organizations like the Chamber, EDC, and SCORE can help by providing valuable information and can direct you to those who can advise and assist in your endeavors.  It is important to note that these and many other organizations are on your side; the economic benefits provided by a successful business create a “win-win” scenario.  These groups and organizations are comprised of people who want you to succeed – do not be afraid to ask them for help and guidance.

If you are a business owner looking to expand your operations or an entrepreneur interested in starting a business, do not shy away from discussing things you might perceive as negative.  Loans carry with them a certain degree of risk; it is this risk that your banker is thinking about, so do not wait for them to bring it up.  Try to put yourself in their shoes.  Share with them the steps you will take to mitigate some of the risks associated with your loan.  If you do not discuss risk, your banker may presume you have not thought through the details of your request.

If you have not already done so, begin surrounding yourself with a team of trusted advisors.  These are people close to you who bring with them experience and expertise in their respective fields.  When faced with an important decision these are the people you should engage; most have been there through the good and the challenging times and can provide valuable insight.  Once you have selected your group, it is a good idea to keep open lines of communication among all.  A decision that has a direct impact on one area of your business may have an unforeseen impact on another, so make it a habit to include all of your advisors when making decisions or changes.

Of the many motivational and thought provoking quotes, typically the ones that speak to you the most are those that truly fit the moment.  With all that has transpired over the last few years I think Brian Tracy’s quote fits well.  “The quality of your life is determined by how you feel at any given moment.  How you feel is determined by how you interpret what is happening around you, not by the events themselves.”  It is true that much has changed and it is also true that we have seen challenging times.  But ask yourself, how have you interpreted these events?  I believe the past is important and should not be forgotten, but it is equally important to not allow the past to become our focus.  Leverage your team of advisors and continue navigating toward your personal and business objectives.

About the Author
Brian K. Volner, Vice President at American Momentum Bank.  American Momentum Bank is a progressive Florida-based bank that strives to offer a deep understanding of our commercial and retail clients’ immediate and long range goals.  For more information, please visit www.AmericanMomentumBank.com.