*Contributed by Satchit Hasabnis.
Are you looking out for a business loan? Have you recently applied for a loan but had your application rejected? Why do you think your business loan application was rejected? This depends on certain factors which you may not be entirely aware about. There could be several reasons why your business loan was denied.
These are 8 major reasons why business loan applications are rejected.
Bad Credit Score
Though you are applying for a business loan, your personal credit score does affect your chances of your loan’s approval. This holds true even if the company has been in existence for a while. In case your personal credit score is bad then the financial institution may not trust your financial position much. Thus the bank may hesitate to provide a loan as your repayment history would not be up to par. It is very important to keep your own credit score strong by making regular payments. Review your credit score time and again and take steps to repair it.
Some industries or areas of business could be considered as risky in nature, by traditional banks and lenders. For instance, hotels and restaurants can be seen as risky to lend or fund as there is a high failure rate involved. If this is why your business loan application gets denied, then try looking out for other financial institutions that lend to the industry your company operates in.
As business owners, we keep a keen eye on our expenses, especially when the company is concerned. We try to make sure there are protocols and systems in place to ensure that our company remains profitable for an extended period of time. Unfortunately, we can’t manage everything and account for all circumstances, and sometimes we don’t notice the existence of bad business funds. It’s important to realize however that these funds aren’t always “bad.” In fact, here are some key ways to turn bad business funds into profits.
Sa pagluluto, ang mga pinakamagagaling na chef ay sumusunod sa konseptong “mise en place” (lahat nasa tamang lugar). Ibig sabihin noon, kailangan naintindihan mo na ang mga instructions o tagubilin sa pagluluto at inihanda mo na ang lahat ng sangkap bago ka magsimula. Kung hindi mo siniguradong ihanda ang lahat ng kailangan, ang mga nakalimutan mong gawin, tulad ng paghanda ng grated cheese o pagsukat ng kalahating tasa ng sauce, ay pwedeng makasira sa lasa ng iyong niluluto. Ang konseptong ito ay pwede mo ring gamitin sa pagtatayo ng negosyo. Kailangang planado mo na ang lahat para makita mo ang mga bagay na pwedeng pagmulan ng problema at iresolba mo sila bago ka magsimula. Ililista mo rin ang mga gawaing kailangan mong tapusin para mas mataas ang pagkakataong magtagumpay ang iyong negosyo.
Bukod sa paghahanda para sa pwedeng maging problema, kapag nangangailangan ka ng loans sa bangko o kailangan mo ng investors na magbibigay ng kapital para sa iyong negosyo, malamang kakailanganin nila munang makita ang iyong business plan. Isipin mo lang, kung may nanghihingi sa iyo ng sampung libong dolyar (halos P500,000), ang negosyanteng alam ang gusto nilang simulan at alam din ang kailangan nilang gawin para magtagumpay ang negoyso ay mas nararapat bigyan ng pagkakataon kumpara sa isa na nanghuhula lang.
Kahit maraming ibang mas detalyadong business plan guides sa internet, ito naman ay naglalaman lang ng basics. Ang isa pang rason kung bakit isinulat ko ito ay dahil hindi ganoon karami ang mga guides na nakasulat sa Tagalog. Ganoon pa man, kapag kailangan mong magsimulang gumawa ng business plan, basahin mo lang ito para makita ang ilang kailangan mong pagisipan.
In cooking, great chefs follow a concept called “mise en place” (everything in place). That means you must have understood the cooking instructions and prepared all the ingredients before you start to cook any dish. If you don’t make sure that everything is ready, the things you’ve forgotten, like preparing grated cheese or measuring half a cup of sauce beforehand, can seriously ruin your dish. This concept can be applied to building a business. You must have everything planned out beforehand so you can anticipate problems and resolve them before they even start. You will also list down the actions that can help boost your business’ chances of success.
Aside from preparing for potential issues, if you need a loan from a bank or you need investors to help you raise capital for your business, they will most likely need to see your business plan first. Think about it. If someone is asking you for ten thousand dollars, the one who knows exactly what they want to do and what they need to do to make the business successful is a much better bet than the one who’s just winging it.
While there are many, more detailed business plan guides out there on the internet, this one is simply meant to show you the basics. Another reason why I decided to write this was because there’s not a lot of guides out there written in Tagalog. In any case, if you want to start writing a business plan, just read this for an overview of the things you need to think about.
Isipin mo ang isang treasure chest na puno ng ginto’t dyamante at nakakandado ito gamit ang isang combination lock. Kailangan mong hanapin ang tamang kombinasyon ng mga numero, mga bagay na kailangan mong gawin, upang makuha ang kayamanan sa loob. Katulad lang noon ang pagsisikap para sa tagumpay.
Ang buhay ay punong puno ng kayamanan o treasure chests na tinatawag nating mga oportunidad para magtagumpay sa buhay. Kailangan mong piliin ang tamang kahon at saka mo pagsikapang alamin ang code na kailangan para makamit ang kayamanan. Sa pagsisikap umasenso at magtagumpay sa buhay, narito ang sampung bagay na nararapat mong alalahanin upang makamit mo ang iyong mga pangarap.