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December 02, 2008
How do I convince my bank to lend to me? There’s an old saying, “The time to get a banker is when you don’t need one.” That’s because most people wait until there’s a severe cash flow crisis before they contact a banker to obtain a much-needed loan. Unfortunately, a retailer's chances of getting a loan are greatly diminished if the store is unprofitable and losing money. But even the most profitable music stores can put themselves out of business if they don’t have the financing needed to acquire inventory, buy computers to improve office efficiencies, or make leasehold improvements to attract new customers and keep the current ones returning.
Just think about the nature of instrument rental programs. By the time a fall-dated invoice is due to a supplier, most music stores have very little rental income to pay those invoices, even though rental programs are usually very profitable. Bank and vendor financing is critical to the success of any music store’s rental program.
Watch this video to learn how to entice your banker into lending you the money you need to grow your business.