Ask yourself: How confident are you in your company’s financial position? How much knowledge do you have about the transactions and activity that flow in and out of your books? Not to mention, how much faith do you have in the accuracy of your financial picture?
Whether you’re bootstrapping your business, launching through joining an incubator, or you intend to seek help from a VC or angel investor, it’s not an easy task to raise money for a startup in any industry.
From startup funds to venture capital firms to influential individuals, inDinero’s investors are a diverse group of tech industry innovators and change-makers. But they didn’t come flocking to our company overnight.
Pop quiz! Do you know if your business is on track to hit its financial goals for the year?
Sorry to put you on the spot like that and don’t let it make you sweat. Truth be told, an estimated 90 percent of small businesses are unable to produce dependable financial statements when prompted. And it’s probably safe to assume that even if they could access accurate finances, most small teams wouldn’t know how to turn those numbers into business insights to put into action.
We understand that the search for a small business loan can be both frustrating and confusing. You’ve likely been inundated with lenders using terms like annual percentage rate, interest rate, and factor rate to explain why their loan product is better than the next. But the truth is, what’s best for one company may not be best for yours.
In the broadest terms imaginable, there are two steps to launching a startup:
- Come up with an idea.
- Bring it to life.
So, if you have a concept for your business—congratulations! You’re halfway there. All that’s left to do is make it a reality.
These days, venture capital is flowing like Niagara Falls: would you believe that over $98 billion in funds were raised by startups in 2015? However, just because money is being invested doesn’t mean it’s easy to get. If you’re an entrepreneur running an early stage business, you may be taken aback by an investor who's less than thrilled about your company. In fact, they might flat-out drop you like a hot potato.
If that sounds like something you’re going through now, instead of throwing in the towel or throwing punches, here’s how we recommend you deal.
When you think about the end of the month, what keeps you awake each night? If you say your investor board meeting, you’re in good company! The best way to ensure you’re in good shape when the date for that meeting gets closer is to package the information you want to discuss in the best way possible well in advance. With that, I’d like to introduce you to the art of the investor report.
Retiring sounds fun, right? And so does saving on taxes now. Luckily, as a business owner, there are ways you can feed these two birds with one scone.