Updated on May 15, 2023
Is your business growing and are you looking for financing for your expansion projects? Knowing how to prepare for your meetings with funders will help you maximize your chances of obtaining funds you need. Here are some basic tips to help you prepare.
1. Determine your growth objectives
Your growth needs can be expressed in many ways: you may want to increase production, expand your team, acquire new equipment, expand or relocate your offices, acquire new real estate, switch some of your operations to digital, etc.
Knowing exactly what changes you want to make will help you to determine the financial institutions to approach. To achieve this, prepare a comprehensive growth plan.
» Prepare a business plan for growth: Learn how to transform your business plan from a static document to a dynamic model that will help your business thrive and survive.
2. Do your research
Find out about the various financing programs offered by the funders you will be meeting. What types of projects and sectors of activity do they prioritize? What funding possibilities and terms are offered?
Your questions will be better directed and your meeting more effective. To learn more about a wide range of financing programs, visit the Info entrepreneurs website by clicking here.
3. Have your figures in mind so you can answer the questions
While some funders will rely primarily on your company’s sales figures, others will place more importance on the company’s growth, depending on its sector of activity.
Be sure to prepare financial projections for your project. You should be able to demonstrate that the project is low-risk and can help to grow your business.
Have all the relevant information on hand so you can answer questions with confidence.
4. Set clear goals for yourself
How much money will you need? When do you need to have the funds in the bank? What interest rate do you consider acceptable? Try to answer these questions as accurately as possible.
5. Meet with several different funders to explore your options
Whether you opt for bank financing, venture capital, factoring, research and development credits or for any other type of financing, meet with several institutions. There may be more than one type of financing available to you and you may be pleasantly surprised to learn that some types of financing are more suitable for you than you initially thought.
Also, nothing prevents you from meeting with more than one institution that offer the same service. You will be able to compare offers (e.g. repayment terms, interest rates) in order to make the best choice for your needs.
6. Participate in the Objective: Financing activity
Through express one-on-one meetings of 15 minutes each, you will have the opportunity to speak with up to 10 funders in a single morning. The meetings are short, so be sure to describe your project and your needs succinctly.
Want to know more about the benefits of this activity? Read about six good reasons to participate in this article.
Watch for upcoming Objective: Financing – A Special Event to Boost Your Growth dates on our website by clicking here.
If you have any questions, contact one of our experts at info@infoentrepreneurs.org or call 514 496-4636.