(ARA) - Starting your own business takes passion, patience, perseverance and access to resources. Knowing how to achieve and exceed your goals requires the right advice and support.
According to a recent survey conducted by CIT, a leading global commercial finance company and the Economist Intelligence Unit, middle market business executives stated that attributes like “strong customer relationships” and “having a financial institution who deeply understand their business or industry” are more important to their success than just the strong balance sheet.
“We are challenging the traditional ways lending institutions approach customers,” says Chris Reilly, president of CIT Small Business Lending Corporation (SBL), a unit of CIT. “Our ingenuity and depth of experience has made us the largest independent commercial finance company in the world. We understand that strong relationships are at the core of business.”
Reilly has a few tips for entrepreneurs who are running or planning to start a business:
* Craft a solid business plan. It’s your roadmap and the key to helping your business succeed. If you don’t have a business plan, seek advice from reputable small business advisors who know your business and can help you create and update one along the way.
* Build a good relationship with your bank manager and creditors. Ask for their help and advice in building your business and show a genuine interest in solving problems.
* Find a lender who offers more than just a loan. As your business grows you’ll benefit from the solid advice and guidance that comes from a lender that understands the needs of businesses as they grow from start-ups to success stories. Select a lender that can help you build relationships that will build on your successes.
* Create a community of encouraging people. Develop a network of entrepreneurs that you see regularly with whom you can exchange ideas. The relationships you build with these individuals, organizations or trade groups will provide you with an outlet to problem solve, share successes and learn from other entrepreneurs.
* Act with determination. If you have a good idea, be determined to stick with it through the start-up years and don’t be disheartened by the small setbacks that all growing businesses invariably face.
For more information about starting a business, small business lending and advice to business owners, visit http://corporate-finance.cit.com and select Small Business Lending.
Courtesy of ARAcontent
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