The Cash Flow Contractor 247 - Access to Cash: What Are Your Options? with Luke Boyenger
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Mar 13, 2025 Luke Boyenger, an Expert Fractional CFO, shares his wealth of knowledge on cash efficiency and smart financing options. He tackles the misconceptions around business funding and stresses the importance of assessing your business model, pointing out potential red flags. Luke highlights the value of building strong banking relationships, navigating lines of credit versus SBA loans, and the risks of using HELOCs for business. He also discusses innovative ways to manage expenses and maintain healthy cash reserves, ensuring listeners can optimize their financial strategies.
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Build Bank Relationships Early
- Establish a banking relationship before you need one, not when you're already out of cash.
- Bankers aren't in the business of giving lines of credit to financially unhealthy companies.
Profit First Limitations
- Profit First, while potentially helpful for very small businesses under $100,000, isn't suitable for larger businesses needing bank loans.
- Bankers want to see more detailed financial data than Profit First provides.
Choosing the Right Bank and Banker
- Consider the bank's capabilities and lending limits to ensure they can support your business's needs.
- Also, find a banker you trust and who understands your industry and challenges.