Book reviews from The Third Stage is our blog series devised to recommend marketing and networking books that could help with your business.
Loan Sharp
Rob Warlow
ISBN 978-1-905823-77-2
The first thing we should say is
that if you are a UK small business owner, you should recognise the need to
collect a number of key publications that can act as manuals and guides your
business; Loan Sharp is one of those books.
Rob Warlow brings many years of
small and medium size business banking experience, a great deal of common
sense, and a healthy sense of humour to what is a dry subject. Loan Sharp
addresses how to go about raising finance for your small business. We
particularly like the tag line ‘Get the business finance you deserve’. Rob is
upfront and saying that taking a loan from a bank should be your funding choice
of last resort. He takes you through the alternative sources of finance your
business from angel investors to family members to your savings, ending up with
what you need to do if the bank is your choice.
What is stressed throughout are
two critical areas that will require your attention that may not be as obvious
in seeking a loan, as you would suppose. These are good preparation, and good
communication. Most people would suppose that the filling in of a form to
apply for a business loan from a bank is the process. But the
preparation in having a business plan, practised pitch, and good presentation
are critical, as is establishing a relationship with the bank prior to meeting
with the bank manager.
The book has an excellent section
on understanding your own financials, which is a good education for anyone
without accountancy qualifications, and it has been made easy to understand.
The last detailed section of the book deals with the way that your loan
application will be assessed, considered, and decided on. The detail into which
your bank manager will go, and the way of your application will be assessed is
set out for you, and should give you plenty of food for thought as you complete
your preparation.
Don’t forget that should your
loan be granted this is the beginning of a different relationship with the bank
manager that will need to be maintained and serviced with the same degree of
care that you would take over customer relationship.
So if you’re in the UK we would suggest that you get a copy of this book, read it, use it, keep it as one of the critical knowledge resources in your business.
You can buy Loan Sharp here.
Recent Comments