Veterans, Thanks for your Service! What you Taught us about Borrowing Money

Veterans Day

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In honor of all military veterans on Veterans Day I thank you for your service.  So let’s take a look at our original veterans, the Minutemen of the early colonies’ militias and their tactics that can be adopted by today’s borrowers.

In recently posted that Bank of America plans to hire a thousand new business loan officers in 2010-2011.  In a sluggish economy with GDP growing at about 2% and unemployment at 9.6%, businesses are having a tough time improving sales and profits.  Why employ more moneylenders?

Business owners will be under siege from banks to make new loans if they are qualified and to use cash management and treasury services to generate fees.

What can a business owner or manager do to prepare for this barrage of bank solicitation?  Learn from the Minutemen!

The British military was the world’s strongest in the 1700’s.  The navy could impose its will on the sea and the army was an almost irresistible land force.  But the colonials figured out how to counter British army tactics.  Business owners can use the minuteman’s strategies to counter the brigade of lending officers that is coming.

Staff correctly:  All men age 16-60 were required to serve in the regular colonial militia but the Minutemen were volunteers.  They sacrificed farm and family to devote more time to the fledgling nation.  Business leaders should find a qualified and motivated employee to lead the company’s borrowing activities.  Also enlist the help of a qualified borrowing coach.

Train diligently: The minutemen trained 2-3 times per week, which was much more than the regular militia.  Business leaders today can prepare for the banks’ actions by reading books, blogs and articles about business borrowing, and network with other financial leaders.

Be ready:  The minutemen got their name by being able to march in a matter of minutes.  Business borrowers must be ready to respond to loan opportunities by having complete and accurate financial statements, a firm grasp on the businesses’ activities and a clear battle plan for borrowing money.

Don’t be caught off guard when the lender calls on your business.  By using the steps above you can help pave your way to borrowing success.

How will you respond to the banks’ solicitation for new business?  Are you ready for more debt?

History of the Minutemen from the U.S. National Park Service Minuteman National Park web site

About Michael Shelton

Your Business Coach Facilitating Delegation and Work Group Engagement Michael Shelton has over twenty-five years of business and military accomplishments, including extensive experience with one of the largest, publicly traded real estate investment trusts (REIT). He is a qualified business coach with assignments in cross-functional work group management, strategic planning, unit leadership, joint venture acquisitions, executive education, mentoring, training and merger integration. Michael has accumulated best practices for building committed work groups from more than $4 billion of capital markets transactions and commercial property development. He served as a commissioned officer and helicopter pilot in the U.S. Army, and earned his MBA from The University of Arizona. Michael has served as a major conference panelist and is the author of Cash Flow Rich, Winning Ways to Evaluate and Finance Real Estate. Today, he helps business owners get more work group engagement as President and CEO of Shelton Business Services, LLC in Scottsdale, Arizona. Disclaimer: I don't offer investment, legal or tax advice. Talk to your broker, accountant or lawyer for investment, tax and legal help. I might own stock in the companies I mention on-line. My posts, tweets and other on-line activity are my personal thoughts and don't represent my employer or company.
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1 Response to Veterans, Thanks for your Service! What you Taught us about Borrowing Money

  1. Pingback: Seven Borrowing Resolutions for 2011: The Art of Won’t | Pro Borrower

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