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?
- On Veterans Day, Take a Moment to Talk About Benefits (fool.com)
- Support Your Local Veteran (inc.com)
- Honoring our veterans through VA mortgages (hsh.com)