ABOUT OR BETWEEN
This is the funder’s money that you are spending and when asked how much you need to achieve your forecasted sales, give exact numbers and then round up and allow for a margin of unpredictability. So if you need R3 455 901 say so and show exactly how and when the money will be used and what the impact will be. Round up to R3.5m to neaten up the deal. If you cannot show how much, why, where and when…you are on a losing ticket.
The above are a few ideas that will secure a good response with private funders or institutions geared to fund entrepreneurs. Banks don’t and can’t fund you outside of normal products such as asset finance, an overdraft or very pricy debtors factoring trade finance. Machines make their decisions and so the above is irrelevant in their world.
Pavlo Phitidis is CEO of Aurik Business Accelerator (www.aurik.co.za).