To work in the finance services industry, whether its financial or estate planning or business financing, requires an individual to establish a great deal of trust with their client. The type of trust which necessitates a person to disclose all their worldly possessions to someone else, follow their advice and allow them to make key personal and business changes for them. Not only is personal and business information disclosed but decisions are made which can affect each area on a long term basis, and in some cases, for a lifetime.
Successful financial professionals traditionally have been required to invest years and years in establishing themselves and building their brand and trust factor. In the past, you didn’t get into the industry unless you were prepared to devote a good portion of your life. After time, people simply figured if you were around for twenty years then you must be doing something right.
So how does this relate to business networking with regards to services like equipment financing? To become highly successful in financial services it requires that you learn, understand and follow the core values of networking. Every business can truly benefit from building a strong network but since trust is so keenly vital to financial services, I feel it’s most relevant in this case.
Professional networking organizations like Business Networking International (BNI) base their foundation on the concept of “givers gain”; I give you business and you will reciprocate. But at the heart of that belief is the fact that it is primarily built on trust. Each person must trust the other to do the right thing, both with their intentions and capabilities. Business networking can accelerate the development of trust amongst our peers and networks because by following a system like BNI, you will learn to develop targeted skills in this pursuit. Skills which guide you in how to act, dress, what to say and to do the key things which will elevate the trust factor and your reputation much more quickly than if you waited for it to happen on its own.
A financial planner told me once he didn’t need to network because he had regular business referred to him by his old friends. I asked him how long did it take to develop his business and contacts and he replied, “30 years.” Who has that much time? Why not build the same devoted network on a much faster pace with highly predictable results.
A finance specialist or broker or any person in the financial industry can build their name and reputation with a consistent dedicated effort in few short years as opposed to the decades it used to take. This is a key consideration for any profession which requires a high trust factor to be successful. Build a diversified network, develop trust amongst them, follow-up with them on a regular basis and you can establish a foundation for long term success. Business networking and equipment financing are indeed on the same side of success.
See you want to buy a property, you must be looking for a suitable loan that is less burdensome for you. Well, business financing and commercial loans are exactly meant for the purpose of providing a timely finance for commercial utilization. Through business financing and commercial loan you can buy any property for its commercial utilization.
Business financing and commercial loans are easier to avail as there are lenders who offer you services of their experts in helping you decide over the type of loan and interest rate on it etc. after applying for the loan a commercial real estate finance specialist contacts you shortly and discusses your objective and goal of taking the loan and buying a property. These specialists are of course trained professionals who are well versed in various types of commercial loans and repayment options. So you are well advised in taking a business finance and commercial loan. This clearly leads you to a suitable loan deal and makes decision taking instant for the lender as well.
For availing business financing and commercial loan, you are required to provide a valuable property as security to the lender. Any residential or commercial property functions well as collateral but it should be of high value as the loan amount is based on it. For having a lower interest rate deal on business financing and commercial loan, you should first ask for loan quotes for comparing rates of different lenders. The comparison is all the more crucial in case you are a bad credit borrower. You should also be choosing repayment duration. Note that shorter repayment duration increases monthly payment for the loan installments while larger duration reduces the payments substantially but you end up paying high amount on interest. You should the repayment duration as per your requirements.
Make sure to compare as many lenders as you can for a better deal and clear the loan installments in time for escaping debts and for improvements in your credit score.
Establishing or expanding an existing construction business can be an overwhelming experience.
In deciding the proper direction you’ll need to plan out what type of equipment to purchase but more importantly how to pay for it. Are you able to pay cash or will construction equipment financing be necessary? Is it better to buy new equipment or will refurbished or used equipment be a better value.
Unable to pay cash is not unusual and often the need to seek out a construction equipment finance company is the best alternative. In researching equipment financing you’ll want to have a clear understanding of what your company needs in the way of equipment and how your cash flow will allow you to pay for it.
Determine The Type Of Equipment You Need
Your construction equipment finance company will need to know exactly what type of equipment you intend to purchase, as they will tailor the finance terms to match the need. Different types of equipment will have different types of financing. For example, if you plan to upgrade your computer system the finance company may offer shorter term financing as computer equipment becomes obsolete in a short amount of time. The purchase of a bulldozer or cement truck may have a much longer life span and be eligible for longer term financing.
Consider Used Or Refurbished Equipment
Once you decide how much equipment to buy, the brand you want or need, how much your budget can support, etc. you will then need to decide if buying new or used equipment is the best route to follow. Refurbished or used equipment may be an ideal solution, especially if the primary use is to be used as a back up to your existing construction equipment and not put into use on a daily basis. Not all used construction equipment will be reliable enough if you plan on making it your primary equipment. Just as you’d research the pros and cons of purchasing a used car you should perform diligent research on your proposed used equipment purchase.
Not All Financing Companies Are The Same
Now that you know what you want or need and have decided between refurbished or new it’s time to start researching financing companies. A good place to start is the bank that maintains your business checking account. Although they may not offer the most attractive financing options it may offer a good comparison to a company that is a construction equipment finance specialist.