Small businesses are built on big ideas, hope, prayer, faith, and a good strategy. Add to this sweat, a dependable customer base, and cash flow. When small businesses are starved of any of these vital ingredients, they are destined to fail.
Christian businesses are sustained by the power of God, through effectual, fervent prayer and a good heart. Customers expect and should be guaranteed honesty, integrity, and excellent customer service.
Yet despite some of the best intentions, almost 20% of all businesses, including some established by Christians, will fail in their first year, and 65% in the first decade, according to Craig Calafati, executive vice president of Arkansas Capital Corporation (ACC). However, it doesn’t have to be that way.
Liquid cash is key for small businesses and essential to their growth.
New entrepreneurs need to be creative with finding funding and financing their enterprises. Family, friends, thrift societies, and credit unions usually offer workable loan arrangements with less predatory lending fees.
Small business operators must be wary of all predatory lenders. The “best” money usually comes from sources with experience in financing your kind of business, a lender who knows what to expect and how to tailor your loan to offer the best support for your enterprise.