The most common form of small business borrowing is via overdrafts. We almost all have one, or had one.
Nobody points out the risks when we sign on the dotted line, so I am going to do that now.
The main risks are:
- Your overdraft is repayable on demand, at the whim of your bank manager.
This can happen because s/he feels you have abused your privileges (often just after you’ve had one of your own clients give you a genuine, rubber cheque and you have dared to write out cheques to your own suppliers).
It may be because your friendly banker has just been transferred to Sandton and her replacement is just out of kindergarten and somewhat more afraid of risk.
The bottom line is that I have never met a business owner who enjoyed the experience of having his/her overdraft summarily recalled. It never seems to happen at a convenient time. - Your overdraft is probably secured by a covering bond on your home, as well as a personal surety (or guarantee).
In this case probably means about 99.5% probability. This means that when your overdraft is recalled, your bank manager can take your home with it, and your life savings, and your insurance policies, and your car, and your dog (if said dog is a collector’s item as worn in handbags of wealthy European flibbertygibbets).
So, if I could show you how to:
- Repay your overdraft within a few weeks;
- With easily available funds;
- Releasing your home from the covering bonds;
- Releasing yourself from the sureties and guarantees;
- All at a lower rate of interest (by quite a way) than your overdraft demands;
- How much value would that knowledge add to your life?
I can! And I have helped more than 30,000 business owners achieve exactly that. Please check out the CrashProof your Business seminar.
In addition to the above:
- Discover how to finance a startup with funds that will cost you almost nothing;
- See how to collect sureties and guarantees from wherever they might be hiding, as well as how to eliminate them entirely with a little pre-emptive action;
- Understand how to eliminate the risks from suppliers who demand sureties;
- Grasp extremely well-kept insurance secrets that have cost business owners like you and me all of our provisions – and which are simple to resolve;
- And finally, the best kept secret in SA – how to walk away cleanly, no matter what happens.
Sounds like a lot to claim, doesn’t it? That’s why if I don’t back up every single statement with a valid strategy – you get your investment back.