Men’s Talks

Best Approach to Asking for Financial Assistance

In the course of running your business, no matter how well you prepare, you’re bound to come across some pitfalls that would require help. This is more so for startups. Most times we don’t really understand the full financial implications of a new venture hence most people fall into ditches. Asking for help financially is not the easiest thing to do especially if 1) you don’t know who to ask, 2) you don’t know how to ask, 3) your ego is two sizes too large, or 4) you are afraid of rejection.

Sometimes, frequenting loan homes or banking institutions isn’t always the answer. Before running off to the bank to ask for a loan or selling off a great asset why don’t you consider asking a family member or a friend? You may be skeptical about getting your family or friends involved in business, but it might be the best option at this point. The founder of Silverbird group, Senator Ben Bruce started his empire on a loan he received from his father; see where he is today. Family and friends are here to help you, so take advantage of their presence in your life. Here’s how you go about it;

  • Make a note of exactly how much you need and what you need it for
  • Have a working and practical strategy for recovering this amount as well as a payment plan.
  • Find out who is in the best position to help you. They should not only be able to lend you the money you need but should also be the most likely option (they should be willing).
  • Book an appointment. The more business-like this transaction is the better.
  • Go straight to the point without mincing words. Having an outline would be better. Tell them everything, giving them an offer they can’t refuse in form of interest or something along the lines.
  • Be honest about your financial status, the amount you need and the payment plan. The payment could be in installments, or in full depending on what both parties agree upon.
  • Be clear about what you want: a loan or some help. Let them know whether they should expect returns or let go.
  • If your request is granted, keep your phone lines open from the day you got the financial aid you were looking for to the day of payment. Being reachable at all times shows reliability.
  • Granted or not don’t forget to express gratitude.
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Following these steps will help you get the financial aid you need without any awkwardness or breach in relationships. Reach out to someone for help and don’t wallow. People are more willing to help and assist you than you are willing to ask for help. Don’t be afraid of getting help from time to time just don’t become totally dependent on others for everything.

Culled from Nairametrics

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