Return to Old Fashioned Values
Alan Sugar told an audience of entrepreneurs last week that his biggest business lessons came from his banker. Llyods lent on sound security, nothing on components, 30% on stock, 75% on debtors.
A lot of entrepreneurs will learn this hard lesson or end up with ‘ego on their face’.
- Read between the lines, if you are turned down work out why and try improve for next time.
- Maintain strong relationships and work on them.
- Banks are finding it tough but will come through. Expect banks to return to traditional values as they need to lend to survive.