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The opportunity of a lifetime has landed at your feet. It will make your company. All those long days and sleepless nights will pay off. But there is one problem: You need more money.
Turn to the people who have a stake in your company. First, call a stockholders meeting. Once someone invests in your company, they are the best source of additional money. They know you, your company, and your business. Current investors are quite likely to make a second investment. If you give all your shareholders an opportunity to invest more money, you may not have to look to another source.
Second, invite your stakeholders in for a meeting. Stakeholders are defined as anyone who has a stake in your company—think clients, customers, suppliers, lenders, and even landlords. Start by contacting the stakeholders who depend on you and your company for some essential part of their business. Often, they are willing to provide a loan in exchange for receiving discounted goods or services, or continuing to receive a required good or service they cannot get elsewhere.
Be clear about what you need. It is easier and faster to obtain a loan, so think about asking for a loan, not an investment. Before you approach anyone, know how much money you want, exactly what it buys, how much you are willing to pay for it, and the length of time you will need the money. Once you’ve figured all that out, put it in writing and make your presentation professional, clear, and sincere.
Marilyn Holt, CMC
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