BE PRECISE
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On the subject of approaching banks, the advisers think slightly differently from one another, but all reflect today's cautious climate. Simon Webster, for example, says business owners must visit the bank armed with a list of specific requirements. They must decide whether they want conventional or online banking. Are credit cards needed? Is there a night safe if the business is cash-centred? The more precise the demands are, the more precise the response and the terms will be.
Webster also warns the cheapest deals are not always the best. The applicants must choose what suits their business.
Lee Tillcock concentrates on the business plan, which these days must be "much firmer". He advises: "Return to old-fashioned values. Have a good plan and back it up with facts and figures."