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Training Talk
You
can't know it all
As an instructor, how many times have you had a
participant ask a question you didn't know the answer to? The most
experienced instructors out there will have this happen on a regular
basis. Here are some suggested ways you can address this problem.
1. It's okay to admit you don't know the answer - we're not
expected to know everything!
2. You could mention that this is something you would like to
learn more about yourself and offer to find out and report back to the
group.
3. Ask the other participants for their ideas and input - it's
amazing how much your participants know collectively and how much you
can learn from them!
4. Get clarification or more information from the inquirer about
what they are really trying to find out. You might be able to
still help them with an issue even though you may not be able to
immediately answer their direct question to you.
5. Keep your confidence and don't become rattled or shaken.
Participants want to view you as someone who can guide them, and may
question how helpful you are if you don't appear confident.
Working with
Entrepreneurs
What do you need and where's the money?
A sources and uses spreadsheet is a very useful
tool to assist a business owner who is seeking financing to start,
purchase or grow a business.
Click here for a Sources and Uses Excel
Spreadsheet
Basically, you start on the right-hand side (uses)
and start filling in what the loan proceeds will be used for to start a
business, purchase a piece of equipment, expand to a second location,
buy real estate, etc. Along the way, be sure to help the
individual with the due diligence of verifying and validating all of the
information. This means getting hard-copy quotes instead of verbal
estimates, calling the utility companies to find out the 12-month
history for a building to be purchased or rented, finding out whether
the money will all be due up front or can be made in installments,
determining whether labor is included in the price, etc.
You then move to the left-hand side, sources.
Sources is where the money will come from to pay for all of the uses.
Applying for commercial loans involves seeking out a partner to
share the risk of the business. This means that the business owner
needs to contribute the risk in the form of a down payment and
collateral pledged as security.
The formula is easy - sources needs to equal uses.
The hard part, however, is that there is often an unbalanced situation
where uses outweighs sources.
When uses are more than sources, to get the
equation balanced you must reduce uses or increase sources. This
would involve determining whether used equipment can be purchased
instead of new, whether to lease or buy, whether a purchase can be
delayed, whether mom or dad want to help out, or whether a seller is
willing to carry some of the financing.
The sources and uses spreadsheet is a simple, yet
incredibly powerful tool you can use to assist small business owners.
CORE FOUR®
Tip of the Month:
Inspire me!
Brought to you this month by:
Brenda
Shoberg
CORE FOUR®
National Sales Director
One of the attributes the CORE FOUR®
Business Planning curriculum is best known for is its power to inspire
small business owners and give them the confidence to move forward with
their ideas.
As a trainer, you can help this happen by sharing inspirational success
stories or quotes, by giving positive reinforcement, and by believing in
your participants! Here's a quote I like to share:
"If you think you can, you can; if you think you can't, you're right."
"The Master Plan" Business Plan Blueprint
Order your poster today!
For a chance to receive a FREE poster, email any entrepreneurial information to corefour@entrepreneurfund.org. If your information is chosen to be published in one of our e-newsletters, you will receive a FREE poster! Ideas for submissions include how you promote CORE FOUR®, what you like so much about CORE FOUR®, a short article on a business owner who has been helped by CORE FOUR®, a great web site to help entrepreneurs, visual aids or exercises you use in your CORE FOUR® training, or any other entrepreneurial information that is interesting.
This poster is a great visual aid for presenting the CORE FOUR® course or describing what business planning involves and how the pieces fit together! The Master Plan poster actual size is 27" x 34" (flip chart).
Featured Web Site
IRS Tax Transcripts
http://www.irs.gov/individuals/article/0,,id=110571,00.html
If you have ever worked with a small business owner who is unable to
locate a copy of their personal IRS tax return for a loan or other
purpose, here's a place to send them to get a tax transcript from
the IRS at no charge.
