December '19

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rv-pro.com December 2019 • RV PRO • 73 Diversify Funding Sources Time also is of the essence when it comes to long-term debt. Banks tend to hold their cash tighter when recessions begin. "It is easier to borrow now – when banks can see you have healthy cash flows," says McQuaig. "The situation is far different when your income starts to drop. Waiting too long to apply for loans gets a lot of busi- nesses in trouble." Business owners should make sure they are on solid ground with their primary funding source, according to Feiman, with Built It Backwards. "Now is a good time to have a con- versation with your banker," he says. "Ask questions such as: 'What if a recession hits? What if I need a little more working cap- ital? What do you need from me today to pre-approve that?' If you give your banker enough time, just about anything can be worked out. But if you run into the bank at the last minute for financing, the story is far different." No matter how secure business owners are with their main bank, have Plan B ready to go, business experts advise. "You want to cultivate a secondary "Shooting from the hip in a downturn often leads to business decisions that are compromises or worse. Unprepared businesses are left with fewer options when tough times arrive – and those options are usually bad ones." – Michael Asbury, founder of Elevate Coaching and Consulting Reach more RV Pros! EMAIL ADVERTISING INQUIRIES TO: abowe@nbm.com (800) 669-0424 ext. 232 www.rv-pro.com Meet RV PRO's Meet RV PRO's Account Account Executive Executive Anthony Bowe Anthony Bowe CONTACT US TODAY TO DISCUSS YOUR FUTURE WITH FLEXARMOR! RVROOF.COM/APPLICATOR 9048142104 JOIN THE INDUSTRY LEADER & PROPEL YOUR SERVICE CENTER TO THE NEXT LEVEL! FLEXARMOR ADVANTAGES BRAND RECOGNITION • LEAD GENERATION• PROVEN PERFORMANCE YOU CAN BE THE NEXT AUTHORIZED APPLICATOR, IN YOUR AREA, OF TODAY'S MOST INDEMAND ROOFING SOLUTION! INCREASE YOUR SHOP INCOME! EXPAND YOUR SERVICES WITH A NATIONAL BRAND Unmatched thickness! No Caulk = No Leaks

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