Paperwork: the Sand in the Gears of Commerce
Every day we see #businessfinance problems to solve in the developed and developing worlds. Most are solvable, and in the process help us to understand some of the fine points of finance in different countries around the world.
One of the biggest problems in finance has nothing to do with location.
The biggest impediment to getting finance for a company is the applicant's inability or reluctance to complete some of the business paperwork required. This is stuff that helps the funder vet the client and deal flow. And finance people have to have it because they need to know the client's financial picture, even though the majority of the capital risk analysis is based on the creditworthiness of the end customer.
Yup. These little ankle biters--company financials or a few forms filled out--are the paper curtain that blocks business growth.
I understand this. I hate paperwork myself and get a very bad case of attention deficit disorder when confronted with it.
The only cure I know is a steadfast focus on why it's necessary -- your funder needs it, and so you do too, if you are to realize your expansion goals.