Not many succeed in business and reach the destination as planned. The reason behind, not many are aware of how to develop the business or they have not studied Business etiquette. Just for the sake of it, they start the business for a push. But building on the Setup and bringing up the standard in the Business they do are very few of them.
For a business to flourish the base has to be strong. First set up the rules and regulations. Business need not be started on their own finance. It is wise to get assistance from the Bank for building the Company.
Does the bank directly approves or sanction funds while requesting for a Business loan. Not at all. Bank has to be provided with valuable documentation about the purpose of the loan. If it is Partnership firm then the partner has to register a deed with all their details, address, and percentage of the fund each one has contributed and how the business profits will be split.
The company has to give detailed documents of what is manufactured, what is the raw material and if it going to exported or in the domestic market. No of employees in the organization. What will be the market value for the product?
Supporting Documents for Bank
General Information required for a Bank to provide loan:
Name of the Enterprise
Name of the director
Address Mobile No
Email id/ City
Year of Establishment
While providing all the above information it is vital to provide the said documents as supporting for the proof. The below mentioned are the KYC documents
Identity proof, Address proof, Passport, voter ID, Lease agreement, ( if the property is rented), Partnership Deal and Bank statement.
Before the Business loan is received from the bank, first Partners have to understand the plan of action inside the Registered office. How to plan daily work. Raw materials have to be procured well in time and all essential items should be in place before production is been taken.
Always the work done by the staff should be supervised on a regular basis so that even if they do any error done can be rectified at the office instead the product goes out to Suppliers place.
Staffs have to be informed on their working time and weekly off. Workers should not be made to work beyond the schedule. Overtime should not be practiced instead additional pay can be paid for the extended time or rotation shift should be planned if the work order received is beyond the current staff strength.
Boss has to be a leader and be a set of Example by guiding the team, being in office at the right time and spending more time with the staff. The boss should move in such a way he is one among them, which will be a great strength for the Company to grow. Look here for more information.