When you are stuck in a bad situation in business, Warren Buffett will have some words of wisdom that you need to get you back going. You need to list those facts that you can refresh your mind and help you think what would Warren Buffett do. If there was any quarrel in the business, Warren Buffett would reinvent his business.
In some situations, you have to make a list. On the list, the topics should include your business expenses, business account information, business contacts, business grant information, and business loan information. You need to prepare and complete a business investigation to seek the reevaluation that will get you back on the right track. Warren would ask for help, and you have got the information to start that process.
Basically, when Buffett started his business, he asked his good friend to borrow money to start his business. He only asked for $3.00. He wanted to give his friend back double for letting him borrow the money. And as the results were manifesting, Buffett saved his money and ended up laying that same best friend $12.00. That was a lot of money in the 40s. Warren Buffett had someone believe that he would pay them back, and Buffett kept the promise.
Reevaluate your business and the person that you can ask for help from will surface. If there is only a bank that can help, that is when you have a business plan, IRS documentation, Duns number, and your business account ready to set a meeting with business executives. If you have been producing money for a while, the bank will see that you will pay them back. If you use your account as collateral and ask the bank if they need anything else, you will get that business loan.
If it comes down to you asking for a business loan don’t be afraid to ask for help, but make sure the business is legal. That means you have the proper setup. That is what Warren Buffett would do.