Joy Garriott: Achieving Financial Success With $8,000 - Questions and Answers Essay

Introduction

The respondent owns a business called Hispanic Employment Labor Pool. Her name is Joy Garriott. She is the founder and principal of the business. She found the business eight years ago with just $8000but it now runs at over $600,000.The firm is situated in Alabama. I interviewed Joy Garriott through the email.

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Save 25%

1. What strategies did you use to achieve your credit rating to improve your access to traditional funding sources and lower your cost of capital?

First of all. Thanks for selecting me as one of your participants in the survey. I would say that my traditional funding sources were parents, cousins, brothers, and banks. I did not require a credit rating to acquire funds from family members. However, as my business grew, I had to utilize banks as the primary source of my business capital. I have been paying my loans on time and borrowing regularly. I have never defaulted any loans since my business started more than six years back. That has assisted me in building the credit scores for my business.

2. What amount of funds did you need for start-up costs to sustain your business for the first year?

My first one year in business was met with difficulties because my credit rating was very low. I had to rely on personal savings and family members to support my business. The business required close to $10000 for the first year, but I managed to raise $8000, which assisted me in managing the business for the whole first year.

3. How, if at all, has your management experience and education helped you in developing strategies to access funding for your business?

Being educated, of course, is an essential factor to consider for successful management of any business. My educational background has played a critical role in the success of my business because I can understand all credit terms, management skills, legal matters, etc. Experience also helps me understand any shortcomings and areas to project for profit maximization.

4. What, if any, tactics did you use in any area of your business that helped you in securing funding from investors or traditional lenders?

Securing a loan has not been easy for me, especially in the first year of the business. However, I have used many tactics that have proved fruitful in securing funds from lenders. First, I have tried to be clear on how I will spend the loan. Second, I have maintained honesty when proving the value of my business. Third, ensure that the documents are readily available and in good order so that lenders can use them as proof. More so, I have been keen on various loan options provided by lenders so that I apply for the loan with low costs and friendly terms.

5. What type of financial or accounting software have you found useful in running your business more efficiently?

I usually use QuickBooks accounting software to run my business. The software is designed for small and medium firms like the one I own. It has unique features like payment options, payroll assistance, email functioning. It is a highly user-friendly software that can be applied by any small business.

6. What information can you share that was not already covered about ways to improve your access to capital to improve your competitive positioning and profitability?

Accessing capital and profitability requires patient, hard work, and trustworthiness. Experience is also critical for running a business. Therefore, I have tried to gain trust from lenders because of the unique way I conduct my business. I always keep my word. I do not lie about any situation in my business experiences. More so, I work hard and cooperate well with my five staff and partners to ensure perfect results. I always make my customers proud because of the unique way I handle them. That has made my business remain profitable for a long time.