Reaching Financial Success: Robert Joiner and Joiner Fire Sprinkler Co - Interview Example

Introduction

Robert Joiner is the owner and president of Joiner Fire Sprinkler Co. The business operates around Alabama. It is a medium company that started in the year 2007. Currently, its earnings are slightly more than $100,000 per year. I interviewed him through the email.

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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?

Improving access to loans and achieving a high credit rating as a result of my serious commitment and effort in management and loan servicing strategies. I ensured the business succeeds all through. I ensured the quality of service I provide to my clients is of the highest possible quality. This way, I started getting many contacts, and I was paid on time. Hence I could settle my loans without delay. I was offered small ratings initially, but the scores kept growing because of the trust between the lenders and me. Currently, I can aces a loan of over $200,000 instantly.

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

I started my business with only $450,000.In the first year, I managed to raise more $300 000, which enabled me to run the business for the first year. That time, I mainly used borrowed equipment because I could not afford to purchase mine. But within the first three years, I managed to acquire my equipment through loans.

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

Management experience was vital in developing strategies for my business. I was able to utilize data from other related businesses to gauge the decisions they made, their cost, and their success. This way, I could project the outcome of my business in line with any decisions I undertook. This strategy helped me also to gauge the best loan product to apply and the best payment mode that I could utilize to clear them without necessarily affecting the operations of my business.

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?

I have been working hard to maintain and improve the image of my business. One way I have been applying is the creation of trust between me, my clients, and lenders. I have ensured that I offer quality services where I am requested. Also, I pay my workers on time. I also pay back all the loans before the set deadline. This way, my firm has been progressing because I can access instant loans for development.

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

QuickBooks is ideal for my business. I love the smart features the software contains. This software is best suited for the kind of business I run and create involves payroll, etc. I like the software because you can't go wrong in managing records here.

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?

Improving access to capital is a broad question with endless answers. Any positive thing you do for the success of your business impacts access to capital. For instance, efficient management enhances higher performance, which attracts higher credit ratings. Also, the business has to remain trusted by the public because these are clients that promote success. Accessibility to capital depends on the trustworthiness, credit ratings, and how perfect you can manage the business. If these factors are clear to the lenders, then, accessing capital is not a big deal.