The Success Story of Terry Hurst: How He Achieved Financial Prosperity in 9 Years - Interview Example

Introduction

Terry Hurst is the Cofounder of Building and Earth Science enterprise located in Alabama. The business deals in construction and repairs. It started in the year 2011, meaning it has operated for close to 9 years. The business now earns approximately $950,000 annually. I managed to interview Terry Hurst through 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?

I was able to get the funding sources for my business after three years of operations. Since then, I started borrowing as little as $300 and paying the funds on time. Also, my accounting books indicated the smart progress of the business since it began operations. By the end of the five years in services, I could get $ 25000 as loans. I had to be smart in the way I utilize the borrowed funds so that I can repay the loan long before the period expires and acquire another one immediately. This way, my credit rating kept on growing year after year.

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

I required quite a lot of money for startup. On approximate, I needed $10,900 for both startup and management for the first year. I started with borrowed equipment, so I had to pay for them, acquire operating offices, and pay the workers in a good time. However, the operation cost for the business went up as the business grew each year.

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

Management experience and education have aided me in handling clients and their projects correctly. The perfect work done to the client has resulted in increasing profits despite many challenges. Such continuous growth of my business has attracted higher credit ratings from lenders. I can, therefore, use my business plan and financial information tom access funds because lenders are invited to my exemplary performance over the years. My education has also guided me in conducting thorough research and found the best ways to utilize borrowed funds, and the type of loans that fit my business model.

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 many tactics to access loans because of my rich educational background and management experience. I always ensure I keep my business plan up to date. I have organized it perfectly, capturing all the business information as well as projections. I also keep collaterals, and all the required documents in good order. I record any progress of my business to ensure it is available to the lenders. More so, I utilize borrowed funds wisely and pay the loans in a good time. This way, I have developed the ratings for my business.

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

I usually use Excel software for my business because I am familiar with the software, and I can do all calculations relating to the financial information within a short period. I can position within a short period. The software has also proved very friendly to me. That's why I have preferred it over other accounting software

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 continuous strategy or process that business needs to focus on. Other than paying for the borrowed loans on a timely basis, it's advisable to maintain business image by handling clients and public smartly. More so, the business should engage in corporate social responsivities by avoiding negative impacts on the environment and playing art in the welfare of society. Such a business wins the heart of the client efficiently. My business does exactly that by participating in tree planting and donating to the needy students within the locality. I receive new clients daily thanks to the image of my business. More so, I can receive high amounts of loans because of the increased profit margins that my business has been experiencing for the past five years.