Hacking the Finance Hoodoo

By on November 4, 2019

There is a widespread school of thought that proposes that to make it in this life, one must be prepared to fake it. Unfortunately for many people, faking it has become a mantra by which they live, so much that they have now forgotten how to actually be genuine and true to themselves. And yes, perhaps every now and again you have to fake it, but overall, there are opportunities for people to make it in life without having to fake it.

With the pressure of Social Media, people are now more interested in how they appear to the rest of the world as opposed to how they appear to themselves. It seems more worthwhile to succeed in the eyes of others than in one’s own eyes. And this has unfortunately led people to make ridiculous life choices just so they can appease the rest of the world.

While seated in a friend’s office a few days ago, I learnt that it is actually possible to live a happy and joyous life without having to seek approval from the world. Yes, the approval may elevate one’s ego and create a warm feeling but overall, it only serves to enslave someone so much that without the approval or validation from the world, they feel empty. The friend whose office I sat in is a guy named Okot. He is an importer of goods and he has several other businesses he owns and operates. He’s been at the business of importation for nearly a decade and has been able make quite a lot of money from the trade. Unknown to many people in his circles (friends and family), he is actually a rich fella – by all standards. He just prefers to keep it under wraps.

Okot is a seasoned businessman who has slowly clawed his way to the top by being smart and calculative. He has also become my business coach of sorts because the manner in which he handles his business dealings is rather frugal.

I asked Okot how he was able to get rich without hacking anyone to death, inheriting wealth, stealing government funds or winning a lottery. His advice was summed up in one word – planning.

The word planning doesn’t mean much here unless it is given context. And I shall offer this context.

You see, when people are getting into business, they have all the zeal and will to go far. They have big dreams and huge expectations for their businesses. No matter how little their funds, they are willing to give it a shot – and this is usually admirable. However, along the way they throw in the towel and their business careers stall because of the lack of patience and planning. One of the greatest reasons why people’s businesses stall is the fact that they lack financing. And according to Okot, one can only fail to get financing if one does not plan adequately.

When I asked Okot how he dealt with issues around financing , he took me on a journey of financial advice which, as much as I had not asked for, turned out to be quite helpful. 

Available Financing Options

The first and most important piece of advice he gave me was that no matter what, if you are in business, you should never have to worry about financing. Why? Well, because there are very many options for one to finance their business without having to break the bank or resort to witchcraft.

Several banks offer trade finance with a variety of products customised for different business needs. One such bank is dfcu which over the recent past has become a go-to financial institution for business owners, especially regarding trade finance. 

It is often the case that in the middle of your business you realise you need more finance than you actually have or you need someone to back you financially for you to execute certain things. This is where the bank comes in.

Whether you are looking at bid guarantees, performance guarantees, advance payment guarantees, and retention guarantees or other products like letters of credit and a whole host of working capital solutions, you can easily get a very good solution with dfcu.

If you have an operational business but need a bit of working capital to help you fix certain short term financial needs, you can have one such facility for up to 180 days. The purpose of this is basically to mitigate business risks. Of course you will need to present credible baking history (with any bank), have a CRB card, explain the purpose of the financing, and show evidence for the need of cash. Once you fulfil all these, you will be on the right path regarding financing your business with some much-needed working capital.

Many people struggle with financing because they fear to approach financial institutions for funding. However, if you have a business that is on the right path, you can be certain that the bank will be happy to offer you a facility to take your business to the next level.

There are instances when a business owner simply needs a guarantee for them to go ahead with their work but without the backing of a financial institution, they can not do anything. This is where dfcu comes in handy with the bid guarantee / bid bond / tender security. With this facility, you can get an unsecured facility of up to 500 Million with a turn around time of 48 hours. This simply means that as soon as you contact the bank and make your intentions known, within 48 hours you will have gotten a response regarding your application / request. 

According to Okot, letters of credit are a very crucial element of business because they protect the interests of both parties involved in a transaction. People often lose out on potentially good business because they do not have this information – they are unaware that the bank can actually bail them out in their hour of need. Other solutions that are available under the trade finance portfolio include import loans, invoice discounting, contract financing / L.P.O financing and export financing among others. All these, according to Okot are very valuable channels through which business owners can sort out the problem of working capital.

At the end of the day, while people in the business community might be complaining about the harsh business climate, dfcu bank offers solutions that do not only make things easier but also give business owners an opportunity to break free from the chains of finance shortfalls. Business must never be lost because one lacks enough finance or does not have financial backing.

Walking into a banking hall might be a problem for many business owners for one reason or another. This is why I would recommend simply getting in touch with dfcu by Contacting their service help line : 0800 222 000 or their Trade Finance desk line 0312 300 466 or even sending them an via CustomerCare@dfcugroup.comThis way, one can ask whatever questions they may have around trade financing.

Whatever Trade finance issues one might have, it is wise to pick a financial partner who will not run your business into the ground but rather offer you suitable and appropriate support as you take your business from one level to the next. You might be able to fake it in other areas of life but when it comes to business, you need a reliable partner to give you financial peace of mind and save you from having to fake anything.

“When money realizes that it is in good hands, it wants to stay and multiply in those hands.”― Idowu Koyenikan, Wealth for All : Living a Life of Success at the Edge of Your Ability.

a.k.a Beewol
The Talkative Rocker
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Beewol - The Talkative Rocker