In many previous blogs I’ve noted that there is a way to ask for money. In the most recent posts, I’ve discussed the importance of getting cash and credit when you don’t need it, and how to access these ideas and thoughts.

Asking for money looks and sounds easy. The words are simple, but as we know, it is actually quite complex.

The first thing: Be organized with your financials.

I’m talking about your Profit and Loss statement, balance sheet, and your cash flow. I’ve never seen any yet that are perfect, but the idea is to get as much control of those three documents as you can.

You can start by going through and eliminating duplicate categories, or any opportunities to recategorize something. When I look at expenses and income statements, I often see OFFICE SUPPLIES — all upper case. I also see another office supplies under expenses, in lower case. Many times, this is nothing more than a typo or administrative error in the same category.

Was it supplies meant for administrative work? Supplies meant for production? Services provided? Some should be in a different category — perhaps under cost of goods sold or cost of service sold.

Taking the time to organize your data could help you articulate the story your numbers tell, when you ask for money.

The numbers will say what they will say — you need to build your story around them.

Make sure your documents are in order.

You might be asked for a business plan, a growth plan, or a marketing plan. As you look for a plan, draft it or hire a professional. We have written many plans for individuals, and I encourage you to create your own, but we understand it can be limiting to the knowledge you have in writing a plan.

Make sure you have a plan for the money you are asking for — this is the art of creating user funds or milestone funding. Make sure the funders know how you intend to use the money, by what date, and what funding source you prefer.

We have built a site that could help you organize your data in case you don’t have it at hand.

Check out wemicrofundyou.org.

On this site, I walk you through all the data needed to apply for a loan of any size. The process itself will allow you to think through what you could do before your apply, so you are saving yourself back-and-forth time with the lender asking you for documents.

BEFORE YOU GO

We see our blogs as opportunities for dialogue. Please share your thoughts as comments.

1. What can you do to prepare to ask for money?

2. What can you do to stay on top of it once you ask for it?

3. What other things have you done to secure funding?

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Faris Alami is Founder and CEO of International Strategic Management, Inc. (ISM). He works internationally, presenting Exploring Entrepreneurship Workshops and other entrepreneurial ecosystem — related ventures