How would you like to get a jump on your company's next equipment lease approval? By preparing a stand-out lease package ahead of time you can speed up the approval process by days. Put information necessary for a lease approval in the hands of your lease bidders early. Supplying this information up-front will lead to more competitive quotes and much quicker turnaround.

Include the following:

• Company backgrounder: This 'mini - business plan' consists of two to three pages discussing your company's products/services, description of the business, business history, key managers, competition, value proposition, and marketing strategy. Also include the number of employees and office locations. Some backgrounders also include highlights of financial statements and projections.

• Three years of financial statements & interim results: If you have been in business for three years or more, leasing companies expect your firm to have financial statements and to make them available. The exception to this requirement is for small-ticket lease transactions for equipment costing less than $100,000. If your firm has been in business less than three years, produce statements covering its time in business. Interim statements should cover the period from your firm's most recent fiscal year-end through the most recent month that financial statements are available.

• Projections: Forecasts that include income statements, balance sheets, and cash flow statements for a period of at least three years are very useful to leasing company credit committees. These statements are the best way to quantify your company's plans. Include a summary of the business assumptions that you used to develop your projections.

• Key management bios: Include bios for senior managers responsible for the key areas of the business. Discuss their past positions, expertise, lengths of experience and educational backgrounds.

• Trade and bank references: Include at least three bank and/or trade references for your company. These references should list the appropriate contact names, addresses and phone numbers. It is best to select references with long-standing relationships with your firm.

• Description of equipment: Leasing companies care about the equipment you will be leasing. They want to know what it is, what it does, the quantity of equipment units and the cost per unit. They may also want information about the equipment manufacturers/vendors.

• Discussion of significant company developments: If your company has had any significant recent developments, whether good or bad, it is best to disclose these up front. Positive company developments might include new large business awards or a substantial upsurge in business. These developments can favorably impact your lease terms and approval. Conversely, negative developments will require pro-active discussion to assuage any concerns the leasing company might have.

• Discussion of any trouble areas: If there are any trouble areas in the business, try to anticipate questions that might be asked about these areas and answer them ahead of time. You will save time by preventing predictable questions from interrupting the lease approval process.

• A/R and A/P ageing: Many leasing companies ask for accounts receivable and accounts payable ageing reports. These reports provide snapshots of two important aspects of your company's health --- how effectively your company is collecting sales revenue and how it handles payments to vendors and creditors. Save time by producing these reports ahead of time.

• D&B report: Most leasing companies order Dunn & Bradstreet reports or other credit reports regarding prospective customers to get a third-party assessment of credit worthiness. You may be able to speed up your lease approval by ordering a D&B report to submit with your lease package.

• Venture Capital/Investor info: If your firm is supported by venture capital or outside investors, it is best to supply the leasing company with information about the investment. Include the names & contact information for VCs or investors. Also include the dates, amounts and per-share values of investments.

Most business owners are not fully prepared to speed up the lease approval process. They wait until the lessor requests information that almost all leasing companies will need for an approval. Why slow the process down by days or weeks while you labor to produce predictable information? Use this checklist to spring ahead and to receive the best terms.