Have you ever noticed that it is a lot easier to borrow money when you don't need it? The reality is that if you are down and out ? either personally or in your business ? nobody will lend you a dime. If you're riding high, people (and institutions) seem ready, willing and able to open their wallet.

The best solution is to make sure you have access to money now, before you need it. Cash in hand is great, but it's not the only way. Having a flexible line of credit that you can use when you need it can be just as effective.

Here are seven great reasons for establishing a dependable source of money NOW, rather than when the roof is caving in.

1. Timing is everything. At the risk of being redundant, nail down a dependable source of cash before you need it. If an excellent opportunity emerges, you want to be able to act immediately. If there's a crisis, you don't have the luxury to start looking for funds. Either way, cash ? or its equivalent ? can make the difference. In short, opportunities don't wait. And you can't wait if there's a crisis looming.

2. Make decisions from a position of strength. It is empowering to make a business decision knowing you have a definite pool of money to work with. A solid source of cash gives you clarity of purpose and an ability to take action knowing where you stand.

3. Stay in control. In business, cash flow issues are a serious source of pain. If you have to make payroll or meet an unexpected expense, you'll have to scramble to "pull forward" anything with a dollar sign attached. Would you feel more in control if you had a pre-approved line of credit that you could tap if and when an emergency occurred?

4. Changing market conditions. In recent months, top mortgage lenders have closed their doors or severely cut back programs for home buyers. Forclosures are high. Today's tough housing and mortgage situation is having an impact on business in general. Unsecured credit is almost impossible to find. If you can find a line of credit today, don't wait.

5. Convenience. What could be more convenient than having a pre-approved line of credit available that you can use with the ease of writing a check? You certainly don't want to jump through a lot of hoops every time you need to use the money. For most people, ease of use, minimal hassles, and clear step-by-step processes are worth the investment. When all is said and done, how much is your time and happiness worth? Find a line of credit that is easy to get and easy to use.

6. Separate your personal assets from your business. Many entrepreneurs and small business owners fall into the trap of using their own money and credit to build their business. This can have a serious impact for the business owner. Consider the implications. A business owner's personal assets and credit can be eaten up quickly if he or she acts as the bank. Also, personal debt can slam your debt-to-income ratios, which could limit you if you wanted to buy that new dream home. Create a line of credit for your business, instead.

7. Use Other People's Money. Leverage is the name of the game. While you have to consider the cost of money, the leverage you gain by being able to use OPM can make the difference in creating wealth and positioning your business for success. A line of credit for your small business can finance growth, provide start-up funds, and replace personal out-of-pocket cash and credit used to fund business expenses.