[vc_row css=”.vc_custom_1548289356400{background-color: #bcbcbc !important;}”][vc_column][vc_single_image image=”4865″ img_size=”full” alignment=”center”][vc_column_text css=”.vc_custom_1753495644258{padding-right: 19px !important;padding-left: 19px !important;}”]Bankers like regular communication in good times and bad. In my interviews with bankers, proactive communication landed high on their list of what their best customers do well. Learn how to communicate with your banker.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text css=””]
Chapter 3: Communicate Proactively
According to the bankers I spoke with, regular communication is paramount, and their best customers do this consistently. In fact, proactive communication is high on the list of what the bankers’ best customers do well. It is also exactly what their poorly performing customers do not do well. Those customers often do not communicate at all unless, it is requested by the bank.
Regular communication is critical to a successful relationship with your banker. You want to be able to have honest conversations with your banker about what is going well and what is not going well; you should also share your plan to correct what is not going well. Set up regular meetings with your banker. Invite them to lunch or coffee, or offer to meet at their office to provide an update. I would suggest you do this at least once a quarter. It is also a good idea to invite your banker out to your offices or production facility to gain a deeper understanding of what you do.
You may find it easier to establish regular communication with your banker when times are good, but it is even more important to do so when times are not so good. Too often business owners hunker down and are afraid to deliver bad news to their banker. However, this is exactly the time you need to step up your game and deliver the bad news. Always go to the meeting with your banker prepared with a plan of action on how you will correct the situation. Bankers understand business and that all business has its ups and downs. According to one banker I spoke with, Bankers take bad news well, and they take no news badly. Communicating during good and bad times keeps the doors open for your banker to be a trusted advisor and help you when times are tough. I would encourage you to develop a pattern of regular proactive communication with your banker. It will pay huge dividends.
I recommend asking your banker what they need from you and then making a point of executing on their wishes. Remember, they are there to help you, not to make your life miserable but they have requirements they must adhere to. Listen to their request; arguing about it will undermine your partnership. They will do what they say they will do and so should you. Your banker’s reputation with their bank is important, and it partially depends on your success. Provide your banker with all the information they are interested in, in a timely manner.
One of the best ways to keep your banker happy is to stay in compliance with the loan covenants that you agreeded to when you borrowed money. These covenants protect the bank and ensure that they get their money back. As long as you stay in compliance, you should be on the path to make your banker happy.
Respect and good communication skills are important building blocks in your relationship; think of these things as another way to ensure the success of your business. Make sure that your communication is clear and concise. Your banker is busy and does not have time to read between the lines. Also, consider their workday. Do not call at 4 p.m. for a major transaction that needs to be done right away. The odds are that you knew about this need for a while, so why not be proactive and inform your banker so they can plan ahead for this request? Remember that your banker wants to provide excellent customer service to you, but you are not their only client. Proactive communication helps them to do the best job for you. If there is a wire transfer cutoff at 1:00 p.m., do not call at 12:30 to request the transfer. Inform your banker the day before you have this need.
This level of communication builds relationships. When your banker sees that you are invested in telling the truth and respect their time, their trust will grow. Put yourself in your banker’s shoes and communicate the way you would want to be communicated with. This will produce great results for you.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]
Make Your Banker Happy
10 Keys to Unlocking a Good Relationship with Your Banker
The various aspects of your business are like links in a chain, and your banker serves as one of those links. Because any chain is only as strong as its weakest link, it’s vital to develop an excellent working relationship with your banker, even to the point where your banker is a trusted advisor. In this book, a leading consultant who helps his clients generate dramatic results you will show you the keys to unlocking a good relationship with your banker.
As a business owner, your relationship with your banker is essential to your success. Follow our series on the website and get your desktop reference copy from Amazon.[/vc_column_text][vc_single_image image=”4854″ img_size=”full” alignment=”center”][vc_column_text]
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