Most relationships hinge on communication, including banking relationships. Proactive communication is high on the list of what the bankers’ best customers do well. Not surprisingly, it is also exactly what their poorly performing customers do not do well. Many bankers report that their poor-performing customers often do not communicate at all unless it is requested by the bank.
EXPERT TIP | Gary Furr, Organizational Development Consultant:
Regular communication is critical to your relationship with your banker. Communicate during good times and—more importantly—during bad times. Bankers take bad news well, but they take no news poorly. Respect and good communication skills are important in any relationship, including the one you have with your banker.
As a sign of respect for your banker, 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 things complicated for you—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.
That proactive communication will increase your banker’s trust in you and your business, and it will get them more invested in your business success.
With over 40 years of C-level business experience and an MBA in organizational development, I am uniquely qualified to help you achieve success in your business. Give me a call to set up a free consultation: 503-312-3145.
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