[vc_row css=”.vc_custom_1548289356400{background-color: #bcbcbc !important;}”][vc_column][vc_single_image image=”4853″ img_size=”full” alignment=”center”][vc_column_text css=”.vc_custom_1753306152698{padding-right: 19px !important;padding-left: 19px !important;}”]Never underestimate the role your banker plays in your business. As a business owner, it is critical to establish a relationship with your banker during good times, because when bad times come, as they always do, you will have that trusting relationship in place.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text css=”.vc_custom_1753306225448{padding-right: 19px !important;padding-left: 19px !important;}”]
Introduction: Through Good Times and Bad
Many business leaders attribute the success of their business to an innovative idea, hard work, and the right talent, and those are critical factors. One factor that is often underestimated is the role bankers play. When I was general manager and chief operations officer of a $40 million company with seven locations, I was responsible for the finance department as well as all other departments. One of the things I learned in finance is that you have to have a good relationship with your banker.
Our banker was essential to our success since business does not always go as planned. There were times when business dropped off and the relationship we had established with our banker kept us going. Since the relationship was long-term, they understood our business cycles and worked with us during tough times.
I speak with a lot of business owners and few ever tell me that they have a solid, ongoing relationship with their banker. Under those circumstances, my advice is always the same: You need to get to know your banker—now. Establish that relationship in good times because when bad times come, as they always do, you will have that trusting relationship in place.
To help the people I work with establish those relationships, I decided to go to the bankers themselves and find out what they are looking for in their customers.
I surveyed ten established bankers in the Portland, Oregon metropolitan area. These are bankers that typically work with small to mid-market businesses. The individual banker’s years in banking ranged from fourteen to almost forty years, with the average being twenty-four years. These are seasoned business bankers with a lot of business experience.
The sweet spot (where most of the customers are) for the bankers were businesses in the $5 million to $30 million range, and with two bankers working with clients up to $100 million in revenue and one working with clients with up to $75 million in revenue. However, all of the bankers are more than willing to work with smaller companies with good financials and business practices. Every one of the bankers interviewed likes working with companies with good values that are focused on making money and growing their businesses.
Based on the questions I asked, the responses fell into ten key areas that are part of establishing a solid, trusting relationship:
- Financials
- Credit
- Communication
- Business practices
- Management team
- Professionalism
- Customer focus
- Appreciation of the relationship
- Being proactive
- Succession plans
Their suggestions and guidance provide a blueprint for establishing the kind of banking relationship that will serve you and your business.[/vc_column_text][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]
[/vc_column_text][/vc_column][/vc_row]
--- END POST ---