Bankers should have a broad business
orientation, based upon experience.
Exchange industry trends, marketing information,
and other issues that affect your business with
your banker.
You
should review your business plan quarterly with
your banker. This is a good way to monitor
against projections.
Have
the banker visit your place of business. Be
prepared to show him your record keeping and
accounting systems.
Banks offer an array of financial services, such
as cash management, profit sharing, and trusts.
Take advantage of these services.
The
banker should take an active interest in your
business.
Don't wait until the last minute before asking
for financial help. It may be too late by then.
A
good banking relationship takes time to
establish. Don't change or evaluate banking
services on just a 1/8 – 1/4 point discount. The
overall loss of a good relationship could hurt
your business more.
If
you are going to have trouble meeting a payment,
notify your banker in advance.
Banks offer work out plans, interest only plans,
and other debt relief plans, so ask in advance
if you have a problem. They would rather collect
a little than nothing and keep your business
alive.
Always come with a solution for your financial
woes.
Having a good plan and sticking to it will help
you maintain that clean credit record.
