Start a relationship with your bank
Thursday, November 4, 2010/
Rightly or wrongly, banks are often portrayed as big, scary and faceless organisations that tend to give start-up businesses a very hard time.
And while many entrepreneurs will agree with this statement, they will also tell you that it’s far better to try and build a relationship with your bank (or banks) in order to make sure you get looked after.
While the size of your business will probably determine if you get a specific business relationship manager, it’s a great idea to push to try and get you one. Being able to explain how your business works, what specific requirements you have and what your challenges are will help the bank manager understand if your business goes through ups and downs.
If you need short-term help – like cash to get through a tight spot – you’ve got a much better chance if you’ve got a banker in your corner.
So try to get a relationship manger or, failing that, make sure you make yourself known in the local branch. Get to networking events, attend seminars and make sure the bankers know who you are.
Get it done – today!