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Never Take Anything for Granted

bankerStrategically, we are in business to make a profit.  I have told many people that being in business is not a “love fest.” It takes a lot of hard work. I have seen many businesses get lulled into believing they are self-sufficient and their relationship with bankers is something they can ignore. Wrong! The banker should be one of your best friends in business. They cannot be ignored. You must strategically communicate with them on a routine time table.

Recently, I took one of my best business friends – a corporate banker – to lunch. I am not currently doing business with her but we often go to lunch to discuss the local business conditions and what is going on in the banking community. I asked her what attributes she looks for in a potential client. She looks for clients who believe in their business enough to have “skin in the game.” She looks for Honesty, Trust, Integrity, and Complete Disclosure. She wants a client who comes to her with both good and bad news before it gets out into the community. If she hears about an issue on the front end, she may be able to help them out of the problem. But if they wait until they can no longer make their loan payments before they attempt to communicate with her, she’s left with nothing but to question the integrity of client.

When I developed the strategic plans for Paper Warehouse, I always included the banker in the discussion before the strategic plan was in its final stage of being executed.  Having the right banker relationship with the right banker can be one of the biggest assets you have.

In the business world, you cannot take anything for granted. You can count on changes in the economy and banking regulations over time, but if you create a relationship with your banker, you will have a solid asset that will help you weather the changes. Never take the relationship for granted.

Élanstrategic has teamed up with many clients to develop strong banker relationships. As seasoned business consultants, we help with issues such as strategic and execution plans, cash flow, business financing, and bank partnership. We prepare clients to strategically present their business position and needs at bank meetings, and achieve their desired goals.

Élanstrategic can position your business as a “bankable” strategy. We can also introduce you to one of the many bankers with whom we have a banking relationship. Let us know how we can best serve you.

For more information, call 952-960-6688 or visit www.elanstrategic.com.
Élanstrategic, 7701 York Avenue South, Suite 160, Minneapolis, MN  55435