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Casual Articles - Small Business Owners - Form a Relationship with Your Bank Manager
Should we believe the experts in business? In 1876, Alexander Graham Bell offered his telephone patent to Western Union, the largest telegraph company in America, for $100,000. A committee of experts was convened to decide on the company’s interest in the new technology. The decision was clear.“Bell’s profession is that of a voice teacher … yet he claims to have discovered an instrument of great practical value in communication, which has been overlooked by thousands of workers who have spent years in this field. Any telegraph engineer
Point 3
Are you confident in the ability of your bank manager and his support staff? In particular, can you rely on the financial advice given by your bank manager and does the staff have a good working knowledge of the products and services relevant to your business.
Point 4
How soon can you get appointments to discuss important financial agreements? Unacceptable delays must be discussed with your bank. Are you satisfied with the location of discussions about business matters, whether it be at your premises or the bank’s?
Point 5
How long does it take to receive a response on the application for
Are you bitter that your network isn’t producing results? Angry that the people you’ve been networking with isn’t sending business your way? Tired of working long hours on your business only to see your bank account almost empty and your bills piling up?The problem lies with you – yes, you. You have been giving too much away for too long and you’re now attracting brokeback entrepreneurs.Who’s a brokeback entrepreneur? This is someone who operates using a frugal mentality, but refuses to spend any money to operate their business.You’re a smart en
To expect a bank manager or officer to play such close attention to your account that he (or she) knows when you intend to deposit money and to know when to hold back a cheque is a hopeless dream.
He has neither the time nor the resources, and you can complain until your blue in the face but, in the end, you have the sole responsibility to manage your bank account.
All small business owners have a relationship with their bank and like a marriage, the relationship can be harmonious or stormy or somewhere in between. You have to work at having a harmonious and happy marriage. You have to take into account the feelings and wishes of your partner before taking a position or making a decision. So too with banks.
Learning how to develop a skill in handling your bank is only one skill the small business operator must learn, but it may be the most important because it cannot be entirely delegated to your accountant.
Communication is everything
If you write a cheque that may take your balance over the limit let your bank manager know or better still let your bank know a month in advance.
After all, you prepared a projected cash flow at the beginning of the year, didn’t you? And you are monitoring and adjusting it month by month, aren’t you?
If you haven’t prepared a projected cash flow statement to give you an idea of how much money you will need for the year then you are really managing by the ‘seat of your pants’ and anyone who manages ‘by the seat of their pants’ will end up with the ‘seat out of their pants!’
Make your banker your friend
If the period of your shortness of funds is an extended one then talk to your bank about a higher overdraft or an increase in your present loan. To get a loan from your bank it’s essential to have all the information which answers any concerns the bank might have about your ability to repay the loan.
Once you get your money keep your bank informed about how your business is travelling in both good times and bad.
It’s not a one-way street
Your relationship is not a one-way street and you should expect your bank to provide you with the standard of service which you expect from all the firms with which you deal.
8 points for a better relationship
The Australian Society of CPA’s has provided an 8 point checklist for a better banking relationship.
Point 1
Can you easily contact your manager when you need to?
Point 2
Do you have a good working relationship with your bank manager and does he or she understand your business and the needs of that business.
Point 3
Are you confident in the ability of your bank manager and his support staff? In particular, can you rely on the financial advice given by your bank manager and does the staff have a good working knowledge of the products and services relevant to your business.
Point 4
How soon can you get appointments to discuss important financial agreements? Unacceptable delays must be discussed with your bank. Are you satisfied with the location of discussions about business matters, whether it be at your premises or the bank’s?
Point 5
How long does it take to receive a response on the application for
Some time ago we had the privilege of working with a major UK government department to help them redefine leadership and to reappraise how they develop and encourage leaders. Faced with considerable challenges by the environment in which they operate and by their political masters, this department has decided that leadership is one of the keys to the achievement of the vision laid down by its chief.We consulted widely with senior managers, and we shared the output of extensive enquiry amongst the bulk of the population of over 20,000 people. We exposed the
Learning how to develop a skill in handling your bank is only one skill the small business operator must learn, but it may be the most important because it cannot be entirely delegated to your accountant.
Communication is everything
If you write a cheque that may take your balance over the limit let your bank manager know or better still let your bank know a month in advance.
After all, you prepared a projected cash flow at the beginning of the year, didn’t you? And you are monitoring and adjusting it month by month, aren’t you?
If you haven’t prepared a projected cash flow statement to give you an idea of how much money you will need for the year then you are really managing by the ‘seat of your pants’ and anyone who manages ‘by the seat of their pants’ will end up with the ‘seat out of their pants!’
Make your banker your friend
If the period of your shortness of funds is an extended one then talk to your bank about a higher overdraft or an increase in your present loan. To get a loan from your bank it’s essential to have all the information which answers any concerns the bank might have about your ability to repay the loan.
Once you get your money keep your bank informed about how your business is travelling in both good times and bad.
It’s not a one-way street
Your relationship is not a one-way street and you should expect your bank to provide you with the standard of service which you expect from all the firms with which you deal.
8 points for a better relationship
The Australian Society of CPA’s has provided an 8 point checklist for a better banking relationship.
Point 1
Can you easily contact your manager when you need to?
Point 2
Do you have a good working relationship with your bank manager and does he or she understand your business and the needs of that business.
Point 3
Are you confident in the ability of your bank manager and his support staff? In particular, can you rely on the financial advice given by your bank manager and does the staff have a good working knowledge of the products and services relevant to your business.
Point 4
How soon can you get appointments to discuss important financial agreements? Unacceptable delays must be discussed with your bank. Are you satisfied with the location of discussions about business matters, whether it be at your premises or the bank’s?
Point 5
How long does it take to receive a response on the application for
Robert Louis Stevenson said 'Everything in Life is Selling' and it is. Whether as a child you cry until you get what you want; whether as an adult you provide a service to your employer in return for payment; or whether as an individual you make sure that you look your best before meeting someone on a date, they can all be defined as selling.Selling has been with us probably forever. It could be said that the first salesperson was probably the Serpent in the Garden of Eden. Selling apples in return for infinite wisdom may seem far removed from your own sales
Make your banker your friend
If the period of your shortness of funds is an extended one then talk to your bank about a higher overdraft or an increase in your present loan. To get a loan from your bank it’s essential to have all the information which answers any concerns the bank might have about your ability to repay the loan.
Once you get your money keep your bank informed about how your business is travelling in both good times and bad.
It’s not a one-way street
Your relationship is not a one-way street and you should expect your bank to provide you with the standard of service which you expect from all the firms with which you deal.
8 points for a better relationship
The Australian Society of CPA’s has provided an 8 point checklist for a better banking relationship.
Point 1
Can you easily contact your manager when you need to?
Point 2
Do you have a good working relationship with your bank manager and does he or she understand your business and the needs of that business.
Point 3
Are you confident in the ability of your bank manager and his support staff? In particular, can you rely on the financial advice given by your bank manager and does the staff have a good working knowledge of the products and services relevant to your business.
Point 4
How soon can you get appointments to discuss important financial agreements? Unacceptable delays must be discussed with your bank. Are you satisfied with the location of discussions about business matters, whether it be at your premises or the bank’s?
Point 5
How long does it take to receive a response on the application for
If you own an aircraft cleaning and detailing company perhaps you have had trouble getting new clientele. However getting clientele for aircraft detailing company is not as difficult as you might think. There are simple things you can do to increase the number of people who learn about your service.One thing you can do is put a phone number on top of your vehicle as people in the traffic pattern will see there's a phone number on it. They may not be able to read it while their flying but they will laugh and when they down jot down the same number on the do
It’s not a one-way street
Your relationship is not a one-way street and you should expect your bank to provide you with the standard of service which you expect from all the firms with which you deal.
8 points for a better relationship
The Australian Society of CPA’s has provided an 8 point checklist for a better banking relationship.
Point 1
Can you easily contact your manager when you need to?
Point 2
Do you have a good working relationship with your bank manager and does he or she understand your business and the needs of that business.
Point 3
Are you confident in the ability of your bank manager and his support staff? In particular, can you rely on the financial advice given by your bank manager and does the staff have a good working knowledge of the products and services relevant to your business.
Point 4
How soon can you get appointments to discuss important financial agreements? Unacceptable delays must be discussed with your bank. Are you satisfied with the location of discussions about business matters, whether it be at your premises or the bank’s?
Point 5
How long does it take to receive a response on the application for
The retail store design qualities of today have taken a turn toward simplicity. As our world has become a more complicated place with an unimaginable number of products to choose from, consumers are seeking something simple. The average person now takes their food on the go, orders more and more products online, and is bombarded by advertisements in every part of their daily life. Successful retail displays allow the customer to browse enjoyably without an unnecessary amount of products or choices.The "distraction" advertising technique was once the most c
Point 3
Are you confident in the ability of your bank manager and his support staff? In particular, can you rely on the financial advice given by your bank manager and does the staff have a good working knowledge of the products and services relevant to your business.
Point 4
How soon can you get appointments to discuss important financial agreements? Unacceptable delays must be discussed with your bank. Are you satisfied with the location of discussions about business matters, whether it be at your premises or the bank’s?
Point 5
How long does it take to receive a response on the application for a loan facility. Is this time acceptable?
Point 6
Does the bank keep you fully informed of the charges for business current accounts, loans and overdrafts with statements of account provided regularly?
Point 7
How frequently are errors made and if there are any, how are they handled?
Point 8
Are you satisfied with the service and attitude of the branch staff?
Finally
Finally, and most importantly, review periodically the service which your business receives from the branch and determine whether the bank is providing good value for your expense. Remember - ask yourself if you would recommend the branch where your business account is kept to someone else who is considering opening a business bank account.
Remember that if you need any help we are only an e-mail away - Contact Kelvyn Peters CPA & Associates. If you just need a little help, you will find it at http://profitstrategies4business.com
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