Tips for a successful relationship with your financier
Your financier, whether a bank or some other financial organisation, plays a crucial role in the operation and success of your business.
For long-term stability, you need to develop an unofficial ‘partnership’ with your financier.
To maintain good relations with your financier, make sure you:
- establish rapport and mutual confidence with the financier – if he or she is transferred, take steps to re-establish support
- conduct all business affairs professionally
- talk to the lender before making a formal application for loan funds – get to know the financier early, before assistance is required
- do all homework necessary – determine precisely what the financial needs of your business are
- display initiative when applying for finance but avoid being aggressive
- keep your financier regularly informed on progress and developments with your business by providing accurate and timely financial information
- invite your financier to visit your business premises
- ensure your bank is competitive at all times – ask and shop around to make sure you are getting a good deal
- discuss important matters in person rather than over the telephone
- take the initiative if you encounter difficulties or anticipate a problem with your loan – make an appointment to discuss the situation with the financier.