Tips for a successful relationship with your financier

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Last updated on June 17, 2014

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.

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