excerpts from Better Farming, Dec 2005
Hopefully you have found your “ideal banker.”
If so, that’s great!
But you want to keep them on your side so, what does a banker look for in an “ideal client?”
Bankers are fairly simple creatures, easily mesmerized by balance sheets and shiny objects.
However, when they are not in this harmless “financial stupor”, the way to keep them happy can be summarized in three words … communicate, communicate,
A banker hates surprises… so don’t give them any.
Tell them immediately what’s happening with your business and industry…the good, the bad and the ugly. And tell them truthfully and with passion.
If changes are required to your deal, be reasonable in the negotiations and if you make promises, be accountable to make them happen.
A good banker will work with you through the ups and downs normally associated with a cyclical industry.
The goal is to have a good working relationship in which everyone prospers and, when an accident happens, everyone swerves or brakes to avoid it rather than “hitting the accelerator.”
If you’re a person who is not comfortable delivering “bad news” (and who is), we can help. Give us a call and Bankspeak will review your situation and then come up with a plan to make the best of your situation and tide you over until you’re back on track. We know how to deliver the message and position with your banker so that you can remain one of their “ideal clients”.