What to look for in a banker.
I’m sure that a few people have heard the old joke….
Q – How can you tell a dead banker from a dead skunk in the middle of the road?
A – The skunk is the one with skid marks in front of it.
If this is the way you feel about your banker, then I’d suggest that you should consider finding a new one.
So, what exactly do you look for?
Look for the same qualities you look for in any supplier to your business…..trust, passion, understanding,
accountability and reasonableness.
This is the most fundamental, most important aspect of any relationship, business or personal.
Your Banker must be someone you trust to provide you with the best deal they are able to, someone to keep you apprised of any new products, services or policies that can benefit your business and someone to you tell you in a straightforward manner what they can, or cannot do and the reasons why.
Remember, trust is earned, not given.
You are passionate about your business or you wouldn’t be involved in it.
Passion is what gets people out of bed in morning and motivates them to give 100% to a cause.
If your Banker isn’t passionate about your business, then how do you know they will be doing everything they can?
It’s a fair question to ask your banker, “What do you like about being a banker?”
You will be able to quickly tell, not only by their answer, but also by how they deliver it, whether they are passionate about what they do and if they will work for you.
The most common complaint from any business owner about banks is the frequent change in Account Managers thus having to “re-train” a new banker every couple of years.
While staff turnover in any business is a fact of life, if you have a new banker, ask them what they know (and don’t know….remember the “Trust” aspect) about your industry.
With open communication, a good banker will quickly understand what makes your business unique.
Why is it that some people are always able to “deliver the goods” when others just seem to “talk a good game”, even when everything else appears equal?
The simple reason is that some people just have the right combination of determination, commitment and skill set to get the job done.
They can deliver what they say they can and hold themselves accountable.
If they can’t deliver, they should either tell you so up front or simply not commit (again, the Trust aspect).
The ideal business transaction is one in which no one is fully satisfied but everyone can live with the deal.
It is impossible for any deal to “fully” meet the expectations of everyone.
If you think about it, a vendor wants the highest price and the purchaser wants the lowest price (preferably nothing). There is no way that, under these circumstances, all parties will ever be completely happy.
The goal is to have all parties working together in a “reasonable” manner, with some give and take, to allow the deal to be struck.
If your bank, or banker, doesn’t measure up, we can help. Give us a call and Bankspeak will be pleased to review your situation and provide our unbiased opinion on what we can do to help you find your “ideal baker” (or at least make them better).