A banker is not just a simple supplier to your business – they are a partner in your business.
In order to advance funds to your business, the bank must first assess a range of risks associated with your business. Based on that assessment, they then take a risk in advancing you dollars.
Yes, they take security for that risk, which usually ranks before your equity in the business, but ultimately their success in lending money is inextricably linked to your success as a business.
So treating them as anything other than a business partner is not doing the opportunity justice.
The following infographic sums up what you can do to give that partnership every chance of success.
If you would like advice or support to manage your banking relationship, contact the team at JPAbusiness on 02 6360 0360 for a confidential, obligation-free discussion.
James Price has over 30 years' experience in providing strategic, commercial and financial advice to Australian and international business clients. James' blogs provide business advice for aspiring and current small to mid-sized business owners, operators and managers.