On the weekly show/podcast, Dirty Secrets of Small Business®, Jack Mencini and Adam Sonnhalter co-hosts and also coaches of their own firm, Maximum Value Partners discuss the state of affairs of 28 million small businesses in the United States. This week’s topic and dirty secret interjects the idea that small business owners need to help their bankers understand their business so that the banker can help them. Jack and Adam have owned over 20 small businesses themselves and have a good sense of what business owners are up to and challenged by from their 15 years of coaching hundreds of small businesses.
There are numerous ways that you, as an owner, can create a better relationship with your banker. It starts with scheduled communications on a monthly or quarterly timetable to keep him or her informed of the changes, successes and even challenges your business is facing. At these meetings, have a list to go over on the great situations or new business clients you are generating and what is on your profit plan for the next several months. It is also a good idea to have these meetings with your banker on your progress before you need the money so that the banker is aware of your goals for the business. Yes…go to your banker before you need the money.
Also, Jack and Adam advise that you learn how to present your ideas succinctly and professionally. If a small business owner knows how do to an effective presentation, which is part of MVP’s 7 Keys to Success, there is a good chance that the amount of money the owner is looking to borrow can be greater than the original number.
For more details on how to talk to your banker and small business demands turn to the podcasts on iTunes or here to hear this November 14th broadcast and more of Maximum Value Partners’ clients success stories to obtain great insights for your own business.