Stay Close to Your Banker
By: Robert Curry
Stay Close to your Banker – When your company is having financial problems, the last thing you feel like doing is talking to your banker. However, your business would suffer if your bank did not renew your line of credit. So, learn to treat your banker as your friend, because you certainly don’t want him to be your enemy. Make sure you meet with him regularly and update him on your company’s progress. Always share your plans with him on how you are fixing any problem or issue that your business is experiencing.
Stay Close to your Banker – Banks loan money to people, not companies.
The more that the business owner impresses the banker that he or she is an experienced business owner, the easier it is going to be to secure a line of credit. Things like operating budgets, cash flow forecasts will give the banker confidence in the company. The more confidence the bank has in the business owner and the company, the better terms you will get from the bank. Better terms mean things like,
- Lower interest rates.
- No personal guarantee required.
- Monthly or quarterly reporting vs. weekly reporting for collateral (accounts receivable and inventory).
My name is Robert Curry, and I am an Author, CEO Coach, Keynote Speaker, and Turnaround Specialist. Over the past 20 years, I have turned around more than 70 companies taking their businesses from Loses to Profits.
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Recently, I have recently published two books about turnarounds: “From Red to Black – A Business Turnaround” and “The Turnaround.” Both books are true stories about turnarounds of real companies that I have turned around during my career. In both books, I have shared all my Profit Improvement Recommendations (“PIR’s”). PIR’s helped to grow sales, reduce expenses, improve cash flow, and most importantly, strengthen the management teams.
If the information in this article Stay Close to Your Banker helps you, your family or a business associate, please email me at firstname.lastname@example.org and share with me the story.
If you would like to purchase either or both books autographed by the author, please click on the following link: Redtoblackbooks.com.