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Growing up in a small business family, our company’s relationship with the banker was sometimes a topic of dinner table conversation. I was working in the business at the time and experienced first hand the love-hate relationship the family business had with our banker. Over the years I’ve had those same kinds of relationships with a business banker or two of my own. Some have been great partners who helped those businesses grow—others were not.
This morning as I was trying to catch up on my business reading I stumbled upon these four tips on Inc.com that I think bear repeating. Securing funds needed to fuel growth or working capital is one of the biggest challenges small business owners live with every day. If you’re in high-tech and have the next Facebook or Salesforce.com, venture capital could be an option, unfortunately for most Main Street businesses, that just isn’t an option.
If your experience has been like mine, those times when you really need cash are the times the bankers are less than willing to help. Here are four tips that just might help you better manage your banker:
Several years ago some colleagues and I went in on the purchase of a photography supply business. Our banker, Steve, fast became a real partner in our success. He understood our business, he regularly visited our store (in fact, I don’t think I ever stepped into his bank during those years), and helped us with lines of credit, credit cards, and whatever else we needed to do business. Without question, we all trusted Steve and could turn to him when we needed advice or help regarding our need for financing. Unfortunately, not all of the bankers I’ve worked with over the years have been as helpful.
Far too many small business owners fail to manage their relationship with their bank and their banker—what are you doing to manage yours?
Small business evangelist and veteran of over 30 years in the trenches of Main Street business, Ty makes small business best practices, tips and advice accessible by weaving personal experiences, historical references and other anecdotes into relevant discussions about leading people, managing a business and what it takes to be successful for Lendio. Ty also shares his passion for small business every week on Forbes.
Author: Ty Kiisel | Google+
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Small business evangelist and veteran of over 30 years in the trenches of Main Street business, Ty makes small business financing and trends accessible in common sense language devoid of the jargon.
Small Business Tools
7 min read • Aug 12, 2022