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Will You Add? - Managing Your Banker
If you as a small business owner have a web site and need to deal on a regular basis with a web hosting provider, web development company or a web site design vendor, you may have experienced less than stellar customer service. During the last week, I have engaged in 5 very long detailed conversations about the poor customer service being delivered by web developers and web site hosting companies. All of these conversations shared exactly the same complaints and what’s even more interesting in the exact
Understand that banks have multiple interest groups that they have to satisfy. A small business is usually responsible only to its owners. A bank is responsible to shareholders (which impacts prof
As much as billers don't want to think about it, software for medical billing is not perfect. There are going to be problems, sometimes lots of them. In the next series of articles, which will cover a number of critical areas of the DME software system, we will go over the most common problems that you will run into when operating your DME medical billing system. In this particular installment, we're going to just give a brief overview of the areas that will be covered in more detail.The first p
Having a good relationship with your banker is fundamentally important to a small business owner, or manager. Bankers think in terms of having a long-term relationship with their customers, not in terms of transactions - and having that relationship can make the difference to a small business between survival and failure. A bank is much more willing to "stretch" for a company that it knows and trusts and cultivating a long-term relationship that builds this trust over time is one of the more important things that you can do. Bankers are pretty numbers oriented in making decisions to lend; but, when a bank has seen you meet your commitments over time, it's much more willing to break its own "rules" and make an exception for you.
You have some leverage, though, in building this relationship and you should use it to your advantage. The bank wants as much of your business as it can get - both corporate and personal. To some extent this is how the bank defines the scope and magnitude of their relationship with you. Surprisingly, it's not always the profit level that drives the bank's thinking; they just want to know that they are "your bank!"
Put Yourself In Your Banker’s Shoes
Understand the bank's business cycle, because sometimes banks want to lend and sometimes they're more reluctant. Loan losses are a key profit driver for a bank and losses tend to lag behind economic expansion and contraction; losses only start to increase well after the economy turns down and they end after the economy has started to grow again. This is not your problem, it's the banks, but it often affects what they are willing to do.
Understand that banks have multiple interest groups that they have to satisfy. A small business is usually responsible only to its owners. A bank is responsible to shareholders (which impacts prof
Depending on where you live and the local laws, these are questions that are not considered to be legal interview questions but not actually be illegal to ask. An example of an unethical question would be one that asks you to divulge secret or confidential information about your current employer.This might be a legal interview question but it's one that simply shouldn't be asked.Another example of an unethical question would be one that asks you to do something that would benefit the company
You have some leverage, though, in building this relationship and you should use it to your advantage. The bank wants as much of your business as it can get - both corporate and personal. To some extent this is how the bank defines the scope and magnitude of their relationship with you. Surprisingly, it's not always the profit level that drives the bank's thinking; they just want to know that they are "your bank!"
Put Yourself In Your Banker’s Shoes
Understand the bank's business cycle, because sometimes banks want to lend and sometimes they're more reluctant. Loan losses are a key profit driver for a bank and losses tend to lag behind economic expansion and contraction; losses only start to increase well after the economy turns down and they end after the economy has started to grow again. This is not your problem, it's the banks, but it often affects what they are willing to do.
Understand that banks have multiple interest groups that they have to satisfy. A small business is usually responsible only to its owners. A bank is responsible to shareholders (which impacts prof
The methods in which you set up a conference call vary between the different services you use, and what type of conference calling you are using. There are three main types of conference calls, all with different methods of set up.The most common conference call is reservationless conference calls. There is not much to set up with this type of call. You simply get a number and access code, as well as a separate access code for the other people that you want to participate in the conference call.
You have some leverage, though, in building this relationship and you should use it to your advantage. The bank wants as much of your business as it can get - both corporate and personal. To some extent this is how the bank defines the scope and magnitude of their relationship with you. Surprisingly, it's not always the profit level that drives the bank's thinking; they just want to know that they are "your bank!"
Put Yourself In Your Banker’s Shoes
Understand the bank's business cycle, because sometimes banks want to lend and sometimes they're more reluctant. Loan losses are a key profit driver for a bank and losses tend to lag behind economic expansion and contraction; losses only start to increase well after the economy turns down and they end after the economy has started to grow again. This is not your problem, it's the banks, but it often affects what they are willing to do.
Understand that banks have multiple interest groups that they have to satisfy. A small business is usually responsible only to its owners. A bank is responsible to shareholders (which impacts prof
If you were a customer on the telephone with a question or complaint and were ready to make big purchase, which of the following phrases by this employee would make you feel welcome and want to complete your transaction? Which would drive you away?* I'm sorry. I didn't get that. * I can't understand what you're trying to say.* Yes, Mr. Jones, I'll be happy to do that for you. * All right. I'll see what I can do about it.* It will take a few minutes. Would you like me to call
Put Yourself In Your Banker’s Shoes
Understand the bank's business cycle, because sometimes banks want to lend and sometimes they're more reluctant. Loan losses are a key profit driver for a bank and losses tend to lag behind economic expansion and contraction; losses only start to increase well after the economy turns down and they end after the economy has started to grow again. This is not your problem, it's the banks, but it often affects what they are willing to do.
Understand that banks have multiple interest groups that they have to satisfy. A small business is usually responsible only to its owners. A bank is responsible to shareholders (which impacts prof
You've decided to launch your advertising campaign but you have no idea what would inspire others to buy from you. Or maybe you've already run some ads to no avail. How do you make your ad the one that stands out? After all, consumers receive thousands of marketing messages everyday. What makes what you're offering so special? In today's highly competitive marketing environment, chances are your ad will get overlooked. Meanwhile, some other entrepreneur is making money and developing a highly eff
Understand that banks have multiple interest groups that they have to satisfy. A small business is usually responsible only to its owners. A bank is responsible to shareholders (which impacts profit requirements), regulators (which have rules for operating), the community (which has a say in who they lend to), and depositors (which affects pricing). These multiple interest groups make a bank more image conscious, affect how much it charges, and governs many facets of how it does business.
Bankers don't like to make bets and they have different types of loans for different purposes. Get to know the different requirements for a long-term loan and a short-term loan before you ever have a serious conversation with a banker. A short-term loan, such as a revolving line of credit, is to cover shortages in your cash flow cycle. The bank expects you to pay it back periodically (i.e. when you have extra cash) and it often takes it as a sign of financial weakness, if you don't. When a bank gives you a longer-term loan that is paid back over several years, it needs to see that you will have the earnings and the cash flow to make your payments over time. Most banks are not "collateral lenders" - meaning that they don't want to be in the business of liquidating your collateral to get their money back.
Understand What The Bank Needs And Give It To Them
Keep your banker well informed. If he knows who you are, he will be more responsive to your needs. Never, ever let the bank hear bad news from anyone but you - by their nature bankers look for the bad news anyway, so you might as well tell them up front. Send them statements, with explanations, regularly, even if it doesn't appear th
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