Is Your Banker the Drive Through Teller?
As part of my consulting program and the Dashboard, I ask business owners, “What will it take for you to reach your Big Picture Goal?” One of the key areas in answering this question is Finances, and invariably an answer is either ‘I need a loan’ or ‘I need a line of credit.’ I follow that one up with, do you know your banker? One client answered, ‘My banker is whoever’s at the drive-through teller!’ That can’t be your answer.
Once, I was sitting in a meeting with a client when his phone rang. He saw the Caller ID number and had to answer it. “Okay…okay…yes…alright…thank you!” It was his banker, calling to tell him he was about to bounce a big check. He looked at me, apologized for having to run, and headed out to collect a receivable to cover the check. Now, proper bookkeeping might have prevented this, but the point is this person knew his banker well enough for his banker to make that call and save him an overdraft charge, if not something more embarrassing.
There is a good article at sba.gov about this topic. I’d recommend reading over it and then heading straight out to your bank and start building a relationship with your banker.
