All the answers to your unique business lifestage questions
These days banks welcome - in fact prefer - building a relationship with you. This has a number of benefits for both parties.
It helps to build trust. Your bank gets to know you and what you do. Today banks encourage customers to keep them informed of their business's progress.
You can do this by sharing your dreams - and financial results - regularly. This approach could make future interactions with your bank easier and quicker.
Keeping your eggs in one basket is a good thing. By keeping all your business in one place, you can use your personal banking profile and existing relationship to benefit your business.
Your bank will be able to more accurately calculate the risk of lending funds to you, while you will be in a better position to negotiate lower interest rates.
It makes better business sense for everyone. If your bank knows everything there is to know about you and your business, it is easier for them to assess you.
Remember that your banking consultant only knows what you tell him or her. The more you share, the more he or she can help you build up your business.
10 tips to help the bank learn your business
Supply your business banker with:
- Videos and/or pamphlets of your business or products.
- Your business plan.
- A profile of your business and its founding members.
- A paragraph on what your company does (keep it simple).
- Information on your biggest clients.
- Accreditations, certificates or awards.
- All telephone, cell phone and fax numbers, email and website addresses.
- Information on your closest competitors.
- Your personal business background.
- Compliance with relevant industry standards or charters, eg, companies in the building industry must have a strong management profile that includes BEE and a policy on providing access to housing for disadvantaged people.