In This Episode
One thing that strikes fear in the heart of many business owners is having a meeting with their banker. It’s not that these banker types tend to be intimidating or mean, it usually has more to do with how comfortable the business owner is with their financials. As the owner, the last thing you want to do is to say the wrong thing to your banker. Can’t the banker do all sorts of terrible things to you and your business? Like pull your line of credit? Or not approve the loan for that new piece of equipment?
Something we work with all of our clients on is helping them Present their business, starting with their financials. It all starts with MVP’s 7 Keys to Success which we use as a guideline for what to talk about (and what to not talk about). One of the big benefits of Presenting anything is that it forces you to learn about that topic. As you Present you also increase your confidence. As Jack mentioned during the show, “You will get confidence in your competence with your numbers.”
During the show we give you some recommendations for how to start this relationship with your banker. A key mindset is to think about your banker as a partner for your business vs. simply looking at them as a vendor or someone you need to keep at arms length. Part of that partner mindset will force you to ask some questions of that banker and how they can help you. We encourage all business owners to meet regularly with their banker (at least a couple of times per year). When you do that, good things tend to happen.
People, Companies and Resources We Mentioned in the Show
MVP’s 7 Keys to Success (https://maximumvp.com/7-keys-to-success/)
Join Us Next Time
Join us next week when we will talk about overcoming the imposter syndrome in your business!