On the weekly show/podcast, Dirty Secrets of Small Business®, Jack Mencini and Adam Sonnhalter co-hosts uncover the secrets, which many of the United States 28 million small businesses face day in and day out. This week’s secret centers on the premise that “your banker really can help you if you know how to help him help you.” Jack and Adam have a tremendous amount of experience with small businesses in having owned over 20 small businesses themselves and coaching hundreds of others through their own firm, Maximum Value Partners www.maximumvp.com
According to Adam, some of the ways that you, as an owner, can help your banker build a better relationship with you is to focus on: regular communication (quarterly at minimum) to keep him or her informed of the growth, developments and even challenges your business is facing. In these discussions, it is really good to describe and emphasize the positive situations and the next steps you are building for profit and sustainability. It is also a good idea to have discussions with your banker on updates before you need the money so that the banker has the back-story of your goals and vision for the business. That’s right, go to your banker BEFORE you need the money.
Jack also interjected that it is critical that the business owner learn how to effectively present the numbers for the business. Also, with banks continuing to make changes to personnel and the way they make decisions in the processing of money for a small business, it is important for the owner to have an understanding of the bank’s current process. Often times, this insight can help an owner in asking for more money initially rather than having to go back numerous times if more funds are needed. It has been MVP’s experience in coaching owners, that if you present well, which is part of their 7 Keys to Success http://maximumvp.com/7-keys-to-success/, there is an opportunity to get a larger loan rather than you may have originally thought.
In this week’s myth, they debunk the idea that success is all about making money. If it was all about making money, you wouldn’t have nearly the number of small businesses in this country since many of those owners made or make less than if they worked for someone else. Money is certainly one measuring stick, but you need to find other variables. Some other measureables to guide you in determining the success of your business are all about loving what you do, doing things the right way, not compromising your principles and focusing on the quality of life which allows you to do more things in your family and community.
For more details on getting satisfaction from your business, small business challenges and being profitable, access the podcasts on iTunes or at http://maximumvp.com/dirty-secrets-small-business-radio-show-podcast/ to hear this November 14th broadcast and more of Maximum Value Partners’ clients success stories to hear great insights for your own business.
If you have a success story or a question you would like to share, email or call (firstname.lastname@example.org or 877-849-0670). You can also call into during the show each week at noon (EST) – 1:00 pm on WINT 1330 AM, call 440-946-9468 to ask your question to the Maximum Value Partners’ coaches!