When I wrote Business Blunders: Ten Dangerous Business Mistakes and How To Protect Your Business So It Can Thrive (www.mcbridebook.com) I looked at a number of common issues that I had seen, largely from my legal practice. Clients were coming to me after a problem had happened, and then we went back and analyzed the root cause, and I decided to write a book that would help prevent those issues in the future. You can get a copy at Amazon.com. After publishing the book, of course, people approached me with other problems they’ve seen. One problem we’ve seen is that people do not approach their banker soon enough. You want to start a conversation with the bank that you want to use sooner than later. Many business plans require financing, whether it is a line of credit, or an actual loan to help grow the business and expand it.
What you want to do is get in a conversation with your bank sooner than later to start understanding how they process loans, what are they looking for, what financial statements do they need, and what items are going to be required in order to get those loans. You’ll also want to start building that relationship because it can go in other directions. Your banker can be a business ally. He or she can give you ideas on your business expansion. Perhaps, depending on the banker, he or she can give you strategic connections, so you want to start that conversation earlier. That’s definitely one thing you want to start sooner than later is getting a conversation with a bank. Start talking about what you need your business to look like, and how funding might work.
What’s been your experience with banks? What have you seen? How have you seen bankers help grow businesses? What’s frustrated you with your bank relationship? I’d love to see your comments below.
Have a great banker? Mention them in the comments!
This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer jenny Rollo.
About the Author
R. Shawn McBride — R. Shawn McBride is the Managing Member of The R. Shawn McBride Law Firm, PLLC. Shawn works successful, private business owners in their growth and missions to make a company that stands the test of time. You can reach R. Shawn McBride at [email protected] or 407-517-0064.
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