Friday, August 10, 2007

Be Nice to Your Banker - An Investment in your Business

Category: Business Law and Planning

A nice posting about the unsung partner of every business - no, not the tax authorities - the Bank (or any other investor who expects a fixed return of capital and interest). This is especially true where there is an environment of shrinking capital (see today's market news). Business Insights from Legacy Blog post of "What is Your Banker's Involvement?" is an excellent refresher of the ongoing banking - or investor - relationship any business should be maintaining. The article ends with some excellent advice:

If you haven't been meeting with your banker regularly, start now by trying this:

• Pick up the telephone and call your banker.

• Ask him/her to lunch this week.

• Be prepared to discuss... the good, the bad, and the ugly about your business.

• Tell him the truth about the status of your business and describe the challenges that you face.

• Also, use this time to get to know him/her more personally.

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