Your banker is oneof the most important people in your business. They can provide youwith needed money and other financial services that can spell thedifference between success and failure in a business.
One of the most misunderstood elements of getting a loan is whatbanking considerations are versus what you say in your business plan.The bank does not care how you intend to succeed. They only care abouthow you intend to repay any monies that they give you and how securethe terms of repayment are.
Building equity with your banker requires your proactive reporting ofvital financial information. Monthly statements, a one-paragraph recapof what happened, acquisition of big customers, and other elements ofyour business like inventory and productivity will give your bankerpeace of mind. That’s real equity when you need money.
Your goal should be to receive a call from your banker stating that they wish all customers could be like you.