Maintaining a solid relationship with a lender is important in good…and bad…economic times
Mark Twain once wrote: "A banker is a fellow who lends you his umbrella when the sun is shining and wants it back when it starts to rain."
Unfortunately, Twain may have had a point about how some entrepreneurs see their banker. Small business owners often view their banker as their adversary rather than as an advocate, but the fact is that your relationship with your local bank is among the most critical for your business success. Just because the loan is closed and you're making problem-free, regular payments doesn't mean that you can neglect the relationship. In fact, that's when you should work to keep communication open. Proper relationship management is critical to keeping you and your business in a position to gain assistance from your banker when it is needed the most.
When it comes to helping entrepreneurs compete, I try to eat my own cooking. All the tips and strategies I share in this column I aim to apply at my 10-person technology consultancy. But I have to come clean: I'm woefully negligent in one crucial area--and it's costing me.
I'm talking about online banking. Embarrassing as it sounds, I don't do it. Nor, as it turns out, do roughly 95% of my 500 clients. Why? Sheer laziness, I suppose.
