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Top 10 questions your Business Banker should be asking you

So how do you know if you've got the right Banker for your business? Well, great Bankers ask these 10 Questions (as an absolute minimum!):-

  1. What are your goals for you and your business in the short, medium and long term?

  2. Can you tell me about your comparative, competitive advantage? (In other words, why would your customer choose you over your competitor?)

  3. What's your sales strategy?

  4. Do you know what your Gross Profit Margin breakeven point is?

  5. How are your Operating expenses tracking? How much control do you have over your expenses? What's fixed and what can you influence?

  6. What can you tell me about your relationship with your creditors & suppliers?

  7. Can you give me a run down of how you manage your stock?

  8. How's your debtor book looking?

  9. Where are you tracking with your capital expenditure for the next 12 months?

  10. What keeps you up at night? What plans do you have in place to protect your income, your business and your assets?

Great bankers ask these questions, listen to your responses and then work with external advisors (accountants, business coaches, lawyers) and internal stakeholders (credit teams, financial planners, asset finance specialists, FX teams etc etc) to provide the right solutions.

If you need a great Business Banking experience and want someone to listen to how you are backing yourself to build a better future please give me a call.

To paraphrase, but disagree with President Ronald Reagan, the nine most feared words in the English language are NOT -

"I'm from Credit and I am here to help"

Hope to hear from you soon.

#creditskills #cashflow

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