First published in QLDdirector, an Australian Institute of Company Directors publication Those who...
Bankable Business Plans
“Trust and relationships – the basis for dealing with your bankers”
Banks are in the business of lending money... so why do so many organisations make this harder than it should be? A freshly minted CFO recently asked me for tips, this is what I shared:
- Provide what the bank wants, in the format they want meeting all the requirements of their lending criteria.
- Build special relationships with all banking staff that you’ll be dealing with.
- Trust is a key to a banking relationship – do nothing to break this trust.
- Always keep the bank updated with both positive and negative information – let any news come from you, not via the back door.
The views expressed in this article are the views of the author. This article provides general information, does not constitute advice and should not be relied upon as such. Professional advice should be sought prior to any action being taken in reliance on any of the information.