As we mention often, banks are seen as more than just financial institutions these days, especially by their small business customers who often rely on them as a source of business advice. So the last thing you want is to be giving them bad advice, because not only will it impact on their business, but it does irreparable harm to the bank’s reputation.
Take cash flow management for instance. It’s a vital skill for small business owners to learn, and their bank is in a prime position to teach them.
One of the first things to check is if people understand their cash cycles. If they donâ€™t have a grip on the ebb and flow of cash in and out of their business, then Job #1 is to help them understand how their cash flow cycle works. In fact, you might be surprised at how much someoneâ€™s cash flow improves just by helping them get to grips with it.
If theyâ€™ve never performed a cash-flow forecast before, sit them down and help them with their first attempt. If youâ€™ve got relevant tools and calculators on your website that can facilitate a forecast, point them in that direction.
And this goes for all the advice you parcel out – make sure it’s accurate. What you don’t want is to end up with a reputation for giving bad advice and damaging businesses… as the below article illustrates.
Read the full article at: www.bmmagazine.co.uk