At some point, most small businesses will experience financial difficulty. One of the first places theyâ€™re likely to turn to for help is their bank. Helping your customers understand the challenges theyâ€™re facing and supporting them as they meet those difficulties is key for any banking relationship.
What youâ€™re looking to do is help your customers avoid some common mistakes â€“ such as assuming things will always stay the same, or counting on their business to adapt to changing times â€“ so that they can not only stay afloat, but can use the experience to take advantage of opportunities. Itâ€™s the old saying â€“ every cloud has a silver lining.
In most cases, business owners will have a pretty good idea of their weak points, but if they seem to be turning a blind eye, sit down with them and help them pinpoint vulnerable areas.
A good way to do this is sit down with them and assist them with performing a SWOT analysis.
Once you know where the problems are, you can help them to:
In tough times, the biggest dangers are panic and inertia. In other words, they canâ€™t afford to sit there doing nothing, nor can they flail about doing just anything. Help them to see that becoming depressed by the difficulties theyâ€™re facing isnâ€™t helpful. Thatâ€™s a good way to fall into narrow thinking, hence missing out on fresh ideas.
So, as part of their team of advisors, help them to remain positive by assisting with putting a proper plan into place, so that they can look past the difficult times to the opportunities that will inevitably follow.