One of the main reasons that banks develop relationships with small businesses is finance. Usually itâ€™s about lending solutions, but banks can â€“ and should â€“ cement their relationships with their small business customers further by offering finance solutions that arenâ€™t just about loans.
Itâ€™s no secret that successful banking relationships are based on more than just what loans are available. The best partnerships are when banks become more than just a lending solution â€“ they become trusted advisors.
So one of the best ways a bank can improve its relationship with its small business customers is to help them find creative ways to raise finance.
Cutting costs, selling un-used equipment or vehicles, renegotiating deals with suppliers, increasing prices and sales – these are just some of the ways that you can assist your small business customers when they need to find some extra cash. Then there’s their small business lending packages. It could be that just by sitting down with your small business customers, and discussing their financial needs, you can restructure their current loans to help free up more capital, without jeopardising the bank.
The below article looks at challenges small business owners face around finance in more detail.
Read the full article at: www.dailymail.co.uk