Numbers drive everything in your business and if you are not focused on the numbers, then you do not know if your business is winning or losing the game. The bankers I interviewed for my book Make Your Banker Happy all said that their best customers are focused on their financials on a regular basis and provide accurate information when asked.
EXPERT TIP | Gary Furr, Organizational Development Consultant:
Bankers like business owners who focus on their financials, understand them, and use them to help guide their business to profitable success. Bankers appreciate business owners who use their P&L and balance sheet to ask better questions in order to make better decisions. They like business owners who produce a cash flow projection and use metrics to guide the business to sustainable success.
I find that many business owners are not paying close attention to their financials; instead they wait until the end of the year to see how they are doing. I have had business owners tell me they know where they are even though they are not paying attention to their financials. When I ask how that is possible, they say, “I have money in my checking account so I know how I am doing.” That is not how you get your banker to love you.
Not surprisingly, the bankers I talked to reported that their most challenging customers do the opposite of what their best customers do—which is pay attention and understand their financials. Considering that the greatest cause of poor performance is not knowing your numbers, it is time to get serious about them!
With over 40 years of C-level business experience and an MBA in organizational development, I am uniquely qualified to help you achieve success in your business. Give me a call to set up a free consultation: 503-312-3145.
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Make Your Banker Happy
Advice of bankers in forming a relationship that will reap rewards well into the future.
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