A complaint I often hear is my bank doesn’t understand me. When I hear this, I translate it to my bank doesn’t understand my needs. Too often banks, especially the big money center banks like Bank of America never look at your needs. They just look at your credit score.

The problem is that way too many small and mid-sized businesses think they need a big bank for all of their needs. The truth is, unless your business is doing hundreds of millions of dollars a year, that’s mostly a myth.

When you choose a big bank, you’re just a number in their system. There’s a better way and that’s what this video is all about.

 
Transcript

You know a complaint I often hear is my bank doesn't understand me. When I hear this, I translate it to, my bank doesn't understand my needs. Too often, banks, especially the big money center banks like Bank of America, never look at your needs. They just look at your credit score to decide if there's somebody they wanna do business with.

The problem is that way too many small and mid-sized businesses think they need a big bank for all their needs. The truth is, unless your business is doing hundreds of millions of dollars a year, that's mostly a myth.

You know, when you choose a big bank, you're just a number in their system, there's a better way, and that's what this video is all about.

The challenge you have when choosing to work with a big bank, is there's a very good chance that in your time of need, they'll leave you high and dry, and it could even do their best to put you out of business, just out of spite. You know, when I was probably 10 years into my business, the bank I was doing business with was the right size bank. But unfortunately, the control of the currency, the government agency that regulates banks, walked in and said, "You guys are really running your bank terribly", and they started red lining all the accounts that they didn't like. Unfortunately, we were one of those accounts. Now I was with the right bank, but the wrong situation came up and they couldn't wait to get rid of me. They were blaming me for their problems instead of looking at the mirror and saying, we caused this and what can we do with this good customer who's been with us for 20 years, or actually 30 years 'cause my father banked with them, and help them either fix their problems or find another place to go? No, that's not what they did. They tried to put me out of business, and fortunately, I found another bank to take over for them. But it's something you definitely don't want to have happen yourself.

So here's the thing. The whole world of banking is a confusing one. I spent years figuring out how banks think and how they look at businesses. I've come to this conclusion. That you should work with a community bank instead of a big money center bank. And if you're not, you're making a big mistake. But you still have to choose the right community bank. They're gonna look at you, your business, and make a decision that covers way more than your credit score. They'll have plenty of credit availability for the size loans you'll need. You'll find your loan officer is more stable. He is likely to be with you for more than a year or two, maybe four or five, six or 10 years. There just isn't the amount of turnover at community banks as there is at the bigger banks.

You know, we know you want to stop always worrying about whether or not your bank is gonna dump you. You want to have your bank support you, even when you have a bad year.

We even have a plan that's easy for you to adopt, that will help you choose the right bank. So here's what we do.

  1. Number one, it all starts with a conversation where we'll help you figure out the type of bank you need and the type of services you need from that bank.

  2. We examine your financial statements, number two, to see how easy it will be for you to find the right type of bank to work with you.

  3. And then finally, number three, you then build a profile of your company to help you choose the right type of bank wisely.

Once you know what your needs are and how you need it, you can then present that to any banker you talk to and they'll be able to tell you really quickly whether they're the right place for you or not.

You know, I would love to have a conversation with you about your banking needs, so feel free contacting me at jpatrick@stage2planning.com to set up a time to talk.

And in the meantime, if you're not ready to talk, click on the button below and get my first book, "Sustainable, a Fable about Creating a Personally and Economically Sustainable Business". In the book, you're gonna learn about the four areas of sustainability that you need to do to make your business really attractive to banks. And the more you do this sort of stuff, the easier it is to find the type of bank that you want, that will support you with your needs.

So while you're at it, why don't you scroll down, let me know what you think about holding. Let's start over here. While you're at it, scroll down, let me know what you think about the type of bank you have and the type of bank you want.

Hey, this is Josh Patrick, you're at the Sustainable Business. Thanks a lot for stopping by, I hope to see you back here really soon.

Topics: Sustainable Business, community bank, business partners, financial services, choosing a bank

Posts by Tag

See all

Subscribe Here!