Managing Your Cash (Part 3) – Keep Good Relationships with Lenders, Bankers and Creditors
In this week’s Managing Your Cash series, I’m sharing the top 3 things you can do the better manage your cash and how WorkingPoint can help. Monday, I wrote about one of the biggest mistakes business owners make in managing their cash and that is tying up their money in inventory. Wednesday, I encouraged you to keep on top of your customer collections.
Today’s tip: Keep Good Relationships with Lenders, Bankers and Creditors
If you are in business long enough, you’ll find that even the most successful businesses need to borrow cash at one point or another – whether it is due to tough economic times or for an expansion into a brighter future. Your relationships with lenders, your bankers and your creditors are critical to getting that loan that keeps you in business or helps you grow.
Here are some easy things you can do to build strong relationships with your lenders, bankers and creditors:
- If you bank locally, take in your deposits personally and make an effort to get to know your personal banker.
- Investors rely on references when deciding who to get into business with so protect your reputation by practicing good business habits, in dealing with your customers, your vendors, and your community.
- Pay your bills on time so your accounts are in good standing: you’ll protect your credit and you’ll be the kind of business creditors will want to lend to.
- Be ready to provide solid, professional financial reports. With WorkingPoint, you can run the top 3 financial reports that lenders, bankers and creditors require when considering you as an investment or a loan. By keeping your records current in WorkingPoint, you’re just a click away from quality, informative reports.