Joe Formichella runs the small business banking team at Bendigo Bank, Australia's fifth-largest bank.
Joe is a highly experienced, career business banker.
He does an excellent job of outlining how best to deal with your bank, (even if it's not Bendigo :)).
In these challenging times the keys are to;
- Communicate with your banker so they know how you personally as well as the business are going i.e. don't stick your head in the sand
- Demonstrate that you as an owner are pro-actively adapting your business e.g. by cutting unnecessary expenses or finding new ways to produce and sell your product or service
- Demonstrate that you are using any spare time created by a slowing business to undertake planning to give your business the best chance of success. Your chances of securing the help you might need from your bank will be enhanced when it is clear you have a solid business plan and you as owner understand deeply how the business operates and where the future opportunities are
SpecificallyJoe reinforced the need for a;
- Robust business plan
- Clear description of the purpose of a new loan or lending assistance when discussing finance with your bank
- Detailed summary of historical financial performance and credible forecasts for your business to establish viability and serviceability. He noted however that given current challenges his bank, at least, understood that your current financial performance may be severely affected by uncontrollable, external influences and would take that into account in their assessment
https://www.bendigobank.com.au
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Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.
michael.kerr@kerrcapital.com.au
www.ownertoownerpodcast.com.au