Speak "banker" as a second language
Once a storm caused two ships to sink in the same area and all on board were lost at sea, save one from each ship, who survived only because they swam to a nearby island.
Fortunately, the two men hauled themselves up on the beach within sight of each other. But the survivors' celebration soon faded as they realized that each spoke a language unknown to the other.
Immediately they had the same thought, "I don't speak his language, but if we're going to survive, we have to find a way to communicate."
In many ways, this tale actually plays out every day. But instead of on the high seas, our story takes place in the marketplace. And instead of shipwreck survivors, our real life players are small business owners and bankers.
Like the castaways in the first story, the latter two often realize that:
- They need each other to be successful
- They don't speak each other's language very well, if at all.
With so much common interest and so little mutual understanding, can these two create a successful survival story? Absolutely, but only if they have Blasingame's Official Translator for Banks & Small Business. Here are a few key examples of how the Blasingame Translator works.
For small businesses to understand banker they must:
- Identify their banker as a success partner and their business' best friend.
- Stay close to their banker when things are going well and even closer when things aren't.
- Believe that an uninformed banker is a scared banker and a scared banker won't help you.
- Pay attention to what motivates and impresses a banker, like attention to detail.
- Understand pertinent bank rules and regulations, so as not to ask for something that can't be done.
- Reward banker loyalty with your loyalty.
For bankers to speak small business, they must:
- Understand that it's redundant to say "undercapitalized small business."
- Recognize that starting a small business is easy - operating a successful one is not.
- Explain banking rules and regulations more often.
- Realize that it's the banker's job to recommend services and products.
- In the credit scoring process, always find a way to give small business owners credit for character and past performance.
- Reward small business loyalty with banker loyalty.
Write this on a rock... For small business, and bankers to avoid being castaways, speak each other's language and become partners.
Jim Blasingame is creator and host of the Small Business Advocate Show. Copyright 2012, author retains ownership. All Rights Reserved.