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Make your bank manager your best friend

A recent client of ours faced a short-term cashflow issue – something beyond their control, due to a cyclical industry challenge.

We quickly saw that the best solution would be a short-term loan from their bank. Equipped with cashflow forecasts and a clear repayment plan, we scheduled a meeting with their bank manager, who had known them for years. We explained the situation, emphasised the fundamental strength of our client’s finances, and outlined how they intended to repay the loan.

It was a sensible, constructive discussion – one that secured them the funds they needed.

Now, you may be wondering when this conversation took place: the 1990s? The early 2000s?

Because today, for most businesses, this scenario feels like a distant memory. Building a personal relationship with your bank manager has almost disappeared, unless you’re a very large business – or you owe the bank a significant sum.

For the average business, seeking a similar loan today would look very different. Most likely, you’d be asked to fill out a form that goes straight to a committee of strangers, with no chance to explain your unique situation face-to-face.

But our client had a different experience. They chose a forward-thinking, challenger bank that still assigns dedicated managers to business accounts. And, as their finance department, we made it a priority to cultivate that relationship, meeting with the bank manager regularly, keeping them well-informed about our client’s business.

So, when the time came, our client wasn’t just another name on a list – they were a trusted partner, and their bank manager was ready to listen and advocate for them.

Here’s the reality: many businesses make a costly mistake with their banks. They don’t build any relationship at all, reaching out only in a crisis. By then, it’s often too late. Without trust or familiarity, they’re just another face in the crowd, and any problem-solving becomes far more difficult.

Our philosophy? “Make best friends with your bank manager.” You never know when you’ll need them to go to bat for you. While the bank manager may not make the final decision, they can be your strongest ally.

Yes, there are banks that still offer this level of service, often newer, challengers aiming to build strong client relationships as part of their core values. It’s wise to have at least one account with such a bank (even if not exclusively) and invest in maintaining that connection.

For our clients, we make it our business to nurture these relationships.

We reach out regularly, sharing management accounts and staying in contact. We’ve even invited bank managers to our clients’ premises so they can see the business in action!

We understand that managing your finances isn’t just about spreadsheets – it’s about building the right systems, processes, data, and relationships to help you thrive, even during tough times.

If this sounds like the kind of proactive financial partnership your business needs, get in touch. Let us help you build a financial strategy that goes beyond numbers, ensuring you’re resilient enough to weather any storm with confidence – and can grow faster and maximise your profit.

Simply email garry@insightassociates.co.uk or call our office on 01279 647 447 to talk to us today.

Warmly,

Garry

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