A Banker Can Be The Perfect Small Business Coach

business coach

A banker can be the perfect complement to your business coach team.

If you want the best for your business, surround yourself with like-minded individuals. As a business owner, seek support from a business coach that has expertise in specific areas. Your CPA plays a critical role for you, but don’t forget about others. Enter your friendly neighborhood business banker.

Your CPA can make sure that you have the proper systems in place to capture and report timely, reliable financial information. A business banker, on the other hand, can provide lines of credit or loans to help meet your cash flow needs.

The Importance of a Good Banking Relationship

You build strong banking relationships over time through regular communication. As you keep them informed of business decisions and trends, you build a lender’s confidence in your ability. A well-informed and communicative business owner may be given extra consideration when business financial issues arise.

Four Key Indicators That Help Bankers Evaluate Your Ability To Repay

Banking is a low-risk industry, and they have one major concern when lending money: your repayment. They evaluate your ability to repay based on these four areas:
  1. Cash Flow – This is a key indicator of your ability to repay the original loan. If you have strong cash flow, the chances are high that you are able to repay your loan.
  2. Collateral – When a loan is originated, no one wants the loan to be foreclosed on and collateral seized. However, this is required as security.
  3. Credit – Another key indicator is your credit history and track record to meet prior financial obligations. If you have a good credit score, you’ll be given more favorable treatment in both the receipt of a loan and the interest.
  4. Character – Your relationship with your banker allows them to consider your integrity. Your actions should meet or exceed the expectations your words establish on a regular basis.
A good business banker is on your side. Like CPAs, business bankers are exposed to multiple businesses and industries. They can be a great sounding board for ideas and help you strategize on ways to reach your financial objectives.

If you’re looking for a remedy to your tax preparation bluescall Scott A. Kunkel, CPA PC today in North Richland Hills at 817-498-1040 to have a chat.

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Source: Chris Roush

Scott A. Kunkel, CPA, PC

7801 Mid-Cities Blvd. Suite 400
North Richland Hills, TX 76182

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Call us now 817-498-1040 or contact us online to schedule a free consultation session.