July 18, 2024

Getting Money From Banks

Good Morning,   
My wife and I were watching a news report the other night about how big, publicly traded companies got PPP (Payroll Protection Program) monies. In fact they got millions, and luckily some are returning those funds. The news report talked about how these companies have a personal banker and very good relationships with the banks, and that let them jump ahead to the front of the line in many cases.
How would you like to be treated better? This is not necessarily a marketing tip, but it is a business tip that I and others have been using for years. In fact, I teach it in business classes I have taught over the years.
First, if possible have your business account(s) at a regional or local small community bank instead of one of the big national banks. By using a smaller bank you can get to know the officers and people who work there and they get to know you. I’m on a first name bases with most of the people at CBT Bedford. 
At the big banks, the people are always changing  so they don’t get to know you, especially if you always use the drive through or the ATM because it’s faster or more convenient. When you do need to go in and talk to someone (hopefully they don’t charge you for that), one of the first questions asked for is your account number so they can pull up your file. 
Second, when this is all over, walk into the bank; go inside to make your deposit or cash a check. Don’t use the ATM or drive through. You want the bank to get to know you as a regular customer. I used to go in almost every Friday to make a deposit and get some cash.  As a side note – using cash makes it harder to spend money than using a credit card. I say hi to everyone as I come and go, I make sure people see me and grab some of the candy that they have out for their customers.
Third, tell them about your business, about your successes and well as your losses; this way they really get to know you and your business. Also make sure they have your card and promotional materials. They are a good source of referrals (they work with other businesses and people who could use your products or services) so why not promote your business to them. This way when you need money or other services, they are ready to help you. When I needed to open additional accounts, my bank filled out most of the paperwork ahead of time so all I had to do was come in and just sign all the forms.
Fourth, as they get to know you, they know what your needs are. They see you as a person, not a number. They want to help you be successful. When the time comes and you want to get an SBA loan or be part of another program, you can get your paperwork in with their help and get it processed faster. We tend to give preferential treatment to people we know and like over strangers.
Was this helpful to you? Let me know.
Till next week, stay healthy,

Great Things Happen, But You Have To Take Action NOW!

Philip Freedman

Your Doctor of Customer Acquisition, Retention and Enhancement
P.S. Business is slow for everyone! Bring in business with my FREE checklist, “7 Proven, Powerful Ways To Increase Income.”  Click Here  or go to www.7proven.com