Banking Relationships & Your Business
Maintaining a good working relationship with your bank is a must for any entrepreneurial business. That means making sure that your bank understands both how your business operates, as well as your long and short term business goals. At Hogg, Shain, & Scheck in Toronto, Ontario, we take your business operations seriously. We strive to help you see how your banking relationships should be favourable; with a team of dedicated, understanding financial professionals, rather than as an organization that fills you with dread, confusion, or fear.
As an entrepreneur or business owner dealing with bankers, it is important to follow a few simple rules to maintain good banking relationships. These honest, business minded guidelines are outlined here.
Effective and frequent communication
Don’t ignore your bank and certainly don’t wait until the last minute to contact your bank whether you have good or bad news to report. In fact, it is recommended that you meet with your banking representative on average twice a year to make sure everyone is on the same page and to keep up a good working relationship. At Hogg, Shain, & Sheck, we can assist in your business operations by attending bank meetings with you. We will help provide insight into your financial statements and help you present plans that will improve your banking relationships.
Be open about your business status and future plans
Good banking relationships require trust. That’s why it is important to keep your bankers “in the know” when it comes to your business reporting and business strategies. Remember, the banker works for you and should be kept abreast of your current business status and future forecasts at all times in order to be able to assist you at any time, especially during times of financial crisis. At Hogg, Shain, & Scheck we offer our expert skills to help you communicate these important business practices with your bank.
Plan ahead and on time
Before meeting with your banking institution, be sure you’ve done your homework. That means being well prepared and thorough in your approach to presenting information to the bank. Also, you’ll want to present year-end results and other information, such as future plans, in a timely manner. Don’t wait until the last minute.
The accounting professionals at Hogg, Shain, & Sheck know how to deal with banks on your behalf. If you want to create or maintain good banking relationships that add credibility to your business, contact us today at 647 557 7591.