By far and away, one of the smartest steps I’ve taken in recent years to move my landscaping company forward has been developing a stronger relationship with my bank. When I was first starting out in business, I thought of the bank only as the place I had to go to ask for a line of credit or a loan; they had money and the power to say yes or no and sizable sway over my future. Frankly I found the whole process a bit intimidating.
Today I see it all differently. Because it turns out your bank can do much more for your company than just providing financing. A good relationship with your banker can be a real asset in helping you grow your business and gaining an upper hand. Yet many landscaping-business owners overlook this.
Your bank knows what works and what doesn’t. Banks are constantly running and aggregating numbers. They know your local economy inside and out, and they can provide you with keenly informed financial advice based on what they’ve seen with other clients.
Your bank can help you strategize ways to grow and reach your goals. At Grunder Landscaping, we send our bank our complete financial statements every quarter and meet with them biannually to go over them. And then once a year, they come to us and present truly insightful metrics and advice to our leadership team on what we can do to improve our profitability.
Your bank is a powerful source of networking. Think about it—who knows more about the local market than a local bank? They are on the frontline of finance and know when and where buildings will be going up or houses purchased, and they can recommend your company to their clients. As the saying goes, your network determines your net worth.
If you’re not getting all you can out of your banking relationship, you’re literally leaving money on the table.
Have a great week!
P.S. Learn how to leverage your relationship with your bank at GROW! 2019 in Denver next month, where I’ll lead a session with Dave Gooch, president of Park National Bank in southwest Ohio. Together we’ll examine how landscaping pros can get the most out of their banks and reap the results.