5 Reasons to have a good relationship with your bank manager


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Below my view 5 reasons to have a good relationship with my bank manager:

1.  Have a good relationship with your banker:


Good relationships with clients, including understanding their needs, are very important.  A relationship with your banker is equally important. He must understand your needs.  A good bank manager will not call you every second day about products you are not interested in. 

Make sure that he understands exactly what your needs are, and a professional bank manager will keep to your needs. 

Most business owners meet with their bank manager once a year when they need to review their overdraft. 

Be different, and make sure your banker understands you and your business.  Every time I hear I have a new banker … I make sure they meet me for a quick coffee to understand me and my businesses.  

Big tip ... If your banker meet you for coffee at your office,  he can confirm your address for FICA for bank reasons as well.  



2.  Assist from your side to make the finance applications easier:


Assist your bank manager to improve your chances of a successful overdraft and other finance applications.  In most cases, the banks all need certain standard information.  It’s important to understand how to make life easier for your bank manager, which will automatically increase your life.  I cannot expect my bank manager create magic out of nothing or part information.

We as entrepreneurs need to take full absolute personal responsibility for these applications.


When our accounting firm assists clients, for finance applications, we always prepare the following information for them. 


  • Last two year-end signed off financial statements (normally 28 February 2018)
  • Management financial statements for the period from the last set of financial statements to date.
  • Letter of income for directors and the company
  • Latest company documents
  • ID’s of all directors


Send all these documents together.

Do not send various emails on various dates and from various platforms.  There is nothing more frustrating for an admin person to look all over the place to gather information they need to assist you with.   Remember … the more prepared and professional the information, the more likely that the bank manager will feel excited and motivated to assist you.

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3.   Further steps to make sure the application will be successful:


Use your business account for your business and your personal account for your personal expenses.  Take a monthly salary and occasional dividend from the business. 


Once I did that, my businesses started showing profits, because I can easily budget.


The credit department of the bank, handling the finance application, will also easily identify your business and personal income and expenses.


Make sure for now debit orders to be returned.  A simple thing that sometimes just happen because we neglect to make sure and budget for these debit orders. 

Big tip:

The balance sheet of your company must indicate a net asset value.  This means the assets of the company must be more than the liabilities. Speak to your accountant to make sure you tick this box before you send it to the bank manager. 

There a could be various reasons why the financial statements reflect a negative value, with potential solutions.  

Feel free to contact us below if you have such an issue.  I will gladly assist with an opinion.



4.   Network opportunities:


Do not underestimate the value of a business relationship with your banker towards networking.  My business banker and I frequently refer clients to each other for our specialized services. 

Attend business events that your banker arrange.  The will meet like minded small business owners. 


5.   Bank charges:


When your business banker understands the needs and size of your business, he will be able to advise you properly on the correct business account to minimize your bank charges.


A simple example:

When you frequently make use of your debit card for transactions (where you pay for the merchant charges), to advise you to rather apply for a business credit card to use (where the supplier pay for the merchant charges).

6.   Dress for success (Bonus tip)


This might sound "old school", but unfortunately the world tends to work on perception. 

Look the part when you meet your banker.  Your bank manager will perceive you as a professional person.

If you found this article interesting and helpful, please share with a fellow entrepreneur friend.

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I have been in the industry for more than a decade and I would love to assist you with your start-up or running business needs.

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