Pembrokeshire, United Kingdom (PressExposure) November 25, 2009 -- The strained relationships between small businesses and their bank managers have made headline news over the last two years.
The credit crunch and the general downturn in the economy have made banks wary of supporting small businesses.
Banks claim to understand the problems SMEâs face, the issues they have to tackle on a day-to-day basis, but at the end of the day many small business owners feel that Banks aren't there for them when they are needed most.
Yet, according to Rob Warlow of Small Business Success, small business owners are equally to blame â âBusiness owners think they think they can turn up at the bank, give some half baked story about their idea or business and walk off with a couple of thousand in their back pocket! The rules of the game have changed; itâs not like it was a few years ago.â
But shortly, small business owners will be able to get a real edge by learning the secrets of how to get their Bank Manager to say yes.
Rob Warlow, a banker by profession, has drawn upon his years of experience in banking to write a powerful new book called 'Getting a Small Business Loan: A Small Business Ownerâs Guide to Getting the Finance You Need' .
The book, which is in its final stages of writing, will provide small business owners with all they need to know about how to deal with their Bank Manager. Rob shares ideas, tips and insider knowledge such as:
â¢ How to choose the right Bank for you â¢ How to build a rapport with your Manager â¢ What information he likes to receive â¢ What turns him on and what turns him off â¢ A 9 step process to prepare for your interview â¢ The insider's story on how he will assess your request for a loan â¢ How to negotiate a great deal on your interest rate and fees â¢ How to read and understand your Annual Accounts so you can speak the same language
Rob says, âAs a banker, over the years I have dealt with many small business owners who did themselves no favours when presenting applications for loans and overdrafts to their banks. Poorly presented applications and no understanding of what banks look for can often be the difference between success and failure. The aim of the book is to help small business owners to understand what banks need so they are better prepared.â
To bring the book to life Rob is looking for quotes and tips from small business owners which will feature in the final version.
Here are some examples of what Rob is looking for:
â¢ Have you been successful in always obtaining finance? If so, what do you attribute your success to? â¢ Have you been declined by a bank? Looking back do you think there were things you should have done differently? â¢ If your finance request was originally declined, but was subsequently agreed after you revised your proposal, what did you do differently the second time around? â¢ What are your tips on building a relationship with your Bank Manager? â¢ What do you look for in a Bank or Bank Manager? â¢ Have you got a story (good or bad) about your dealings with a Bank and whatâs the learning point from it? â¢ Have you successful negotiated interest rates, fees, charges and the level of security need? If so, what tactics did you use?
Your tips can be in the form of simple âMy Top 5 Tipsâ or something a bit more detailed if you wish.
Whilst it may not be possible to feature all contributions those who are chosen will have,
â¢ The chance to see their name in print. If the contributor agrees Rob will feature their name, business name and any contact details, such as a website, if they wish â¢ The opportunity to get their name or brand into the market place or to strengthen their already existing brand â¢ The satisfaction that they may have helped a fellow entrepreneur on the path to securing much needed finance â¢ A copy of the book when it is published
Rob says, âThis is a great opportunity for small business owners to share their success and tips of how they have successfully dealt with banks, especially during the recent tough times.â
Contributions can be sent to Rob Warlow at firstname.lastname@example.org