How A Bank Manager Thinks!

When talking to your local business bank manager
(how a bank manager thinks)

Never say:
‘I have the greatest idea since sliced bread – and nobody else is doing it.’

Bank managers are by nature not risk takers. You are not talking to a venture capitalist. They went into banking as a secure career option ( i.e. they are not risk takers but cautious types! ) and in you trot asking for money against an idea that they will perceive as a risk - particularly nowadays!

Phrases like ‘no one else is doing this in this town’ or ‘it is completely unique’ will get them reaching for oxygen.

Stress that your idea is as old as time – but you have a new twist on it. And, your money is safe in my hands!

Not so cheerful - but, Why do Businesses Fail?

Why do Businesses Fail?

Many reasons… a mix of these:

Credit problems.
Poor location.
No, or too few, customers.
Red tape.
Under-capitalised.
Over-trading.
Health problems.
Family commitments.
Poor management skills.

But one of the biggest in my humble opinion:
Lack of experience.

Don’t assume that being your own boss makes you automatically a good boss.

My background is in sales and marketing management. When I went self-employed I thought I knew how to run a business. Well, I knew those aspects. But not finance, administration and all those other skills. When you were employed, others took care of their sections.

Remember – employment is nothing like self-employment. But also remember - when you get it right, it beats employment hands down!