Six Ways to Lose your Business Borrower

I often find the ideas CPAs are sharing about maintaining client relationships are right on target for what business bankers need to be doing.

So here is a quick list of six ways to lose your customer and the CPA alternative for keeping their clients from AICPA's CPA2Biz ezine. Read the article here.

1. Lose: Do the minimum OR
    Win:   Go the extra mile on the current engagement. CPA examples:

• Conducting extra analysis using business-intelligence tools like BizBench.
• Bring the project in earlier than promised.
• Or hand-deliver reports and discuss in person.

2. Lose: Don't call, don't write, don't visit OR
    Win:   Spend more time with the client. (see related story.) CPA examples:

• Visit at every opportunity.
• Schedule business meetings near mealtimes to grab some extra quality time over a nice meal.
• Invite the client into the firm's office.

3. Lose: Consider each customer in isolation OR
    Win:   Build the business relationship. CPA examples:

• Help the client network with your other clients.
• Offer free seminars for the client's staff.
• Refer new business to the client.

4. Lose: Business is business OR
    Win:   Make it personal. CPA examples:

• Understand their goals in life and business.
• Get hard-to-find tickets to big games or shows.
• Remember birthdays and anniversaries.

5. Lose: Don't do your homework OR
    Win:   Learn more about the client's industry. CPA examples:

• Read the same trade journals they do.
• Learn all you can about their competitors.
• Join them at trade shows.

6. Lose: Be satisfied with a surface knowledge of the company OR
    Win:   Increase your knowledge of the client's company. CPA examples:

• Spend time with the junior managers.
• Understand the company's power structure.
• Meet the boss.

Certainly the depth and type of relationship building a CPA engages may differ somewhat from their business banker, but maybe less than you might think.

And as they point out in the CPA-focused article, if you are not paying attention to your clients you can bet your competition is.

What are you doing to lose (or to keep) your borrower's business?