One of the interesting things about the internet is that whatever is written stays out there for a very long time...forever? This morning I ran across an Inc. Magazine Online article from 1996
suggesting that small businesses should be shopping around
if their bank does not meet some criteria.
And as is often the case, the word 'bank' could be replaced with 'credit union' if you are offering member business lending.
A Borrower's Market for Small Business
Before I share it with you, let me suggest that at least for small businesses who are in a strong credit position, it is definitely a borrower's market...again. So here is your borrower's checklist:
- Does my financial institution see me through adversity?
- Does it save me time?
- Does it treat me as an individual?
- Does it teach and advise?
- Does it do something special for me?
- Does it accept responsibility for me?
- Does it let me borrow against the future?
- Does it find customers for me?
Back to the Future?
I am not suggesting that we are in the same boat now as we were in 1996. But cycles are cycles. Is your bank or credit union positioned to come out on top when the borrower's start asking these questions again? Read the entire article
for specific stories that illustrate each of the points.
What are you doing to increase your competitive edge?
Okay, you probably won't answer that here because your competitors read this blog, too. But think about it!