Yesterday we just completed a change of business bankers.Â This is not an activity to be undertaken lightly, but given that Mercian Labels has doubled in size in recent years and moved into the “commercial” banking sector of Â£1M-Â£25M turnover businesses we had really outgrown our previous banking arranagment.
For those company owners and company directors watching this blog, I thought I’d put down a few “lessons to self”:
- when a business relationship dosnt work well for both parties, mutual respect and trust falls apart pretty quickly, and everyone reaches for the contractual terms and conditions.Â If you need to move banks, do it swiftly and amicably, and accept that there will be some pain.
- You will be surprised at how easy banking can be when you move to a forward thinking bank with a real grasp of IT – its so much easier to with with a company when you have similar cultural outlooks.
- Bankers, in common with other business service professionals (I’m thinking lawyers!) sometimes regard themselves as above any questions, negotiation or discussion – their word is final and beyond reproach.Â Well, in my opinion, its not – everyone should be professional and be prepare to explain and justify their professional decisions.Â Disaffected bankers dont like it when you legitimately question or challenge issues, but it is worth it – on this occasion a careful check of the numbers saved us a very significant sum.
I’m not going to mention names here as that would be unprofessional, but in future I will check the small print of professional contracts even more carefully than I do now!