It used to be that your bank manager was an integral part of your business. But in these digital times – where banking is less about relationships and more about online transactions – is your bank truly supporting the ongoing growth of your business?
The latest Australia Business Banking Customer Report from Publicis Sapient has some interesting insights on the nature of these banking services:
- 40% of SME customers are only ‘somewhat positive’ about their bank
- 79% of SMEs prefer digital banking, but 59% still want access to local branches
- 78% of SMEs would rather be paid digitally, yet 49% oppose the elimination of cash services
It seems we’re caught in a moment of major change, as banks and small businesses switch from traditional services, to a more online, digital future.
But is this transition adding value for your business?
The digitisation of banking is not something you can ignore. Being able to manage every facet of your business banking from your phone is a huge upgrade in so many ways. And initiatives like Open Banking are making it easier than ever to access your banking data.
But does your bank still offer help with managing your finances? And do you have access to the ready cash and long-term funding you need to expand your company?
Here are five routes to improving your banking and access to finance:
A deep understanding of the business
As the head of the company, you’ll need to have a real grasp of the inner workings of the whole business. That means getting acquainted with the company’s everyday operations, finances, sales, marketing and the overall competitive and economic landscape that you’re trading in.
Leadership skills and the ability to develop
You’re the boss now, so that’s going to mean developing some strong leadership. Learning these interpersonal and motivational skills will be critical when you’re managing internal teams, making decisions with your management team and board, and navigating the challenges that every business faces.
A clear focus on building good relationships
Good business is always based on solid, trusted relationships. It’s important to nurture these key relationships, whether it’s with your family members, employees, customers or suppliers. Be open, honest and transparent with all your stakeholders to promote the best long-term relationships.
An eye for strategy and business planning
You’re the person leading the business now, and that includes being the strategic thinker behind the company’s future direction. Think carefully about your goals for the company and create a clear vision for the business’s future, with a strategic plan to guide your next steps.
Excellent financial management skills
Cash is king, so being in control of your finances is a must. Getting to grips with the financial aspects of the business may not seem that exciting, but being in control of budgeting, cashflow and profitability is a key driver to making the company successful in the mid-to-long term.
Talk to us about getting ready to take over the family business
You’ll want to do the family proud and be the best head of the business you can. But you can’t do that alone. It’s invaluable to have the best advice, support and guidance along the way.
Talk to our team about developing your skills as a business leader, setting the best goals for the family business and putting some strategic thinking behind your future plans.