“We can’t have healthy businesses without healthy communities,” according to Charlie Corrigan VP at Morgan Chase Foundation.
Bank Sponsored Community Events Have Limited Effect
Traditionally, banks have put on community events to help local merchants. Sometimes that helps business owners get a little more visibility. However, the effect is usually short-lived. Although this bank outreach may make the bank look good, it does not really help the businesses in their community stay in business longer. In fact, bank-sponsored community events do not help bank clients manage their cash flow or know how to allocate their funds to be successful. But the banks that do have a turnkey approach to supporting their business clients in this way, they would create long-term clients who would be more profitable and have more banking needs. Time to get personal with your business customers.
Banks That Help Their Clients Manage Cash Flow Grow
“Progress starts with the banks,” says Jodi Rolland Denver Market Pres BOA
Forward-thinking bankers are looking for more ways to attract and retain business customers. One of the hottest new trends in the business world is entrepreneurs implementing Profit First into their businesses. “Profit First” is a book written by Mike Michalowicz in which he introduces the entrepreneurs of the world how to manage their cash flow with a simple cash flow management system called “Profit First”.
Here is why this is relevant to banks. To properly implement Profit First a business needs to open at least 4 additional business accounts at their bank. Yes, at least four, sometimes more. Profit First calls for additional accounts as each account has a specific spending/saving purpose. The suggested accounts are Income, Profit, Owner’s Pay, Taxes, and Operating Expenses. If a customer walks in to his or her bank and asks to open 4 new accounts and they are met with answers like “That is going to cost you $30.00 per account per month” or “Why would you want to do that, you will just get confused, that is too many accounts” then, chances are, that customer will walk out of “their” bank and go down the street to a different bank that will welcome them with open arms because that bank knows and understands Profit First. We call them a “Profit First Friendly Bank”.
According to Don Childers, Pres and CEO Colorado Bankers Assoc. “I think the growth of banking and the broad economy as kind of hand in hand. It’s the customers’ needs that really drive the whole marketplace. Needs are not one size fits all.” If you want your bank to grow, become an invaluable resource for business owners to help them with growth.
Become A Profit First Bank To Attract Profit First Customers
There are over 300 Certified Profit First Professionals around the globe helping business owners implement Profit First and helping to eradicate entrepreneurial poverty. Over 100,000 businesses are becoming more and more profitable each day with this system.
Every day more business owners are looking for “Profit First Friendly” banks to open their accounts with, make more deposits into, grow with and have that personal touch from their banker. Banks need to get educated now in Profit First to attract and retain more business clients.
How To Become A Profit First Friendly Bank
Banks who have been wondering what they can do to differentiate themselves from the competition can now have access to a leading edge profitability tool that business owners are craving. Profit First Friendly Banks become community business heroes and magnets for more business clients. Lynn Mattice is a Certified Profit First Professional and Speaker in the Banking Industry. You can contact Lynn using the form below for more info.