banker marketing training

How Profit First Grows Bank Business Customers

Profit First IS The Banker’s Advantage For Growing Business Clients

Clients have changed they way they bank. In fact, technology has made it easy for clients to access services without their banker’s involvement. In the interview below with BB&T banker Greg Martin, a Profit First Banker, says “If you’re simply opening accounts and offering loans, that’s simply not enough to retain or attract a client. That’s because fin-tech companies are taking that away from bankers and putting those services directly into the consumer’s hands.” The good news is when you change the way you position yourself to your business community, you attract, cultivate, and retain a steady flow of new business customers. First priority, build relationships with your clients and prospective clients! The most powerful way to do that is to ensure you have some unique added VALUE that makes a powerful difference to their business. Wondering what that is?

What Bankers Need To Help Businesses Today

According to Lynn Mattice, Certified Profit First Professional, “The Profit First cash management method is something EVERY business needs. It will help them grow their profitability and/or turn around their business.” Moreover, did you know that 83% of business owners don’t even take a regular paycheck? Bankers can change that reality and ensure business owners get paid. All they need in place are these three things the Profit First For Bankers program covers:

  1. Knowledge of the Profit First system
  2. Comfort with discussing a client’s business and suggesting a solution
  3. A Certified Profit First Professional to whom you can refer clients

Furthermore, you could have all this in place today with Lynn’s program for geared for highly effective bankers.

“You must provide value above and beyond just providing bank services.” Greg Martin, BB&T how bankers become trusted advisors

What if you could go to a client and let them know you want to help them to become so profitable that they don’t need to come to you for an increase in their line of credit or a loan? Rather, with your advice and resources, you can help them to be more profitable and have more on deposit. Your relationship is now elevated. You have a way to add tangible value and differentiate you from others. You become a subject matter expert and stand out.

What If Bankers Could Positively Impact Business Profitability?

If you were able to help business become more profitable, then that would result in:

  1. Less risky loan relationships with your bank and the clients
  2. The ability for you to give them better terms and lower rates
  3. You being the key to help them achieve success

As a business banker, if you’ve been in the industry for any period of time, you have valuable knowledge that you must start to leverage and enhance to help businesses. You have seen the ups and downs businesses go through. You and accelerate your reputation for becoming known as “The Entrepreneur’s Banker.”

BB&T’s Greg Martin is growing his client base by adding tremendous value to business owners that NO other banker is doing. His reputation and clientele is soaring because he is using the Profit First for Bankers system.

Why Every Banker Needs To Understand Profit First

Bankers need to understand Profit First because they can help their clients set up their bank accounts to enhance profitability and support them in wise cash flow decisions. With multiple bank accounts designated for specific purposes, a business can thrive. Every entrepreneur needs this system. And bankers can be the “ground zero” point for helping clients put in place the schedule of bank accounts needed for this important accounting practice.

get more business banking customers

How To Easily Get New Business Customers To Switch To Your Bank

Banks are always marketing and advertising to lure new customers to their banks. The competition for increasing deposits and attracting business banking customers is fierce. If your bank has an initiative to attract more entrepreneurs, business owners and organizations, then it’s time to revisit your current marketing.

Are You Living Up to Your Bank Slogan?

Here are a few of the tag lines from Community Banks, Credit Unions and Major Commercial Banks across the nation.

Community Banks

  • “You have options when You Bank at Seacoast” Seacoast Bank
  • “Banking is a people Business” Paradise Bank

Credit Unions

  • “IBM Credit Union We make it easy and affordable to enjoy life” IBM Credit Union
  • “Simpler. Faster. Friendlier.” 1st United Credit Union

Major Commercial Banks

  • “Simplified Banking” Wells Fargo
  • “The Power to Make a Difference. It’s what we’re here for – and it’s what people want from us” Bank of America
  • “We’re here to help you manage your money today and tomorrow” “Make more of what’s yours” Chase Bank
  • “Out with the old and in with the new” “Welcome to Banking Reimagined” Capital One

What if your slogan could be “Switch to our bank where we will help you make your business more profitable?” How cool would that be? Do you think it would get the attention of business owners?

Yes, it is not just a dream but could be a reality!

How Banks Make Business Customers More Profitable

Businesses across the United States are utilizing the Profit First Cash Flow Management Tool (over 100,000 and growing every day). To properly use this amazing cash flow management tool, they need a “Profit First Friendly Bank.” These business owners are known to switch from their existing “Profit First unfriendly” bank to a Profit First Friendly Bank.

Is your bank a “Profit First Friendly Bank?” If you are not, you are losing new customers and existing customers to the banks that are. All bankers know that it is not just the deposits from these customers that counts. It is relatively simple to become a Profit First Friendly Bank.
You have an unprecedented opportunity to position yourself in front of these business customers because most banks are still in the dark about the growing trend. As business customers start switching to your bank and they have a profitable cash flow system that is supported by your bank, then the additional revenue opportunities kick in. There is a plethora of additional services that can be offered to these business customers. Once you are their trusted advisor who helped them become more profitable and gave them clarity about their business finances, you know they will be more likely to need and say yes to those additional services. And, the referrals, don’t forget the referrals. Who hasn’t heard, “Do you know of a good bank?” They also mean a “good banker.”

Learn About How To Become A Profit First Friendly Bank

If you are a banker interested in learning more about how to attract and retain more business customers, would like Lynn Mattice to speak at your next event or would like to do a workshop for your employees, please click here.

profit first banking

What is Profit First and Why Should Bankers Care

For many years now, the banking industry has been struggling with providing a personal touch experience for customers especially with all of the artificial intelligence being used. Furthermore, online banking services, and ATMs have nearly taken all of the personal customer care out of banking.

Personal Touch Matters To Business Owners

Today more than ever, it’s easy to switch banks. With similar product offerings and a general lack of personal touch, there is no reason a customer would be loyal to any given bank. Yet, those banks that make an effort to offer something that will build trust with their small business clients will keep and attract more of them. That’s because small businesses are still looking for personal attention from their local Banker.

“Building strong relationships with customers has been paramount for success in the financial services industry for decades,” said Steve Chaouki, executive vice president and head of the financial services business unit at TransUnion. Furthermore, he encourages “Arming them with more information can help them make smarter financial decisions.”

My question to every banker is:

What are you offering your business clients that would make them more likely to stay with your bank and refer clients?

Cash Management Tools That Drive Loyalty

Bankers can now offer a cash management solution to their customers that would enable their customers’ businesses to become more profitable and keep more money in their bank accounts. This method of cash management is called Profit First. If you have not heard of Profit First, it is a cash management system that Accountants, Bookkeepers and Coaches who are Certified Profit First Professionals implement with entrepreneurs.  The aim of this system is to to eradicate entrepreneurial poverty. In a nutshell, this cash management system teaches business owners how to put profit in their accounting first.

To make this new cash management system work, when we implement Profit First with a business owner, we advise them to go to their bank and open up to four additional bank accounts. If they go to their bank and their Banker tells the business owner that they have to pay for each one of these accounts and cannot understand why they would want to open up these accounts, the customer will go down the street to another bank where they do understand Profit First and why they need these additional accounts. Every Profit First trained entrepreneur knows they can keep looking for a bank until they find one that won’t charge for each account they want to open.

How Profit First Bank Accounts Work

In addition to their operating bank account, the additional accounts that we suggest our clients open are:

  • income account,
  • profit account,
  • owners pay account, and
  • tax account.

The reason that we suggest all of these additional accounts is to divvy up the money that comes into the income account for our clients and allocate them to specific bank accounts that have specific reasons.

For example, if a company makes deposits of $10,000 within the first 10 days of the month we set up an allocation percentage for each of the accounts of that money to be allocated into. For example, we may advise the client:

40% of their revenue should be going to their operating account,
15% should be going to their owners pay account,
15% should be going to their tax account, and
30% should be going to the profit account.

This way each time the customer logs into their online banking or banking on their phone they can see exactly what is in each account and what each accounts purpose is for.

Customers who have implemented Profit First have become more profitable from day one. This brings clarity to their business and to their cash management.

What Bankers Need To Know About Profit First Bank Accounts

What Business customers need from their bankers is the understanding of the multiple bank accounts and what their purposes are for. They need their Bankers to be able to offer them a solution on how to keep five bank accounts without incurring additional fees. We all know that there are bank accounts with minimum balances and transfers and additional banking features that can keep these fees low. What we need is the banker to understand the client’s needs and to work with them best to keep these fees down even if they have low balances. Their profit account and the tax account will only have two transactions every month therefore can be savings accounts. The only accounts that need to be checking accounts are the income account and the operating account and perhaps the payroll account but not necessarily.

When Customers Profit, Banks Profit

If Bankers were aware of this new way of helping their business clients the business clients would stay with their bank or flock to their Bank knowing that they are a “Profit First friendly” Bank and this would enable the banker to have more deposits at their Bank offer additional products like payroll, merchant accounts, retirement account and any other banking products that they could possibly sell to their clients. Before you can sell additional products to a business customer you have to become their advisor. It’s time to get more personal with your business clients and let me show you one of the ways that you can do that to become more profitable right alongside your business clients becoming more profitable.

I want to help small businesses to become more profitable, and their banker should too. Let’s talk about how we can support your organization to become profit friendly. Book a complimentary time on my calendar here.