The New Year is widely recognized as the start of a clean slate. Many of us take it upon ourselves to set New Year’s resolutions, goals to improve our lives in one way or another.
And after the year we all had in 2020… I would say a New Year’s resolution is in order!
But not the typical ones. Lose weight. Go virtual on Business Development. Dry January. Close more deals.
So, for 2021, why not shake things up a bit and try creating resolutions of a different variety? Like helping your business accounts reimagine the power of their cash flow.
A Quantum Shift for Business Borrowers
This past year has seen a huge shift in borrowers’ behavior. First and foremost, the methodic transition to digital solutions became a stampede. When branches closed, doing business immediately shifted online.
And the massive efforts of community financial institutions to help distribute PPP monies to keep local businesses afloat and communities alive, also relied on heroic human and digital efforts.
In a year where change was seemingly the only constant and represented more turbulence for business owners than they’ve ever experienced, this year’s conversation between financial professionals and business owners is more relevant than ever.
In my banking career I remember the countless sales call campaigns I made. It felt so forced to have a relevant subject to kick off the reason for the call. If you came to me in 2012 with the idea of a “Business New Year’s Resolution” call campaign, I would have felt my head drop and stomach tighten. But in 2021, I would think you’re a genius!
Business owners are tired, paralyzed, and praying for a shot in the arm (literally and figuratively) to amp up their staff, client base, market, and themselves. As a financial professional with access to capital to push their business into motion, you can provide that boost. I bet you see a high ‘hit rate’ on this campaign!
Help Businesses Stick to What They Do Best
As a financial institution, you have a staff that’s pretty good with moving money around. Your business borrowers, not so much.
Their staff is built to produce their product, service their customers, sell their products, and keep the doors open. Their office staff is just trying to keep up with the ever changing processes - to work from home, or clean the office, or figure out who will need to be covered this week due to a COVID positive trace, or deal with a digital learning day they never knew existed.
The rush to digital solutions is a big advantage for financial institutions when it comes to helping their business accounts. It allows you to become a better partner by freeing up cash flow, allowing them to focus on keeping the lights on and doors open (physically or virtually).
There are now digital tools you can offer to your business accounts that can take some of the back-office burdens off them by handling their Accounts Receivable and Accounts Payables. You can provide them more leverage and flexibility in places that they would never consider looking on their own.
You can help them reimagine the opportunities their cash flow provides, from getting better terms from their vendors to adding to offers they can extend to their customer base. This New Year’s resolution is about new thinking you can share for the new digital world we’re in. And it’s about the opportunities you can provide to help remain a vital partner for your business accounts.