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Makolaa Media House

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2w Edited

As business owners, it's important for your banking to be a mutually beneficial experience. Don't just house your money at a bank and think it's sufficient. Your bank should be earning your business by continually providing resources and positioning you to form connections to further expand your business. Join the discussion with C-Suite Bank Executive Justin A Butler, MBA and host Ayo Idowu, as they discuss how to make the most of your banking experience. Full episode available on the Makolaa Media House YouTube Channel. #businessbanking #entrepreneurship #relationshipbanking

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How do you date a bank? Like that's one question I have. Like do you just go in and say, hey, shake somebody's hands or do you tell them I'm looking for a loan in eight months? I know how much it is, but let's, you know, let's hang out. Or do you just open up banking accounts and do your, your, your revenues through? Yeah, it's it's like, what's the joke? How do, how do porcupines date? Very carefully, right. So I ain't never heard that. I think about it now, right. Definitely going to steal that act like it's mine. You know, I, I think you gotta understand you take recommendations. Yeah, OK, so. If somebody tells you that they hate their bank, yeah, understand why, right? Is it because of them or is it because of the bank, Right, Right. What products and services do you need? Not all banks are good for all things, right? So, you know, like I mentioned, we're 80% commercial. This is what we do, right? There are other banks that are 80% retail, there are 80% consumer, right? Just credit cards, checking accounts for individual consumers that might not be the bank for you because their product services knowledge you. Let's be clear, you're going to pay the bank. Right. OK. If you're one of those clients, right, interest fees, whatever. They in exchange need to provide you knowledge and expertise, right? The same Oliver Twist, please, Sir, I want some more. No, like I'm paying you thousands upon thousands of dollars, I expect in return for that knowledge, connections, etcetera, right? So if you're not getting invited to. Panel discussions or hospitality or reception so that you can network with other entrepreneurs, with other bankers, things of that nature. That's what the stuff when we talk about data, right OK. If they're not bringing you along to someone to try to earn your business and to keep you updated because we curate. Events where people get a chance to meet each other and do business together. OK, So if the bank is not good to your bottom line, if they're just good for a checking account and here's a loan, it's commodity I can get anywhere. That's what I'm saying. Yeah. Right. So that's the difference between relationship banking and transactional bank interest.

Booker T. Spencer Jr

Booker T. Spencer Jr

Founder of Texas 1000 Project, a startup technical assistance program that helps small business owners grow their companies and protect their assets.

2w

THIS IS 150% CORRECT!!! THANK YOU FOR SHARING.

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