As any business owner in a capital intensive industry would know, finance plays a significant role in business. On top of the money, the working relationship between the financier and the business is also a critical, though often forgotten, component.
Business owners have their lives made easier where they are surrounded by key financiers/suppliers who understand their business, their focus, their accounts, can offer a diverse range of services, and most importantly, maintain a positive long-term relationship.
What makes a good business relationship in finance?
A good relationship can be hard to identify, particularly if you’ve only ever dealt with bad eggs or uninterested parties (companies who prioritise making money without caring for or being driven to help grow your business). This might seem strange at first, as many people would argue that’s just business, but there are symbiotic relationships out there.
Symbiotic relationships are mutually beneficial arrangements between businesses. For a supplier/lender, they get a long-term client that they can count on for referrals and continued business, while borrowers/businesses benefit from a tailored service that puts growing your business as a priority over supplier/lender revenue.
A tailored service means taking the time to understand your business and deliver services that they know will benefit you long-term, not just short-term and not just to put money in their pocket.
Six key traits of a good supplier/business relationship:
- Your supplier needs to walk in your shoes, understand your issues and have a genuine interest in assisting you.
- Your supplier needs to be available when and where you need them to be. Most business owners do not work 9-to-5 and often need to have conversations after hours.
- Your supplier needs to take their relationship with you personally, and own what they do to ensure they don’t let you down.
- Your supplier needs to be proactive, to come to you with possible solutions and improvements.
- Your supplier needs to service your business in a way to make you feel like you are their only client.
- Your supplier must want your business and be eager to retain it long-term, while acting in a manner that resonates this intent.
Numerous iSeekplant members have already engaged with Finlease for their machine finance and have given positive feedback surrounding customer care, diligence, and product quality. On this note, we suggest taking a gander at Finlease - as they’ll act as your advocate in negotiating with the right financiers to secure your plant finance at attractive rates with optimum terms. While they focus on finance solutions, they maintain a heavy focus on building relationships with the intent of supporting a client long-term.