On this episode of Impact Farming, we sit down with Sheri Griffiths to discuss working with your banker.
For farmers, borrowing money is one of the biggest parts of farming. These days, you do not get far without borrowing money.
Sheri explains what bankers like to see when someone comes to the bank to borrow money. First off, the bank needs to know what your goals are. Secondly, coming prepared with a business plan or a draft can really help kick-start the borrowing process. It doesn't have to be a perfect plan.
Tracy asks Sheri "It is normal for your banker to ask you a lot of questions?" Sheri reassures our listeners that yes, bankers asking a lot of questions is completely normal. You want your banker to ask questions and you should be concerned if they do not. Your banker is on your side and always working to find the best options for you. Bankers ask a lot of questions to better understand your operation. She also shares her thoughts that your relationship with your banker is important and they like to be thought of as part of your business management team.
We also talk about the extremely important topics of cash flow and how borrowing money can help grow your business faster.
Don't miss this great episode with Sheri Griffiths.
