What are peoples views/attitudes to their bank managers?
We are about to have an end of financial year meeting with our accountant. While we know that it isn't going to be great news we think that keeping our bank informed surely is a positive?
@Anna I share the views above. Keeping everyone in the loop is essential. Having a plan and being proactive also important. Knowing your numbers thoroughly and making decisions early can avoid stress and pressure further down the line.
We are in the same position as Rachel, 3rd year 50/50 SM and have kept the bank on board and supporting us by providing them with good cashflow budgets and keeping regular communication going - we were updating our bank manager regularly with how the season was tracking financially/how we were going compared to budget. They could see that we 'knew our numbers' and we were very aware of our precarious financial position. I think many farmers will have had a less-than-ideal financial result last season but if you are aware of where you are financially I think it all helps!
We would have been stuffed without our banks support (ANZ). We are into our 3rd season 50/50. We keep them informed and by using Cmr if they want an up to date cashflow or budget I can usually send them it the next day. Being open, honest and realistic is the key in my opinion.
@Dadof2 We were National Bank clients and were really happy with the service. My husband always said he would never bank with ANZ after they turned him down for his first ever loan to get started in farming 25 or so years ago (the elephant never forgets... ). So when ANZ took over National he was really sceptical, but they have been great. We keep our 'trusted team' close and well informed.
I think it's important to remember that your bank manager works with you but also works for you...