Act Like a Bank — How to Be Trustworthy
The test for a good business relationship should be: “Would I deposit funds with them?”
I think a good mindset for entrepreneurs is to think like a bank when it comes to the following:
- Business Partners
- Team members
- Vendors
- Financial institutions
- Regulators
- Accountants and lawyers
First, business partners and team members both want to work with someone who is reliable, has good turnaround and listens to their needs.
Second, when selecting a new vendor you want to select someone that you know won’t go out of business and can continue supplying you with products and services that you rely on.
Third, when selecting financial institutions you won’t to ensure they are well capitalized and will have good turnaround time.
Fourth, you want to ensure you work within a predictable regulatory environment in a good jurisdiction with a predictable set of laws.
Fifth, you want to select accountants and lawyers who have a history of treating with transparency and billing you fairly.
