Between online banking and lending, chatbots, advances in AI assistants, the world’s pandemic shutdown and such, building and maintaining personal relationships with other businesses isn’t as easy or prevalent as it once was. The team at Global Financial & Leasing Services (GFLS) believes it’s more important than ever, especially in this digital world.
As with any relationship, the foundation lies in trust and transparency. GFLS, with our long history of working with small and medium-sized businesses (SMBs), works hard to build robust and reliable relationships with borrowers. We think that by understanding your business and goals, we can create customized lending solutions that not only meet your current needs but also supports your future growth.
In other words, the effort you put into building a trusted relationship with a lending partner, the better prepared you will be when you need financing for essential business equipment.
Here are seven ways you can establish a relationship with a financing partner.
1) Open Communication is Key
Transparency is the backbone of any strong relationship. It’s important to maintain an open line of communication with your lender. This means being upfront about your business needs, concerns and expectations. In return, expect the same level of openness regarding the terms, conditions of your equipment financing or leasing agreement. Regular check-ins and updates can prevent misunderstandings and build a foundation of trust.
2) Understand Your Equipment Financing Provider’s Offerings
Each financing company, including GFLS, has its unique set of products, services and areas of expertise. Take the time to understand what your lender offers and how these services align with your business objectives. This understanding can help you leverage the right products and services at the right time, ensuring a mutually beneficial relationship.
3) Have Shared Goals and Values
Aligning your business goals with those of your equipment loan provider is smart. When both parties have a clear understanding of what they are working towards, it fosters a sense of partnership and collaboration. With Global Financial & Leasing Services, we ensure that your objectives in growth, financial health and equipment needs are aligned with ours because we want to be helpful long-term partners with customers.
4) Be Proactive with Your Needs
Anticipate future equipment needs and financial scenarios and communicate these proactively to GFLS. By forecasting your requirements, you allow our team to prepare and present the most suitable financing solutions in advance. This forward-thinking approach not only demonstrates your commitment to success but also supports more strategic financial planning.
5) Build Personal Connections
Beyond the financial transactions and contracts, building personal relationships with your lending partner can be invaluable. Understanding who you are working with on a personal level can build trust and make communications more effective, especially critical for those with less-than-perfect credit and need their stories to be heard.
Related Reading: Beyond the Credit Score: Alternative Equipment Financing with Us
6) Demonstrate Financial Responsibility
Trust is a two-way street. Just as you expect transparency and reliability from Global Financial & Leasing Services, it’s essential to demonstrate your commitment to financial responsibility. This includes timely repayments, managing credit and being honest about your financial situation so your lending solution truly matches your needs and budget.
7) Continuous Learning and Adaptation
The business landscape is ever evolving, and so are equipment financing needs and options. Stay up to date on the latest trends in equipment financing and how they impact your industry. Our blog is a good resource for information. Check in with GFLS to explore how new financing products or adjustments can benefit your business. Being adaptable and informed makes sure you’re better positioned for growth.
Building a trustworthy relationship with your equipment financier is not just about securing funds; it’s about creating a partnership that supports your business’s growth and adapts to its changing needs. In the business world, the strength of your relationships can be just as crucial as the quality of your product or service.
We’re looking forward to building a relationship with you and meeting your financing needs. We are here to often say “yes” when others say no, offering you the financial support to move your business forward. Talk to one of our equipment financing experts and see why GFLS is a great equipment financing partner.