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to any issues. Personal relationships often lead to in your negotiations. Being well-informed about
higher levels of service and more tailored banking the market landscape can help you secure more
solutions. favourable terms and conditions from your
3. Demonstrate Financial Stability and bank.
Transparency
B. Tailor Financial Products:
A. Provide Accurate and Timely Information: • Work collaboratively with your bank to
customise financial products and services that
• Regularly share comprehensive financial statements, meet your needs. This could include tailored
forecasts, and key performance indicators with your loan structures, flexible repayment schedules, or
banks. Ensure the information is accurate, precise, customised cash management solutions.
and presented in a format that is easy to understand.
• Negotiate terms that align with your cash flow
• Transparency builds trust and allows your bank cycles and business model to optimise your
to understand your business needs clearly. It lets financial management. Ensure that your chosen
your bank provide better advice and support with a financial products support your operational
complete picture of your financial situation. needs and long-term growth plans.
B. Showcase Financial Health:
• Highlight your organisation’s financial strengths,
such as strong cash flow, low debt levels, or consistent
revenue growth. Explain your financial strategies and
how they contribute to your company’s stability.
• Discuss risk mitigation strategies you have
implemented, such as diversification of revenue
streams or hedging against market fluctuations,
to reassure your bank of your financial stability.
Demonstrating a proactive approach to risk
management can enhance your bank’s confidence in 5. Leverage Technology & Innovation
your business.
A. Embrace Digital Banking Solutions:
• Utilise your bank’s digital platforms for
streamlined banking operations, including
payments, cash management, and reporting.
Digital solutions can enhance efficiency, reduce
costs, and provide real-time insights into your
financial position.
• Ensure your team is well-versed in using
these digital tools to maximise their benefits.
4. Negotiate Favourable Terms Regular training and updates can help your
team stay proficient with the latest technological
A. Understand Market Rates: advancements.
• Stay informed about current interest rates, fees, and B. Explore Fintech Partnerships:
lending terms in the market. This knowledge will
empower you to negotiate better terms • Consider collaborating with fintech companies
that offer innovative financing, payment
• Use competitive offers from other banks as leverage processing, and financial analytics solutions.
INTERNAL AUDIT TODAY LEADERSHIP SERIES | 13
