Improve Your Borrowing Perception

One of the many variables that a business owner must contend with is the perception others feel about their company. The perception issue can be manifested on multiple levels with each having impact on the bottom line. For example, if the outside appearance of a retail store location is not properly attended to, the results can have a devastating effect on the foot traffic that is considering patronizing the establishment. Obviously we all would pass on a store that has trash littered about and poor uninteresting signage. Conversely a smart store owner who takes the time and effort to put their best foot forward will often times be rewarded handsomely.

And so it is with other types of commercial enterprises that do not necessarily cater to the walk up public. There are businesses that for the most part sit inside a building and only interact with the outside world via electronic or paper means. The perception of these kinds of companies has to be considered in order for their success to be sustained. Every interaction within and without the company has a strategic, necessary, and imperative role. Unless they are all properly coordinated, the results will be the same as the littered storefront. How the phones are answered, the way inquires are responded to, the sales story, and overall future development of the organization, can all play a part in how successful a company becomes. To not carefully plan all the dimensions of your business is to overlook and ignore important aspects that play a crucial role in how you are perceived by the employees, customers, and shareholders.

From our perspective in the commercial finance industry we see the perception issue in two sets of dynamics. On one hand we like to see a company that is well run, easy to work with, always on time, and eager to improve their position. If the borrower can’t even give us a clear picture about their business, then we have to be very careful and consider whether the credit is worth the risk. Too often the business owner hasn’t taken a moment to understand what they are looking for or clarify what they are trying to accomplish.

Join the Bizmore discussion: "How can we extend our brand from the quality-driven consumer to the price-driven consumer?"