The Inflation Conversation

It is critical that your Bankers have a robust conversation with their Business Customers regarding the impact inflation may have on their business.

TRANSCRIPT

This is Chris Carlson, and I want to welcome you to Core Insights.

Core Insights is designed to share concepts and ideas to stimulate both the thinking and the actions of Relationship Bankers.

In this edition of Core Insights, I want to talk about Inflation.  Now, we know that you cannot watch, listen or read anything without coming across news about inflation.  It is here and it is affecting individuals, families and businesses.

Here are some thoughts as it applies to your bank and your bankers.

Many bankers have not gone through an inflationary cycle.  It is imperative that they understand the impact inflation will have on their business customers.  These bankers need to rely on both your internal team and seasoned bankers to acquire the knowledge of how they can best help their customer navigate these turbulent times. 

Many business owners have not gone through an inflationary cycle.  They need help from an informed banker to help them make the right decisions for both the near term and the long term.

It is critical that your bankers have the inflation conversation with business customers sooner rather than later to discuss strategies the business can implement to deal with inflation.

One topic of conversation needs to be how the business can manage debt more effectively.

Another topic of conversation needs to be on how the business can control expenses and if/when to adjust prices.

The banker also needs to encourage their customers to continue to focus on profit, not to just break even or survive.  Many businesses went through that during COVID and they cannot afford a repeat of that.

Navigating a customer through this inflationary cycle is not a one size fits all approach.  Each business is facing different issues.  Now is the time for Bankers to shine by adding value and advice that allows the business to effectively deal with the issues they are facing. 

Don't forget to check out the latest episodes of The Bolder Banking Podcast.  You can check us out at www.thebolderbankingpodcast.com or on your favorite podcast platform. 

Thanks for taking time for this edition of Core Insights.