Successful businesses need successful relationships. Everyone in the company, from front-line workers to the C-Suite, must develop close relationships with customers, vendors, colleagues, and local communities for the business to thrive.
However, there is a common bond we forget: business bankers.
Business bankers represent their bank, of course. But they’re also your champion. A worthwhile business banker advocates for the success of their client – you! – because that ultimately leads to a more successful community, which in turn helps to support the bank.
Finding Your Business Banker
Every bank, and banker, is unique. Start your search with other business owners you trust. Ask about their banking experiences. Once you narrow the list to a handful of candidates, meet with each of them.
When you meet with potential bankers, ask questions:
- Are they familiar with the local economy?
- Do they understand your industry?
- Can they provide case studies that break down their results?
- Will they connect you with other clients you can speak to directly?
Trustworthy business bankers offer competitive rates and suggest new banking products that help your company run more efficiently and compete more vigorously in your market. They’re invested in your short-term and long-term goals and will put their entire team in motion to help you reach those goals.
Communication is Key
If you only call your banker when you need a loan, you’re missing out on valuable insight and advice. Regular chats to discuss your business keep both of you informed and ready for any unexpected changes.
Set up a meeting agenda with your banker. Decide what the objective for the meetings should be and what information you are looking to learn – or share. Be open to sharing concerns, opportunities, and expectations.
These meetings are a great time to disclose financial information, both good and bad. Additionally, ask for an assessment of your borrowing capacity if you need financing for operating costs or expansion. Finally, ask for industry comparisons so you better understand how your company stacks up against others when comparing financial ratios.
Trust is a Two-Way Street
For your banker to be a strong advocate, they first need to understand your needs and trust you as a partner. As we outlined above, much of this trust is built through communication.
