It’s no secret that building strong and healthy relationships takes time and effort. If you own a business, that’s especially true about one of your most important relationships – the one you have with your bank. A good business banking relationship can give you a powerful competitive advantage, which is why it’s so important to spend time with your business banker. By meeting with your banker regularly, you can educate them about your business opportunities and challenges, and reap some positive benefits that may include:
- Reduced fees. Your banker can look at the accounts and services you are using and help you uncover ways to reduce fees.
- Business guidance. Many business bankers have experience running their own companies and may be able to provide you with valuable advice and guidance. A good business banker should be a trusted advisor who can help you manage business challenges and capitalize on opportunities.
- Referrals. Because they work with many business owners, business bankers are very connected. They can not only recommend your business to others, but also connect you to other service professionals to help you manage your business. For example, they may be able to recommend a good attorney or a CPA for your business.
- Market knowledge. If your business banker is familiar with your market area, they can be a valuable resource to help you manage your business and understand the economic and competitive landscape in which your company operates.
- Easier financing. Are you thinking about expanding your business or do you need assistance with managing seasonal cash flow? If your banker knows you and understands your business, it may be easier for you to get the financing you need.
- Managing money more efficiently. Your banker can tell you about new products or services to help you manage your cash flow.
The easiest way to build a relationship with your business banker is to meet with him or her periodically. Take the time to share information about your business and to invite your banker to visit your company. You’ll quickly discover that building a healthy relationship can help you build your bottom line.
Start by talking to any one of our business banking experts. They’re here to help you with building your business, making connections, and anything in between.