Is your banker working hard enough to make a difference in your long-term business success? Partnerships can make or break a business, so select the bank for your partnership with business growth in mind.
It will be rewarding to build a strong relationship with your banker – it will save you money on interest rates and lead to new business opportunities. Just ask the right questions.
These tips can help you improve your current banking situation or find a bank that works for you.
It is always more satisfying to form strong personal relationships with the people who make the decisions at your bank. Discuss your business with them during regular face-to-face conversations and agree to bring new clients to their bank in return for lower interest rates on credit cards and other financial products or free services. In this way the one hand washes the other in a mutually rewarding relationship.
Small business owners should take advantage of the expertise certain bank employees offer to help their companies grow. Make a presentation to these bank employees in which you ask their advice regarding your company’s financial performance, business opportunities and growth prospects within your industry. Use the information you receive to sell your business to potential investors.
Bankers are experts at creating collaborative ventures between clients when one client’s services or products can solve another’s problem. If your banker does not provide you with such business ideas but only contacts you to market new products, you should consider changing your banker.
You have every right to ask your banker about its track record and security measures to protect your financial assets from mismanagement or fraud. He should be able to inform you about their involvement in promoting business in your industry and community. If, in the case of theft or fraud, they provide help in the form of a real person, not a remote call centre, this relationship could be very advantageous to you and your company.
This article is a general information sheet and should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice.