June 8, 2016
Building a Relationship with Your Business Banker: Why it’s Critical for Your Small Business
As a small business owner, the relationship you form with your banker is one of the most important business relationships you can have. Why is this relationship so important? Bankers play a crucial role in helping you obtain financing, maximizing your business’ funds and helping your company achieve its goals. Just like any relationship, the banker-client relationship has many components. Here are some of the most important qualities to look for in your business banker and the benefits that a great relationship with your bank can provide.
Qualities of a Good Business Banker
The best bankers are great listeners. They need to understand your business and your goals. They should take a consultative, thoughtful approach to working with you—especially when there is no simple solution. Your banker should be creative when finding solutions to your needs and find ways to say “yes.”
As you’re probably painfully aware, business owners have a lot on their plates. A good banker will lessen the load by making banking processes as easy as possible. Your banker should be accessible and responsive so you can reach her if something comes up. It’s also important that your banker have the ear of executive management. If he has a way to influence decisions, he’ll be a stronger advocate for you throughout the lending process.
Benefits of Building a Relationship with Your Business Banker
Besides a banker’s obvious role of helping you get the financing you need, a great banker can – and should – do so much more.
Bankers have experience working with all types of local businesses, which can help them solve your challenges and even prevent future problems by giving you advice based on what they’ve seen with other clients. The best bankers are also very familiar with the local economy and business environment, so they can provide crucial insight to help you make best decisions for your company.
Most importantly, once you’ve built a good relationship, your banker will be focused on helping you succeed – not just trying to sell you products and services.
How to Cultivate a Relationship with Your Business Banker
Developing a relationship with your banker should not be a difficult process; you build it like you would any other professional relationship. If you don’t already have a business banker, start by getting references from people you trust. It’s important to choose a banker with a good reputation and proven success, but a good fit is also key, so you should meet with several bankers before making your decision. Combining what you hear from your trusted advisors with your gut feeling will help you determine which banker you can build the most positive relationship with – for you and your business.
Once you choose a banker, take the time to meet with him and explain your business and your goals. It is important to have open communication from the get-go; be upfront about any challenges your business faces and let him know of any issues as soon as they arise. Your banker’s goals should align with yours, but he needs to understand your company to do his job and to help you make the best possible decisions.
Even in well-established relationships, keep the lines of communication open. Share information in a timely manner. If you build the right relationship from the beginning, your banker can become one of your most valuable advisors.
There are many types of professional relationships, but none as important – or potentially business altering – as your relationship with your business banker. Choosing the right business banker can be one of the best business decisions you make, so make it worth it.
To get in touch with a Revere Bank representative, call 866-950-5784 or send us an email.
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