You set high standards for your employees and lofty goals for your business. You expect results and are rewarded with successes when your company fulfills stringent demands, which are necessary in a competitive business world.
But do you choose your bank with the same high-performance ideals in mind?
“Business owners’ banking needs are not one-size-fits-all,” says Greg Campbell, district sales manager for Sky Bank. “It’s about finding what products or services will make their lives easier.”
Because there are so many “moving parts” in the financial industry today, developing a lasting relationship with a financial institution can be difficult. “People move into different positions within the same organization or they jump from one financial institution to the next,” Campbell says. “You want a relationship with a banker that will take you under their wing, educate you and provide you with options to help grow your business.”
Though most banks claim to both save time and provide convenience, not every financial institution garnishes the package with personal service. More than anything, business owners need a bank they can depend on for sound advice — an institution capable of customizing a program that suits individual businesses’ needs.
In short, banking relationships should run deeper than the transaction.
Smart Business asked Campbell to explain what characteristics client-centered banks provide, and why you shouldn’t enter a banking relationship with an institution that doesn’t recognize your face.
What are some immediate signs that a bank caters to its business clients?
First, tellers in the bank where you regularly do business should know your name. When you walk in, does the staff provide a warm greeting and welcome you to the financial center, or do they drop their heads or continue a phone conversation?
Next, how accessible is the bank? If you have a problem, do you have to dial an 800 number and get transferred several times before talking to a live person?
The front line with any small-business banking client should be the personal banker or a branch manager. When you open an account, your point of contact should explain how you can reach him or her with questions and promise that personal attention. That initial meeting is the foundation to your banking relationship, and your first impression should be one of assurance that your needs will be met.
Finally, does the bank call you if there is a problem, or inform you days later via U.S. mail? Banks that make personal phone calls to alert clients of even simple issues, such as overdrafts, show more concern for your financial health.
What if a business owner doesn’t want to spend time away from the business to complete a transaction?
You should check to see if online business banking is an option. Though consumer online banking is fairly standard, not all financial institutions — especially smaller ones — offer the service for small business accounts.
Several online tools are available so that business owners can do their banking from the comfort of their offices. Online bill payment is one. You can set up recurring accounts payable or bill payment, or choose to make a single payment to an individual vendor. Another convenience is the ability to transfer funds online. Many times, customers wait in line for these simple transactions when they could manage them easily without leaving their desks.
One of the greatest benefits to online benefit is the ability to more carefully manage accounts on a day-to-day basis. Not sure whether a check was cashed? Log on to your online account and find out. Need to see a copy of a check? Many banks actually file images of checks online so you can search by number and locate it electronically.
Is online banking secure?
Contrary to popular belief, online banking is extremely safe. Banks generally put in place various firewalls and password protection devices. If you think about it, online banking is as safe if not safer than the postal service. When you drop a letter in the mail, who knows where it goes?
As far as troubleshooting online accounts, nine out of 10 problems can be solved at the branch level. Employees at the financial center where you bank should be your liaison.
Is it better to bank at a national financial institution?
Regardless of whether you choose a large, national bank, you’ll be better off if your financial institution makes decisions locally. Will your lending needs for an Akron/Canton-based business be addressed in Los Angeles? Every region has a different economy. Local-decision making is critical so business owners can ensure they are on a level playing field with the bank.
GREG CAMPBELL is district sales manager for Sky Bank. Reach him at [email protected]. For more information, visit www.skyfi.com.