As every business owner knows all too well, you can’t do it alone. You’re constantly out in the field making new relationships and bolstering existing ones. However, one of your most valuable relationships — one that often gets ignored — is the one with your bank.
Regardless of how satisfied you may be with your current bank, it’s always a good idea to “interview” your banker, if for no other reason than to ensure your banker knows your business goals and objectives for the future.
“It’s always a good idea to keep up regular contact with your banker,” says Trina Howard, a relationship manager and vice president with Wells Fargo Community Business Banking. “You can discuss your business’s goals and your banker can determine what the bank can do for you. These meetings often lead to new and unique opportunities you probably never even thought of.”
Smart Business spoke with Howard about having regular meetings with your banker and how those meetings can lead to expanded banking relationships.
What makes a good banking relationship?
The key to a good banking relationship is one involving mutual confidence and trust. You want a banker that has an unsurpassed knowledge of business products and is available to solve problems quickly. Having a collaborative professional banker who always has your best interests in mind will give your business a competitive advantage.
Always stay in contact with your banker — in good times and in bad. If you’re having an issue, if you get a new contract or make a big sale, let your banker know. Good, bad or indifferent, your bank needs to know what is going on with your business. Your bank can offer you a world of service if you just ask.
Why is this relationship so important?
Obviously, you want a banker that truly cares for your business — someone who has a genuine interest in its progress. When you invest in a long-term relationship with your banker, he or she will understand the ins and outs of your business and thus be able to quickly, effectively and efficiently respond to your needs. Good business bankers value and reward open and honest two-way communication, hold themselves accountable and only make promises they intend to keep.
