How can you develop a better relationship with your banker?
It all comes down to open, honest dialogue. People tend to play their cards close to the vest. They don’t open up with another individual until they know that person. But a banker’s job is to say: ‘Here’s how I see your problem. Tell me how you see it differently and tell me how we can work together to find a solution that makes everyone happy.’
It takes work and effort to develop that comfort level and trust where a client feels comfortable calling and asking for advice.
What is the best way for a banker to gain knowledge about the business?
Consider inviting the banker for an operational tour of your company. Let the banker meet the management team. The banker should be able to sit down with that team and discuss financial and operational issues, such as why the company needs new computer hardware. That meeting and discussion really helps a banker comprehend what the owner is trying to accomplish. Sometimes, the owner is determined to head down a particular path, but once the banker understands the situation, he or she can provide additional solutions that the owner never considered.
What particular traits should businesses look for in a banker?
It’s important to look for a banker you feel comfortable with. Trust is such an important factor in building any good relationship. You also need someone that can communicate effectively. In order to be successful, both the client and the banker need to understand each other’s goals and strategies. You also need someone who’s going to listen to you. I think we all know people who already start formulating a solution before they hear the whole problem. Make sure you and your banker completely understand each other’s needs and ideas.
SUE ZAZON is the president and CEO of FirstMerit Bank’s Columbus Region. Reach her at [email protected] or (614) 545-2791.
