Everyone sets out with the
best intentions, yet sometimes goals that have been set may affect the service
and products that is provided to you. Generally banks offer similar products,
with slight differences. The larger banks have more locations (brick and mortar)
which if you have a lot of cash deposits may suite you ; otherwise most
transactions can be done online.
With banks offering the similar
services it can get difficult to find that right relationship. I say
relationship because that is how I believe it should be looked at. As a
business owner you should be looking to your banker for more than just taking
your deposits, and being an order taker. The term Trusted Advisor is currently
being overused in the market, however that is how you should see your banker.
You should feel comfortable speaking to them about your business, personal
banking and business banking needs. Your banker has an extended team who can
assist on the business and personal side and should be there to make
suggestions.
I was fortunate enough to
start my Business Career with a top performing Cash Management partner and a
Manager who loved credit. For the first 3 – 6 months I must have taken them on
all my calls (which I will forever be grateful for, as they never complained).
My Cash Management Specialist without fail always asked three questions.
1. Tell me about your business. (a banker can read your
website, but how you got started, what motivates you, what keeps you up at
night can only be answered by you, the owner)
2. How do you make your payments?
3. How do you take your payments?
If a banker jumps in and
tells you what they can do for you and how wonderful their bank is without finding
out about you and your business that is a warning sign. By not asking questions
they are directing you to what they want and not what you need.
Warning Signs it may be time to get a new banker or the
banker is not the right fit:
·
They do not ask questions about you and your
business
·
They keep telling you how great their bank is
and continuously talk negatively of their competition
·
They do not introduce you to their team
·
They do not respond to your questions
·
They sound like a salesman (should be looking to
provide services that make your life easier, not just to increase your service
cost)
·
Only good thing they are offering you is
interest rate
They Should Be:
·
Looking for opportunities to connect you with
other business owners (not always possible)
·
Introducing you to partners within Bank (e.g.
Wealth Management)
·
Providing you Articles about your industry or
your personal interests you may find helpful
·
Providing you solutions on your banking and
credit needs. (e.g. Could be as simple as letting you know what the bank
requires for you to get the increase in the line of credit, and making
suggestions)
·
Being available
·
Asking questions about your business
·
Bring suggestions to the ‘table’ without being
asked
Choosing a banker and a bank is a big decision. Once you
have narrowed down the banks and banker that fit your needs, ask yourself this
simple question, “Would you mind being stuck at an airport with them?" or “Would you enjoy spending an evening with them?” If the answer
to the question is no, they may not be the right fit for you. Being comfortable and confident in your
banker is equally important.
Like any good relationship it takes time. Don’t end your
search until you have both.
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