Does your bank provide what your business really needs?
From the types of products and services required to the kind of relationships needed, entrepreneurs demand a different banking model. Because each small business operates differently, cookie- cutter services just won’t cut it. Entrepreneurs can’t trust just any bank to take care of them. They need a bank that understands how important individualized banking plans are. Here’s why the type of bank you decide to partner with not only matters, but can also change the game for your small business.
What to Look for in a Bank
Individualized Banking Services :: Each business operates differently, but small businesses especially do. As a small business owner or entrepreneur, you’re on the run constantly, with very little time for formal sit-down meetings to add to your already overscheduled planner. The right bank will work with you to create an individualized banking plan. You’re not the same as all the other small businesses out there, and you shouldn’t have to bank the same as them either.
Relationships Beyond a Business Card :: Some banking representatives hand you a business card and tell you to email them when you need their help. The right bank goes far beyond the old business card. A real banking relationship is so much more than a piece of paper you have to shuffle through your desk to find when you really need help. You need a bank that builds your trust, one that is willing put in the time so you can develop a relationship with an actual person. Your personal banker should know more than just the name of your business and type of industry. They’ll know how many employees you have, their names, your favorite lunch spot, if you’re a coffee or tea person, and most importantly, how your business operates to provide you with the best personalized banking products and services.
Trust in Your Business :: Some banks will run the other way as soon as your business takes a downturn. A bank that understands the challenges entrepreneurs and small business owners face every day also understands the cyclical nature of small business. They are willing to work with their small business partners through good times and bad. They see the relationship as something less like casual dating, and more like a lifelong marriage. They won’t run at the first sign of trouble.
Banking Professionals Who Understand :: Many small businesses don’t have the ability to hire dedicated HR or accounting professionals, which means the business owner has to wear many hats. This often results in imperfect information. Some banks won’t look at that information until it’s been touched by a professional, but a bank that understands the challenges of small business ownership, will be willing to sit down with you (or talk over the phone) and help you figure out exactly what needs to be done—and look beyond the numbers. They aren’t there to put you between a rock and a hard place. They are there to make your life easier, and your business run more smoothly.
