Having a robust support network provides a ton of utility for a small business owner. This is a repeat topic that pops up in a lot of what we cover relating to small businesses, and it’s only because it’s so important. Working well with your accountants, consultants, landlords, and others within your network can make running your business a much smoother experience. One of the best additions to a small business support network is a business banker (and your financial institution as a whole). Your bank can be so much more than a place to deposit and withdraw money. Building a great working relationship with them is one of the best ways to strengthen your business and move you forward towards achieving your goals. Here are just a few reasons why including a business banker in your support network is so beneficial:
- They can get you assistance
Your business banker can help you get closer to your goals in a way that no others can. With a detailed and meticulous understanding of your financial outlook and your business as a whole, they can quickly determine exactly what you qualify for and what sources of assistance you can tap into. From there, they can move quickly to get you the best available loans, federal funding, and more. With this assistance on hand, you can move safely and quickly to bolster your current position or move forward with an expansion.
- They are knowledgeable
Business bankers work with many organizations in the community at the same time. In doing so, they gain a lot of valuable context and insight on the business climate of the community that they can draw on to help you. They are able to combine their knowledge of your business with what they have learned about the challenges faced by others to make informed recommendations on products, services, and action steps that can improve your position.
- They provide solutions and pave the way
Ultimately, a business banker is one of the best people a business owner can go turn to for solutions to problems of all kinds. Do you need a good loan or public funding? They can do that. Have you thought about streamlining and improving your systems for cash operations, accounting, and payment? They will have something for you. Looking for protection against fraud and scams? They’ll build you the wall you need. Going through a low point in your business? They can provide the necessary assistance to keep you afloat. Your business banker can provide you with solutions to address pressing issues and improve processes to pave the way forward to further success.
With all this in mind, a business banker is an excellent addition to your support network. By cultivating a great relationship with them, you can leverage their access, knowledge, and expertise to solve problems and improve your position going forward.
Ryan, Jenn (2022). “Good for business: Having a strong relationship with your banker” [Article]. Bremer Bank. Available at: https://www.bremer.com/insights/business/2022-02-10-good-for-business-having-a-deep-relationship-with-your-banker [Accessed Feb 1, 2023]
Johnson, Simone (2023). “What to Look for in a Bank Account for Your Small Business” [Article]. Business News Daily. Available at: https://www.businessnewsdaily.com/6355-business-bank-extra-services.html [Accessed Feb 1, 2023].