Investing in relationships

Building a bond with your banker

By Leslie T. Snadowsky

Banking has become more anonymous with online options and fintech vehicles. But a virtual agent won’t listen to you about your goals for growing your business, help you secure funds to start a venture, talk to you about lines of credit and cash flow or recommend financial products and services.  

Investing in building a solid relationship with a real-life banker is still an asset and a valuable resource, especially when navigating troubled or challenging times when striving to attain business growth. 

Like any relationship, one with your banker takes time and trust and the willingness to get to know them and have them get to know your business.

Cash in on communication

If you want your banker to become an advocate, you have to become a personal contact and not just an account. That means making quarterly phone calls, at least, to tell them about your business, share your business plan, review financial documents and send progress reports. Make them feel like a champion for your company, and ask for recommendations and guidance. Bankers are privy to the successes and failures of other businesses and may introduce you to new customers, vendors and merchant services that can benefit yours. Always ask for suggestions on how to grow. But beware of bankers who try to pitch a service or sell a product too soon, before they get to know your business. An experienced banking professional should only do that after they get to know who you are, what your business is about and what it truly needs.

Early bird endorsements

The best time to ask for a loan is when you don’t need one. And applying for a loan can take a long time, so have your banker get you through the process during stress-free times as opposed to waiting until the last minute when you’re desperate. Bankers appreciate it when clients think long-term because it shows positivity and reduces the appearance of risk. Plus, you don’t want to miss out on opportunities when they arise. Having a banker help you secure funding ahead of time will help your business be proactive and be in a better position to succeed.

Joint effort

One of the best ways to get a banker on your side is to invite them to your business. Give them a tour, have them sample your products, and let them meet your crew. A walkthrough brings all your plans and financials to life and can get your banker enthusiastic about helping you achieve your goals. By seeing your brand in action, they’ll also be better equipped to suggest comprehensive ways to hit your targets and steer you towards growth opportunities, from payroll to short-term financing, to insurance to commercial real estate financing that could help expand your business.

Maturity

One or two phone calls does not make a relationship. Be consistent, be patient, and be honest. Being generous with your time also means being generous with your data. A good banker wants to protect you, your business and your assets. They can best do that if they are armed with your updated financials and documentation, even if it’s not all rosy.

Sharing negative news can set up an opportunity for an experienced banker to step in and help. Remember, banks play a huge part in local economies and have valuable connections they could share with you to ensure your longevity in your community and beyond.