Do you know what you need to obtain credit or get advice when starting your small business? Do you want to work with a smaller bank or one with a global footprint? Having a solid relationship with your bank can help your business through good times and bad. A bank that is committed to serving your best interests can be a key factor in helping you to thrive and achieve your business goals. SCORE mentors are here to help you on your journey to business success and can provide expert advice on how to develop a good banking relationship.
This may seem obvious, but it is important to research your options when choosing a banking partner. If you have business or networking resources that you can count on for advice, seek them out for recommendations about what banks have experience in your industry or field of work. Also, most banks provide in-depth information on their web sites about the industries and business sectors they serve, and it will be to your benefit to research your options prior to choosing a banking partner.
Comprehensive Financial Solutions
The bank you choose should provide several options for your business, so that you can get the resources you need to grow and expand your business, as well as to build your company’s financial history. If you need a line of credit, a loan, direct deposit for your employees, or advice on investment options or financial strategies, find out if the bank you are interested in doing business with offers these. Plan your financial vision and then work to find a banking partner who will meet your needs.
Customer Service is Key
When seeking to begin a banking relationship for your small business, there are many factors that can come into play. You may feel that location is important. You may also have a strong desire to work with a local community bank. And these are important considerations, but keep in mind that accessibility and customer service are of utmost importance when deciding on a banking partner. You should have 24/7/365 access to someone at the bank that can help you when it is needed. Also, be sure to ask about getting advice from senior level banking professionals. They are the ones who will give you the best advice over the long term.
Financial Advice You Can Trust
In beginning a banking relationship, you have an opportunity to bring on a trusted advisor to your new business. Be proactive in developing that trust. Communicate often with your banking representative and discuss your business plans. Get to know him or her. Solicit ideas that will benefit your small business, as well as the bank. In becoming a loyal customer, you have an opportunity to create a mutually beneficial future, and banks understand this, because banking is a two-way business – when your small business is successful, your bank is successful.
Join SCORE Austin for our upcoming workshop on building a good banking relationship:
Your Business Essentials: Develop a Banking Relationship
5524 Bee Cave Road, Bldg M
Westland Office Park (at rear of complex)
Austin, TX, 78746
Date & Time: Thursday, February 28, 2019, 9:00 am to 10:30 amCST
This Essentials Series workshop will explain the importance of developing a good banking relationship. Be prepared when you need credit and advice to start or grow your business.