Your business banker - a valued business partner

By Tim Lamers, Vice President, Business Lending Group, Inc.

It’s no secret that the success of your business is dependent on a myriad of factors, not the least of which is your choice of professional service providers. Business owners routinely rely (as they well should) on the expertise and professional assistance of accountants and attorneys to assist and advise them in managing their businesses.

Unfortunately, many business owners often overlook the importance of developing a long-term professional relationship with a credible business banking partner. The right financial services partner should be viewed not as a commodity, but rather a trustworthy resource that brings value to you and your business.

As the old saying goes, “you get what you pay for.”  The same holds true for business banking.  Relationships built on the lowest rate and that alone will not stand the test of time. Your business is your life-blood. You’ve worked hard to build it and have no doubt made many sacrifices in your life to make it happen. With that in mind, why would you settle for anything less from your banker and financial services provider?
 

"Your business is your life-blood. You’ve worked hard to build it and have no doubt made many sacrifices in your life to make it happen. With that in mind, why would you settle for anything less from your banker and financial services provider?"

Here are some things to consider as you look for a good business banking partner: 

Individual Experience & Fit. What kind of experience does the business banker have? Nothing can substitute for having been around the block a few times. After one meeting with the banker, you should be able to tell whether he/she has a good understanding (or is a quick study) of your business.  He/she should be able to give good financial counsel and offer ideas of how to bring value to your business by saving you time and/or money. 
 

Financial Services Organization. Again, how long has it been around? What is its history and philosophies? Is its culture and size a good fit with yours? Does it have a wide range of financial services/products to meet your business and personal needs?  How large is the financial institution? Do you sense that you’ll be treated like a number or a valued client?
 

Proactive vs. Reactive. Working with a proactive advisor will help your business immensely. If you have to learn of something financial services-related in the media or someplace else, your banker isn’t doing their job.
 

Responsive. Different than proactive. How quickly does your banker get back to you? You should never have to wait more than a day for a return call from your banker; and in most cases, it should be the same day.
 

“Thick and Thin." Will your banking partner be there for you in the good times as well as not-so-good times? Business runs in cycles, and the true test of the solidity of a relationship comes when a business faces challenges.  Check this out by asking for and talking to references.