Five Ways to Find the Right Bank for Business Growth
Even in the midst of a pandemic, there are still opportunities for business growth – and the right bank can help you find them.
As your business reopens to the new realities of COVID-19, you may find yourself feeling a little lost in this dramatically altered business landscape. If that’s the case, then it’s time bring in some expert support.
A great business banker can help you shift from survival mode and meet today’s needs while preparing for tomorrow’s opportunities. Where do you find a banker like that? Simple—at a bank that specializes in business growth.
Here are five surefire ways to find one.
1. Look for a full-service financial partner
As you’re checking out financial institutions, look beyond the expected business banking products and services and ask how they’ll grow your business. Does their entrepreneurial spirit match yours? How obsessed are they with excellence? Do they believe good isn’t good enough and best is always better? (They should!) From industry expertise to lending to cash flow, look for a financial partner who understands your goals and can offer the right solutions to help you reach them.
2. Expect a trusted expert
Your business banker should be responsive, whether you need a quick answer or a strategic conversation. Look for a banker who is readily available and willing to offer real-time support for whatever challenges you’re facing. You want someone you can count on to make holistic recommendations that will support both the immediate and long-term success of your business.
3. Focus on cash flow
Now more than ever, cash flow is going to be critical to the success of your business. So make sure your banker invests the time up front to understand the big picture of your business—including financial interdependencies—so they can offer solutions to maximize your cash flow.
From designating cash flow for day-to-day operations to investing for long-term growth, your banker should be ready to help take your business’s finances to the next level.
4. Request an annual review to inform business growth
Ask your banker if they’re willing to meet with you every year for an in-depth review of your financials. You should expect them to review accounts receivables and payables and help find you ways to get paid faster and manage variable cash flow. They should also be able to point out big-picture opportunities such as reducing debt, streamlining spending, or investing in a new infrastructure.
5. Ask for introductions
A great business banker has a strong center of influence—don’t miss the chance to take advantage of it! Through their relationships with a large network of people in the community, they can identify others whose businesses and interests are complementary to yours. Whether you’re seeking introductions to prospects, vendors or professionals, ask your banker to help you make meaningful connections to the right people who can help your business grow.
Wherever your business is on the road back to normalcy, know that the journey is infinitely easier when you have the right financial partner by your side. With their help, you’ll be able to seize opportunities when they arise and establish new strategies and systems that can take your business forward.