Author: Mark Sterr Date: 02/13/2019

What Makes a Good Banking Relationship?

It’s almost Valentine’s Day, the time of year when we celebrate the relationships we have with the people in our lives. While we’re probably not at the top of your Valentine’s Day gift-giving list, did you ever stop and think of the importance of the relationship you have with your business banker?In the course of opening and running your business, you’ve more than likely opened a business checking or savings account, applied for financing, or set up remote deposit capture. You may have been assigned a specific business banker to manage your company’s needs. Establishing a solid relationship with your business banker can offer many benefits to you and your business that go beyond basic banking functions.

Here are some things we do at Investors Community Bank to ensure a successful banker/client relationship:

  • Our promise at Investors Community Bank is to “walk in your shoes” – to really listen to you and find out what your aspirations and needs are. We want to know what issues are your most pressing, and we’ll brainstorm with you to help find answers.
  • We’re an integral part of helping strategize ways to grow your business and reach your financial objectives. We can provide expert financial advice, answer your questions, and help ease your concerns.
  • As business bankers, we network with a wide variety of professionals in all kinds of businesses, and can be a valuable resource in connecting you with them. We can help you find prospective vendors and partners that will work best with your business.
  • When you’ve developed a good relationship with your business banker, it becomes easier to be approved for future financing. Also, we can often help with emergencies such as a fast wire transfer, or an accidentally overdrawn account. Because we know you, your business and your financial history, it’s easier for us to help you out of a tight spot.
  • In the same way that we can point you in the right direction to a vendor or service provider, we can also point potential customers or clients in YOUR direction. We can help you find new customers or break into a new market.
  • We keep tabs on local and regional economic forecasts and can make recommendations based on past trends and future predictions.

Here are some tips for helping keep your business banker in the loop when it comes to your finances:

  • We want to hear from you! Keep us informed of any major (or even minor) changes in your business; don’t be afraid to share the bad news as well as the good news. Let us know about major moves like opening a new location, acquiring another business or planning an expansion.
  • Be a good communicator. We promise to return your calls and emails within a reasonable amount of time, and we can serve you best if you try to do the same with us.
  • Be a good asset manager. The balance sheet should grow proportionately as your business grows and improve as evidenced by the debt/worth ratio. Plan your growth as much as is possible so volume/revenue and profits grow in tandem, so net worth grows at the same pace.
  • To the extent possible, leave profits in. That’s the simplest way to grow your equity.
  • Don’t be a stranger. As much as we want to join you in your company’s good times and celebrate your successes, we also want to be there for your challenges and struggles. Let’s be prepared to work together through whatever roadblocks confront your business. That’s our opportunity to show you our greatest value to your business, and we look forward to helping.

Managing your relationship with your business banker doesn’t have to be difficult. Check in regularly, and maintain open communication. When you and your banker trust each other, they benefit from your business and you benefit from their assistance and expertise.

If you’re not “feeling the love” from your current banker this Valentine’s Day season, we’re ready to try on your shoes –give us a call today!


Learn more about the role your business banker can play in optimizing your processes and helping ensure long-term profitability by downloading 8 Ways Your Banker Can Impact Your Business.

8 Ways Your Banker Can Impact Your Business

Topics: Financing, Business Growth, General Business

 

Written by Mark Sterr

Mark is a Wisconsin native with over 35 years of experience in commercial banking. His deep connection with business owners allows him to consult on matters from expanding into new markets to adding buildings, all with the goal of helping companies grow.

 

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Views provided in this blog are general in nature for your consideration and are not legal, tax, or investment advice. Investors Community Bank (ICB) makes no warranties as to accuracy or completeness of information, including but not limited to information provided by third parties, does not endorse any non-ICB companies, products, or services described here, and takes no liability for your use of this information. Information and suggestions regarding business risk management and safeguards do not necessarily represent ICB’s business practices or experience. Please contact your own legal, tax, or financial advisors regarding your specific business needs before taking any action based upon this information.