Author: Mark Sterr Date: 02/12/2020

Developing a Good Banking Relationship

Valentine’s Day is upon us! Each year, February 14 allows us to reflect on the extraordinary relationships we have in our lives. We realize that your banker may not be on the top of your Valentine’s Day gift-giving list, but have you ever stopped to think of the importance of the relationships between businesses and banks?

In the course of starting and operating your business, you’ve probably participated in your fair share of banking activities. From opening a business checking or savings account, applying for financing, or setting up remote deposit capture, you have likely relied on your banker to get you off and running. Still, you may be surprised to learn that managing a strong, ongoing relationship with your business banker can offer several benefits that go beyond basic banking functions.

Here are a few ways Investors Community Bank actively works to build good client/banker relationships:

  • We promise to always “walk in your shoes.” We believe that we succeed when we really listen to you and learn about your business aspirations. We want to know which issues are your most pressing, and we’re glad to 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 you with expert financial advice, provide you with business resources, answer your questions, and help ease the concerns that keep you awake at night.
  • As business bankers, we’re proud members of our local communities. 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 align with your business.
  • 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.

Finally, when you’ve developed a strong relationship with your business banker, it becomes easier to be approved for future financing. We can also often help during emergencies by providing a fast wire transfer or resolving 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.

 

How to Strengthen the Relationship with Your Banker

Below you’ll find tips to keep your business banker in the loop when it comes to your finances:

  • We want to hear from you! Please 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 significant moves like opening a new location, acquiring a new company or planning an expansion.
  • Be a good communicator. We know that life can get busy, but we promise to return your calls and emails within a reasonable amount of time. We can serve you best when you try to do the same.
  • Be a responsible asset manager. The balance sheet should grow proportionately as you build your business and an improved debt/worth ratio should be evidence of your efforts. Plan your growth as much as is possible, so volume/revenue and profits grow in tandem; ideally, net worth will grow at the same pace.
  • We understand that business ownership includes ups and downs, but 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 support you during the challenges. We know that life as a small business owner can get solitary, especially during times of struggle, but your business banker is a partner always at your side. We’re glad to help you work through whatever roadblocks confront your business. We feel that’s our opportunity to show you our greatest value to your business, and we look forward to helping.

Managing the relationship with your business banker doesn’t have to be difficult. Check in regularly and commit to maintaining an open dialog. When you and your banker trust each other, everyone wins.

If you’re not “feeling the love” from your current banker this Valentine’s Day season, see if Investors Community Bank is a fit! We’re ready to try on your shoes – contact us 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.