Small and Medium Business Owners: Does Your Banker Really Know You and Your Business?

Most professionals have relationships with a variety of business providers, whether that be their doctor, attorney, or financial advisor. However, the same cannot often be said of most small business owners and their relationship with their business bankers. In fact, many small and medium businesses don't even know who their business banker is or whether the banker really knows and understands them and their business needs.

As the banking industry continues its migration to online and mobile banking platforms, a trusted banking relationship is critical to small business success and growth. How does a business banker demonstrate that they really know your business and your goals?

Communication

Whether it is via phone calls, emails, or even text a banker that really knows their business customer will make a point to proactively check in with their customers throughout the year to get a pulse for your business and anticipate any potential needs. They show an interest in how your business is doing and are invested in your success. They listen to the goals and needs you express for your business. They provide you relevant and critical information for support.

Concierge-level Service

The best business bankers make themselves readily available and responsive to the business customer's needs. This might mean providing you with advice on business growth strategy, going the extra mile to help secure financing or traveling to meet with you, including providing after-hours support. When they are unable to assist customers directly, they'll have a network of other professionals they can connect their customers with for solutions.

Tailored Solutions

A business banker that knows and understands their customers will provide them with products that are tailored to their specific needs. This might include business loans, lines of credit, or merchant services that are customized to specific business goals, industry and growth stage. The right business banker will go the extra mile to help you get the most competitive rates and terms and can help plan ways to implement solutions for your business needs in the future.

The impact of local business bankers in their communities really can't be overstated. If you're a small or medium business owner, it's important to take the time to get to know your banker and build a relationship of trust. Doing so can help ensure that you have a banking partner that is invested in your success and can offer valuable advice and provide the level of support you need to grow your business for the future.