It has never been more crucial for small businesses to work hard, smart and efficient in order to succeed. Today’s successful small business owner also needs to make sure their bank is their partner in their business instead of just a service provider.
Community banks are often the way to go when a small business is looking for a bank, whether it be a new small business or a seasoned small business looking for a banking change. Ask these questions to your potential banker and your decision to change to a community bank may be easier than you think.
1) Where are the bank’s decisions made? Is it at a corporate office across the country or at the local branch, where they have their finger on the heartbeat of the community? Community banks decide what is good for their customers at the branch where they service their clients. What is good for the folks who live around the corporate office probably isn’t the same where you are looking to grow your small business.
2) Who is handling your account? Experienced bankers are essential to make a bank run smoothly. While there will always be new people breaking into the banking world, at community banks experienced bankers handle the small business accounts, while at most large banks it’s the rookie banker taking on the smaller clients. Community bankers not only have the banking knowledge, they have been living in your community for years. It makes a difference, be sure to ask.
3) Every small business is different, with diverse banking needs, yours is no exception. Be sure to ask about the variety of customized products your potential bank offers. If they don’t have a certain product that fits your small business needs, are they willing to customize one of their products that will? Just because you don’t fit neatly into one of their offerings doesn’t mean that they can’t create something that will work for you.
4) Are they putting you first or are they trying to sell you on different products each time you talk with them? Do they understand your business and offer you products that fit, or do they push the “product of the month?”
5) Make sure your bank would make a good “rainy day lender”. When you sign on with a bank, you may have no interest in a loan. But as we all know things in business move fast - opportunities rise and are gone in a flash. A community bank is more apt to realize a good thing within your community and work with you to make it happen, and make it happen quickly before it’s gone.