Written by Todd Clements, SVP & Business Lender
A strong banking relationship is an asset for any business, regardless of its size or stage of development. Throughout the life of your business, there are a variety of ways that your bank can offer support.
For a new business, building a partnership with a business banker in your community can give you a resource for helpful connections. Your banker can assist you in selecting your team of trusted advisors, such as a lawyer to assist you with filing your organizational paperwork, recommendations for a local insurance agent or perhaps an accountant to prepare your financial statements. In our automated world it can be tempting to seek out digital options, but your business banking needs don’t always fit in a box. Having a relationship with a local banker that understands you, your business and your community will ensure that your financial services are tailored to your specific needs.
As your business grows, your banking requirements will become more sophisticated. With the counsel of an experienced business banker, you will be able to navigate the options available and streamline your banking processes. For example, as you increase your number of employees, you may find that your payroll systems need to be updated. Your banker can give you guidance based on their experience with your company and lead you to a solution that works for your business. Likewise, if your business growth leads to the need for new equipment, more space or additional working capital, your business banker has the lending tools to assist you along the way.
For businesses that have stood the test of time, your business banker can continue to suggest updated practices to make your business processes more efficient. They may suggest services to prevent fraud, such as Positive Pay, which allows a business to monitor their deposit account daily for discrepancies and offers powerful protection against check and ACH fraud. When the time comes to sell your business, your banker will be able to give you guidance to assist as you plan your exit.
No matter the stage of your business, a solid relationship with a business banker that knows and understands what makes you and your company unique is to your advantage.