1. A good Relationship (Personal) Banker will want to be very involved with your business, keeping up with the daily happenings of the business, and working to be an advisor for the business owner.
2. The good Relationship Banker will aid the business owner through all stages of business: Growth, Sustainability, Succession Planning, and Exit Planning.
3. As a business owner, you must be very transparent in dealing with your Relationship Banker. The expert advice you get will only be as good as the information that your banker has.
4. When you are looking to build a relationship with a bank or banker, there are a number of factors to account for:
- Ask about the bank’s portfolio of businesses that are of similar size to yours. This will help give you a true feel for the experience of the bank.
- Ask about the stability of the banking group. How long has the team been together? Who makes decisions on lines of credit, etc. and can you speak with them?
- Get a full understanding of the range of services that a bank offers. Do those services meet your needs or do they fall short in some areas? Areas of small business assistance could range anywhere from foreign currency exchanges to payroll services to loans against accounts receivable.
5. In business, nothing runs smoothly all the time. When times are rough, you should trust your Relationship Banker so much that he/she is one of the first calls that you make.
This resource is a part of our series on Leveraging Professional Services in your business. Please be sure to read the entire month's focus: