Do you know your banker by name (other than the bank’s name!)? When you walk into the bank to make a deposit, does your banker say “hello” and ask how the business is going? If not, you have work to do!
Everyone who owns a small business, or works with small business owners, should focus on the banking relationship. The old adage when you need money, the bankers don’t want to talk to you and when you don’t, they want to talk to you, is often times true. So, the time to build a relationship with your banker is now.
Call him or her today and set an appointment to meet in person. You want to meet with the Business Banker. Bring in your financial statements, a business plan, and perhaps most importantly – your enthusiasm regarding the prospects for your business. Explain to your banker what you do, where you are going, and how you plan to get there. Ask him or her how the bank can help you. Banks today have a vast array of services for the small business. You will be amazed at what they can provide to businesses.
Follow up this meeting every quarter. Show your banker how you are growing, how you are marketing, and your profitability. When the time comes to apply for a line of credit, or equipment loan, or some other banking service, your banker will be more aware of you and your business. Your chances of getting his or her attention will be much greater.
When implementing the above, consider that all banks do not have the same target market. Doing some research and contacting the bank that has a strong presence in your industry or even better one that is trying to build a clientele in your industry will increase your chances of developing a successful relationship. And by successful I mean your banker is there when you need him or her not just when the sun is shining on your business.
Pick up the phone today!