Business banking: Your banker as adviser
just look for a bank, look for a banker. For the owner of a small
business, getting close to the people who run your bank means getting
closer to the money, in forms of loans, lines of credit and possibly
a reduction in some fees. A good banker also can provide valuable
community networking opportunities.
Developing a friendship with your banker takes time
and trust. To create a lasting alliance, you need to be open and
stay in contact.
Some relationship-building exercises might include:
- Inviting the banker to visit your company
- Establishing a good track record before you ask
- Reporting negative developments if they're significant
- Letting the bank know about important events and
While it's important to let your banker know when
unforeseen events are battering the business, don't call until you
know what went wrong and how to fix it.
And don't tell them if your dog runs away or your
kid flunked elementary school. Bankers can make good advisers, but
not necessarily good confessors.