Tips for businesses to build a relationship with YOUR Banker in 2024

Authored by Theodis Watson

Building a strong relationship with your banker can be crucial for the success of your small businesses. In order to help a business owner establish and maintain a positive and productive relationship, below are five tips’ that a business should consider.

  1. Open Communication:  Communicate regularly with your banker, not just when you need something. Keep them informed about your business’s progress, challenges, and plans for the future.  Avoid a transactional relationship.
  1. Seek Advice and Guidance:  Don’t be ashamed to ask for advice or guidance from your banker. They have a wealth of resources at their disposal and can provide valuable insights into financial strategies, industry trends, and more.
  1. Build Trust and Credibility:  Deliver on your promises and meet your financial obligations.  Consistency, and reliability go a long way in building trust.
  1. Provide Detailed Financial Information:  Be transparent. Provide accurate and up-to-date financial statements and projections when expected. This will allow your banker to see your vision and how they can support you. Remember, often times your banker must sell your vision to a committee and an underwriter SO HELP THEM HELP YOU.
  1. Set Clear Objectives: Clearly articulate your business goals and objectives. This allows them understand your vision and how they can support you.

BONUS: Show Appreciation:  A simple thank you note can go a long way to show your banker that you appreciate their service.