Now that my business is growing, how do I know whether I'm using the right bank products and services for my situation?
by Debi Enders
Now that my business is growing, how do I know whether I’m using the right bank products and services for my situation?
It’s critical that your banker understands that your business is expanding so that he or she can provide you with financial advice, identify the right products for you and offer alternative solutions that you might not be aware of or didn’t have a need for when your company was smaller.
If you haven’t heard from your banker in a while, it might be time to take the offensive. Call your banker and schedule an appointment. There may be opportunities for you to save time and money in ways you do not even know about, so why not ask? A good way for your banker to understand how your business needs are changing is to visit you – at your business.
If you find that you and your banker don’t seem to be on the same wavelength or if your bank can’t recommend products that will work better for you, then it’s probably time to start looking for a new banking relationship. Talk with your friends or business acquaintances at your chamber of commerce or Rotary Club or similar business groups. Companies that have a successful relationship with their bank are usually more than happy to make a recommendation. Banks that offer small-business specialists are typically those that understand the unique needs of small-business owners.
Knowing that you have the support you need, plus the right financial products and services, will not only provide you with more peace of mind but also help you operate more efficiently as your company grows and expands.
Debi Enders (debi.enders@commercebank.com) is vice president, small business banking at Commerce Bank.