Financial performance is one of the top concerns for any business, and for a small business it can be integral. If you’re like most small business owners, you likely wear many hats in order to run your business – including the financial aspects.
It’s easy to get overwhelmed when you try to do it all. That’s why a business banker
at a local community bank can really be an asset to your small business. They will work with you to make the most of your business, from providing advice on financial matters
and business resources
, to helping you secure the funding
you need for your business to grow
A local business banker can do more for your business than you may realize. Here are some of the main benefits of working with a business banker from a local community bank:
What can a local business banker do for my small business?
They are your business advocate. A community business banker knows you and your business, and they understand what your business needs. They know your business goals and actively work to help you achieve them. They are familiar with your industry and keep up with trends that may have an impact on your business.
They are a trusted advisor. Every small business owner can benefit from an outside trusted advisor. A dedicated local business banker is someone who has your best interests in mind and can offer an external perspective that you can bounce ideas off of, and who will offer guidance when you’re faced with important financial decisions. A business banking advisor can steer you toward relevant financing products, cash management services, payment solutions, and more.
They give you personalized attention. Business bankers and commercial lenders at local community banks are typically assigned specific businesses and they are responsible for those accounts only. This means that when you need them, they’re not only there for you, but they know you as well. They know the local community, the marketplace, and they know your business so they can give you personalized care every time.
They give you access to resources and networking opportunities. When you work with a business banker from a local community bank, they can give you access to a number of products, services, and tools that can improve how effectively you manage your company and help you operate your business more efficiently. Often, the relationship you have with a local business banker will open very important doors to networking opportunities within your community and your banker’s professional circle. You could get access to other professionals, businesses, and resources that would not be possible otherwise.
They know the business climate in your area. Economics vary wildly in different geographical regions – and even within your own state. If you utilize a business banker from your own community, they’ll understand the local business climate and can help you make better, more informed business decisions. Their intimate knowledge of the local business environment can provide you with strategic planning insights that you wouldn’t get elsewhere.
They are available and ready to help. Having a local business banker specifically assigned to your business provides you with access to a real, live person that you can go to in times of need. Rather than have to call a 1-800 number to speak with someone at a huge national or worldwide commercial bank, a local business banker is typically more reachable and accessible and can act as your point of contact for financial advice or support when needed. At a community bank you are not just a number, you’re a local business that they genuinely want to help succeed.
Once they know you, they may be able to make faster decisions. Because local business bankers provide personalized service and become familiar with your business, over time they may be able to provide faster loan decisions when you need financing for things like expansion, cash flow, or equipment. Because they’re invested in the success of your business they’ll typically go that extra mile to help you get the best loan terms and interest rates available.
Having a solid relationship with business banker at a local community bank is just smart business. That relationship is so important - not just to the health of your business, but to the life of your business as well.
I already have a business accountant. Do I need a local business banker as well?
A business accountant is not a substitution for a dedicated business banker, but rather another trusted advisor that every business owner should have. Business bankers at community banks deal strictly with local businesses and the financial needs of those businesses, and can offer you access to financial tools and solutions. Business accountants, on the other hand, have a main focus of ensuring that the books are balanced and that taxes are paid.
A local business banker can be a valuable asset to your business and can help provide you with the personalized attention and expert advice that you need to grow and expand. If you are a business owner in the South Coast Massachusetts or Rhode Island area who is looking to form a relationship with a dedicated business banker, BankFive can help! Our Business Banking Team can help provide guidance on lending options, merchant services, payroll solutions and more. Contact us today.