6 Questions That Can Help You Evaluate Your Business Bank Relationship
September 26, 2022
Midway through 2022, Nevada’s employment levels were forging ahead, adding 7,700 jobs in the month of July alone for a total to date of 12,200 more jobs than in February 2020. In the Las Vegas area, employment is more than 5% higher than in July 2021.
The strong recovery is great news for businesses in the state, but with interest rates rising and supply chain disruption still impacting most sectors nationwide, now might be the right time to evaluate your relationship with your business bank. After all, when every dollar and every decision count, taking a closer look at your banking relationship could save you money, create new efficiencies and even help grow your business.
Here, we break down six questions to ask to get a clearer picture.
Is my bank evolving with my business?
In any line of business, you’re keeping pace with rapid developments in your industry, and a great banker will do the same. In the fast-moving world of finance, chances are there are new technologies that can help you reach your goals. Ideally, your bank will offer financial products and services — perhaps even proprietary solutions for your industry — that work for you.
Is my banker proactive about contacting me?
Good relationship managers reach out not only to sell new products but also to check in. They take that initiative because they want to know how things are going with their clients. Does your banker understand your business and suggest solutions to make your business work better? If not, or if you get the feeling that you are just a name on a client list to your banker, it may be time to look elsewhere.
Does my bank understand my market? My industry?
How is your company perceived within your industry, and where do you stand against the competition? What differentiates your business from your competitors? What revenue targets are realistic in your sector in the next quarter — and in the years to come? And most importantly, what comes next? Whether you’re in real estate, tech, gaming, retail, manufacturing or any of the diverse sectors that power Southern Nevada, a good financial partner will bring deep experience and a detailed understanding of your market to the table.
Does my banker ask questions about my business — and listen to my answers?
In a strong partnership, asking the right questions leads to an exchange of ideas. A good banker looks forward to these conversations as an opportunity to truly understand your vision for your business. Then, they will offer constructive suggestions, even helping you shape your goals.
Does my banker understand the day-to-day in my business?
While the big picture is essential, a good relationship manager understands the day-to-day details you deal with as a business owner. For example, having a handle on your industry timelines means your bank can work to help you keep projects on track. And a thorough grasp of your cash flow allows your banker to offer you treasury management solutions that fit your specific needs. To succeed, you need to deliver on customer expectations, and your bank should understand precisely what that entails.
Is my banker a trusted advisor?
As a business owner, you turn to your trusted advisors for advice. That list may include your lawyer, accountant and mentors or coaches from your business journey. You know they have your best interests at heart, with no hidden agenda. Is your banker on that list? Do they respond promptly to your calls and messages, give sound counsel and make meaningful suggestions? In the current economic climate, those things are more important than ever.
Whatever stage your Southern Nevada business is in, it’s always a good idea to consider the strength of your business banking partnership. If you’re interested in learning more about how we can help, reach out to one of our Bank of Nevada relationship managers today.