6 Questions That Can Help You Evaluate Your Business Bank Relationship
In late 2022, Northern Nevada boasts a lower unemployment rate and stronger job market than the national average. But with continued high inflation, rising interest rates and ongoing supply chain issues creating a mixed outlook for the longer term, now might be a perfect time for your Northern Nevada business to evaluate the relationship with your business bank.
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 you grow your business.
Here, we break down six questions that may provide a clearer picture.
Is my bank evolving with my business?
You’re keeping pace with rapid developments in your industry, and your banker should be doing the same. Finance is a fast-moving sector, and whatever business you’re in, new technologies may be able to help you reach your goals. The right relationship manager should be able to offer financial products and services — perhaps even proprietary solutions for your industry — that work for you.
Does my banker ask questions about my business — and listen to my answers?
Any strong business partnership can benefit from asking about your vision for the future of your business. Your bank relationship is no different. To truly understand your business goals, bankers look forward to these conversations and offer constructive suggestions based on a thorough understanding of your responses.
Is my banker proactive about contacting me?
A good relationship manager will reach out not only to sell new products, but just to check in. They realize it’s important to know how things are going with their clients day in and day out. Does your banker understand your business and suggest solutions that are right for you? If not, or if you get the feeling that you are just a name on a client list, it may be time to look elsewhere.
Does my banker understand the day-to-day in my business?
The big picture is important, but a good relationship manager understands the routine details you deal with as a business owner. Having a firm grasp of your cash flow cycle enables your banker to offer you treasury management solutions that fit your specific needs. And with a thorough understanding of your industry timelines, your bank can help you keep projects on track.
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 sets your business apart from your competitors? What revenue targets are realistic in your sector in the next quarter — and the years to come? And most importantly, what new developments are just over the horizon? Whether you’re in manufacturing, real estate, retail, tech, gaming or any of the myriad sectors that power Northern Nevada, an excellent financial partner will have deep experience and a detailed understanding of your market.
Is my banker a trusted advisor?
On your journey as a business owner, you’ve learned to turn to certain people for advice. You know they have your best interests at heart, with no hidden agenda. That may include your lawyer, accountant and mentors or coaches you have encountered along the way. Is your banker on that list? A financial partner who responds promptly to your calls and messages, gives sound counsel and makes meaningful suggestions is more crucial than ever in the current economic climate.
Whatever your goals for your Northern Nevada business, it can be productive to lean on your business banker for advice and assistance. If you’re interested in learning more about how we can help, contact one of our First Independent Bank relationship managers today.