Here is what every new business should know about business banking.
By Amy Garden
When most business owners launch an enterprise, they hear that they need to have several experts on board: a good attorney, a good CPA, and a good banker. An attorney helps with legal matters and a CPA helps with taxes, but sometimes new business owners are less clear on why a banker is so important.
Here is what every new business should know about business banking:
- Have a great relationship with your banker. For business banking, open
communication is key. Your banker wants to help you grow your business – that is their job. Be open about needs,
goals and concerns so that your banker knows exactly how to help you solve your challenges. Learn about your banker’s
involvement in your industry, and seek their suggestions or connections to support your business.
- Ask plenty of questions. Never hesitate to pick up the phone and ask your banker
if they can help you with a particular concern related to financial management or cash flow. Talk about how
you manage your personal finances and your business finances. Whether it is an established business or in
its initial stages, the two areas often are tied together. Bankers work with many businesses and many personalities,
and their knowledge and tools can make your money work harder.
- Draw upon your banker’s expertise in multiple areas. Your banker can do much more than help
you order business checks. They can assist you or refer you to others who can support your needs in business and
personal banking, mortgage, treasury management and even fraud prevention.
- Glean insights on cash management. A business relies on cash flow, and your banker can help
you plan to make the most of your cash. They can suggest products and services that will help you juggle payroll,
taxes and inventory as you launch and as your business matures.
- Talk about your community. Learn how your banker is involved in your community, and discuss
your needs and hopes. Bankers value being able to help their clients strengthen their business relationships, and your
banker might be able to refer you to helpful business development groups or other community resources based on the
spectrum of people and companies they work with.
- Stay in touch for regular account reviews. When your banker calls to suggest an annual or
quarterly account review, make room in your schedule. As your business grows and changes, they’ll be able to help you
evaluate your needs and find new ways to meet them.
- Professional Referrals. And if you don’t yet have that attorney or CPA lined up, ask your
banker about that, too. Good business bankers tend to have a wealth of relationships in the community. Your banker
might know the right professionals to help your business through some of its other relationships in addition to being
one of your strongest resources.
Amy Graden is Banking Manager and Senior Vice President for Vectra Bank Colorado.
Vectra serves Colorado’s small, middle-market and corporate business clients with 38 locations
throughout Colorado and one in Farmington, NM. She can be reached at: (720) 947-7819