28 Feb Benefits of Building a Relationship with Your Business Banker
As a business owner, you have a lot on your plate. You need to manage your finances, make sure your operations are running smoothly, and work on growing your business. That’s why it can be tempting to view your relationship with your business banker as just another task to check off your to-do list. However, building a solid relationship with your business banker can significantly benefit your business.
Here are some reasons why:
- Access to financial resources. A good business banker can provide you with financial resources to help your business grow. For example, they can help you secure loans, lines of credit, and
other financing options that can provide the capital you need to invest in your building, and new equipment, expand your operations, or hire new employees. Building a solid relationship with your banker will make them more likely to go to bat for you when you need financing and help you get the best possible terms.
- Expert advice. Business bankers have a wealth of knowledge about the financial industry and can provide valuable advice about managing your finances and growing your business. For example, they can help you understand the benefits and risks of different financing options, and they can help you develop a financial plan that aligns with your business goals. By building a solid relationship with your banker, you can tap into their expertise and get the guidance you need to make intelligent financial decisions.
- Relationship building. Building a relationship with your business banker is also an opportunity to build relationships with other professionals in the industry. Bankers often have connections to other business owners, investors, and financial professionals, and they can introduce you to these contacts. Networking with other professionals can gain new business opportunities and expand your network.
- Improved service. You’re more likely to receive better service when you have a strong relationship with your business banker. Your banker will be more invested in your success and willing to go above and beyond to help you achieve your goals. They will also be more responsive to your needs and help work with you to find solutions that meet them.
- Peace of mind. Finally, building a relationship with your business banker can give you peace of mind. Knowing that you have a trusted partner who understands your business and is committed to helping you succeed can alleviate some of the stress and uncertainty of running a business. You’ll have someone to turn to when you have questions or concerns, and you’ll know that you have a reliable source of financial support.
In conclusion, building a solid relationship with your business banker is essential for any business owner. Doing so allows you to access financial resources, tap into expert advice, build relationships with other professionals, receive better service, and enjoy peace of mind. Take the time to invest in your relationship with your banker, and you’ll be rewarded with a partner who can help you achieve your business goals.
Lois P. Klavir, MBA
VP & Sr. Business Relationship Manager
JPMorgan Chase Bank
Note: Views and opinions are my own