Posted on June 11, 2014

3 Ways to Get More out of Your Relationship with Your Business Banker

Is your business banker just a banker, or is she a trusted business advisor? Small and mid-sized businesses can gain a competitive edge by working closely with their bankers. Here are three ways to ensure you—and your business—are getting the most out of your relationship with your business banker.

1. Invest energy in the relationship

Think of the banker as a trusted advisor, not a salesperson. Make sure he or she understands your needs and business goals. Once you make your goals known, your banker is empowered to serve you better. He or she can be there to assist you every step along the way, from starting a new business to developing an exit strategy. But keep this in mind: all great relationships take time and effort to build!

2. Leverage your banker’s network

As the saying goes, it’s all about who you know. Your banker can introduce you to all sorts of contacts who can drive your business success, including potential customers, vendors, CPAs, attorneys, brokers and more. Don’t be afraid to leverage your partnership with your banker to expand your network.

3. Look to your banker for education

Most bankers have experience working with many types of organizations. Allow your banker to assist with your business needs and offer advice when appropriate. It is likely that they have worked with another client who is similar to you: whether the same industry, the same growth or the same challenges. Your banker should advise you and share insights on what they are seeing in the market today.

Using these three tips, you can develop your relationship with your banker into a true business partnership that will serve both of you well. Learn more about how Paycor can partner with your bankers: get in touch with us today.