How to Get the Most Out of the Relationship with Your Banker March 28, 2018 Sponsored Post Banking, Mechanics Bank, Portfolio Management 0 By Chris Angle Commercial Banking Portfolio Manager Mechanics Bank As a doctor or a practice administrator, you are extremely busy and your time is limited. Often, your thoughts on your relationship with your local bank are limited to the daily/weekly/monthly inflows and outflows of your company and other depository accounts, as well as any loan payments that might need to be made. However, depending on how your bank is structured, you might not always be maximizing the hidden benefits that your bank has to offer. It is true that many business owners simply see the bank as a place to store money and obtain financing, hopefully at the lowest possible rate. And many banks operate as exactly that. However, some banks out there do try and focus on relationship banking. If you happen to be with one of these banks, then some benefits that you may be missing out on might include the following: Business Assistance: Your practice is your practice and only you know for sure what decisions are best. However, if you have a true business banker at your bank, that individual can offer you the benefit of their experience. While they can’t tell you specifically to do one thing or another, they can draw on their experience to tell you what they have seen other practice owners do in situations similar to yours. Also, they might be able to review the financials of your operation and maybe point out some items that a loan approver might see as potential red flags. The upshot is that banks have significant experience in working with business owners, which could potentially be a benefit to you if you are able to access it. Being A Person; Not A Number: Any relationship, business or otherwise, is what you make of it. While talking with your banker on a semi-regular basis might seem like a waste of your very valuable time, investing a bit of time to make sure that you are visible to your banker could pay dividends later. While it is certainly up to the banker to make an effort to reach out to clients, any relationship is a two-way street so to speak. Being visible to your banker helps them to understand the unique needs of your practice and keeps them abreast of the developments going on in your world. Consequently, they can be a much more effective advocate for you when you need to access various services of the bank. Whether it is obtaining a loan, or getting a banking service set up online, your banker will be able work within the constraints of their institution more effectively to help get you what you need if they sound like they understand your situation inside and out. And they most certainly will if you have cultivated that relationship. Being Aware Of Useful New Products/Services: Often, banks will come out with new products or services. Sometimes, it may be a new depository account with some different features. Or it may be a new loan type with a promotional rate. Or it could be new or upgraded technology that impacts your banking experience. The point is that if you have a close relationship with your banker, they will be sure to make you aware of products or services that will help you in your practice. I’m not talking about the banker who calls all the clients every time a new product comes out and tries to sell them on it. I’m talking about the banker who sees a new product and understands exactly how this specific product will help you, specifically, given your unique practice. If you aren’t in contact with your banker, you might not be made aware of some of these products. In the fast-paced world that we live in, time is often at a premium. Most business owners look at a bank the way the way that they look at a grocery store: go in, get what you need, and get out. In doing so, I think that they are undervaluing the potential benefits that a bank can provide. By taking some time and truly developing a relationship with your banker, you can potentially turn your bank into a trusted and more valuable resource that can help your practice truly succeed. Post sponsored by Comments are closed.
