Banking Relationship Reviews
Jill Mason, VP/Business Development
For over 60 years, the Small Business Administration has celebrated Small Business Week during the first week of May. Small Business Week elevates the conversation around the impact that entrepreneurs and small businesses make in the US. The SBA defines small business as one with 500 or fewer employees. Using that criteria, they report that 99.9% of all businesses in the US are considered “small businesses”.
Virtually every industry is included in that 99.9% statistic, making it impossible for a banker to know the particulars of every industry. However, one of the perks of being a business banker is partnering with and getting to know so many different businesses, business owners, and industries. Small businesses truly are the engine that drives the world.
Every business in every industry operates uniquely, and it is crucial for a banker to learn how their client’s cash flow cycle operates, how they generate revenue, and how they pay their vendors. Understanding these details is how a good banker can advise clients on the most appropriate banking solutions that will benefit them and their specific goals.
A Relationship Review is an opportunity for the business owner and banker to begin building trust and uncovering needs. As a banker, it is important for me to understand how the business functions and determine how the bank can be a partner in the success of the business. Through regular Relationship Reviews, the business owner can be assured that their banker is strategically thinking about their business and acting as a trusted advisor for the benefit of their distinct needs.
If you aren’t regularly meeting with your banker, at minimum, annually, you may be missing out on a key partnership that could help to improve efficiencies, save time, save money, and lessen stress. As your banker, I want you to worry less about banking, so you have more time to do what you do best.