The idea of having a banker on your executive team may be a crazy idea for many of you. That’s probably because you’ve had a bad experience with a bank. Generally speaking, no one likes to owe anyone, and banks are #1 on the list for us to owe money. Banks are in that kind of business. But there are a lot more reasons for you to maintain a great relationship with your banker.
A Banker is Beneficial
Having a banker on your side is a very beneficial relationship. The relationship with your banker usually starts with opening an account, which is most likely your business checking account. As your business grows, the likelihood of your banking relationship grows as well with credit cards, credit lines, business loans, savings accounts and other services.
I have lost count of the times I have had a special need from a banker: mistakes on an account, a cashier’s check, a home loan, a business loan, a credit line, a funds transfer, dealing with another bank, a wire transfer . . . the list goes on and on. And I have received quite a bit of important information and advice from all kinds of people working with the banks and credit unions which has brought me some significant profits at times.
That last line should have caught your attention. Yes, I’m talking about making profits from working with bankers. These people are working with a lot of people. They have a network of professionals they know like no one else. Bankers know what’s going on in the local and, in some case, the national business community. They have the personal phone numbers of people you would never get an opportunity to speak with – and they can be the one to get you in front of those people, given the right opportunity. And if they know how you can provide beneficial products and services to the communities they serve, they’re going to want to help you.
A Banker is an Asset
The other, lesser-known area that they are able to help you is actually where you get the best financial deals. It may be a lower interest rate on a loan. It may be a free checking account with no conditions or requirements – which many national banks won’t openly offer anymore. Or it may be fees that are waived because you have a good relationship with the banker.
Trust me, you want to work closely with these people.
On a personal note, my father was a credit union manager. He enjoyed the opportunities to work with his customers. Sure, he had to make the awkward calls to collect on debts, but, for most of the day, he was completing loans and creating business. And he was committed to helping them make their lives more successful and profitable. For most of these professionals, they love helping people and growing business. They know that they can create more business for their bank or credit union when they help build and promote their clients. Especially when you’re trying to grow your business, these people can be your biggest fans and your biggest allies.