Partnering For Success: What Business Owners Should Expect from Their Commercial Banking Team
A strong relationship with your commercial banking team can be a game-changer in achieving your business goals. The right banker is more than just a lender; they’re a strategic partner who brings valuable insights, access to resources and guidance through opportunities and challenges.
Whether you’re at the beginning of your relationship or have an established history, understanding what to expect can help you maximize the value a trusted banking partner can bring to your business.
They act as a partner, not just a provider
Like any other relationship, trust and respect are important to your relationship with your commercial bank. For example, it should raise a red flag if communication dries up after an initial loan closing. As your business grows and your needs shift, the right banking team can also help you reassess your loan structure and identify cash flow tools and account features to ensure they still align with your goals. The ideal banking relationship isn’t simply transactional – a true partner will be intentional with their touchpoints and maintain the dialogue.
They demonstrate a deep understanding of your business
The right banker will show interest in your business and recognize your success is theirs. You want them to take the time to understand your business and goals while asking the right questions to help make strategic recommendations.
Ideally, your commercial team brings expertise honed through years of working with businesses across diverse industries. This depth of experience allows them to navigate even the most complex scenarios with a calm, confident approach. As a business owner, you can rely on their knowledge and proven track record to guide you through challenges and seize opportunities.
They provide consistent and meaningful communication
Expect proactive communication from your commercial banker. They should update you on market changes and opportunities impacting your business. Similarly, it’s essential to keep your banker up-to-date on the state of your business. Be transparent and keep your banker informed about the company’s performance and the challenges you face.
While it can be uncomfortable to discuss struggles, asking for help and being proactive early on aids your banker in providing the right solutions. Similarly, when things are going exceptionally well, they can offer guidance on how to make the most of the opportunity.
They prioritize annual reviews
Annual reviews aren’t just a formality – they’re a sign your banker is engaged and invested in your success. Your commercial banker should make it a priority to review your financial position and business goals regularly. Even if your business is operating smoothly, making time for at least one formal check-in with your banker is essential.
Schedule your meeting after year-end financials are finalized and tax returns are filed. This meeting is a perfect opportunity to discuss the current year’s budget and plans. During your annual check-in, expect to discuss the following topics:
- Financial review of the past year
- Review of deposit and treasury relationships
- Your budget for the current year
- Future goals, including expansion plans, acquisitions and new equipment
- Upcoming capital needs, including long-term plans, lease terms, rental space, property purchases, etc.
In a banking environment marked by changes and mergers, consistency matters more than ever. Business owners need a stable relationship they can count on, no matter the market’s state. A dedicated commercial banker and banking institution can offer steady support, continuity and peace of mind through change and can have a lasting impact on your business.
At Park, our team is dedicated to providing consistent support. Our stability and reliability enable us to build strong customer relationships. We understand our clients’ success positively impacts our communities and local economies. Reach out today to learn more about how we can work together.