Small businesses make up 98 per cent of all businesses in British Columbia.
It’s no wonder small business bankers are in high demand.
In saying that however, more importantly than simply having a business banker, is the quality of the relationship you have with them.
Here are just a few reasons why a small business owner should establish a strong relationship with his or her business banker.
Your business banker is a trusted advisor that eats, breathes and sleeps business.
Most business bankers will have an undergraduate degree in business or economics, giving them a broad knowledge of commercial concepts.
What’s more, many business bankers take a keen interest in the global economy and always have their finger on the pulse of the local economy. Drawing on this sum total of experience and knowledge, your business banker can provide insights—or even suggest solutions—that may not have occurred to you.
Your business banker is a second set of eyes who can also provide a second opinion.
A business banker’s specialization in serving business owners means he or she is well-versed in business plans and their essential components.
As a trusted advisor, they can help improve the all-important planning elements that are foundational to the success of your business.
He or she can review your business plan with an objective eye, spot potential problems and suggest alternatives or improvements with things like cash flow and revenue projections.
When it’s time to finance growth or explore other financial solutions, your business banker knows you and your business. You’ve been crunching the numbers, keeping tabs on the market and reviewing your business strategy.
It’s clear—you need a loan for the capital required to grow your business.
The process is going to be smoother and quicker if your business banker already knows you and your business. Business bankers are experts in their field and they know that solid lending decisions are grounded on knowing who they’re lending to.
When your business banker invests time in your business and understands it fully he or she is able to provide guidance that reaches beyond loans and lines of credit, payroll services and bank accounts, to areas like cash management, commercial insurance and succession planning.