Business Banking

7 Habits of Good Business Bankers

It's no secret that building strong and healthy relationships takes time and effort. If you own a business, that's especially true about one of your most important relationships – the one you have with your bank. At Washington Trust, we believe personal, one-on-one relationships are key to helping your business grow and thrive, which is why it's so important to spend time with your business banker. A good business banker will:

  1. Take the time to understand your business. Every business is unique with different challenges, strengths, and opportunities. A good business banker will take the time to learn about your business and propose solutions that respond to your unique challenges or opportunities. They will not only know the right questions to ask, but also will listen to your answers.
  2. Be knowledgeable. Your business banker can be even more valuable to you if they know about your industry, marketplace, and the competitive landscape that surrounds you.
  3. Know how you operate. One of the most important things a business banker needs to know is about the day-to-day operations of your business. For example, they should know when your business experiences cash flow shortages and how quickly you are able to collect receivables.
  4. Have decision-making authority or give you access to the decision makers. A good banker will have local loan decision-making authority, or be able to introduce you to those who do make decisions. This will make the lending process easier and more personal.
  5. Be responsive. Your business banker shouldn't just provide a loan and then leave you; they should be in regular contact with you to keep abreast about any changes or opportunities that are on the horizon for your business.
  6. Understand your personal goals. Your business finances are just one aspect of your financial life; you also have personal banking needs. A good lender will take the time to understand your personal goals and then introduce you to people who can help you reach them.
  7. Be connected. A good business banker is active in the community and as such, should have working relationships with other professional advisors and business people, making them a strong source of referrals.

It's important to remember that a good business banking relationship should never get in the way of your business, but help move it forward. The easiest way to build a relationship with your business banker is to meet with him or her periodically. Take the time to share information about your business and to invite your banker to visit your company. You’ll quickly discover that building a healthy relationship can help you build your bottom line.

Ask Washington Trust

If you’re looking for a business banker who can help your business prosper, contact a Washington Trust Business Banking specialist today to learn more.

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