If you are starting a new business, sooner or later you will have to decide which bank you are going to work with. While it may seem like an easy decision to make, with so many banks and so many different services they offer, choosing one requires more research and planning. Not all banks are the same, and simply going to your personal bank, no matter how good experience you have with it, isn’t necessarily the best option for your business.
There are significant differences between searching for a bank for your savings, a mortgage, or a business account. So, before you decide which bank you are going to use for your business, you need to have a clear picture of your current needs and goals, regardless of whether you are opening an account for a new business, or you want to change the one your business has been working with so far.
Your Bank Should Evolve With You
No matter how well you know your industry, and how good and detailed your business plan is, the truth is that you can’t really anticipate what will happen with your company in the future. The only thing we can say for sure is that as times go by, and things progress, your business will evolve, and with it, your financial needs. This is a crucial thing to keep in mind when you are choosing a bank.
Make sure that you find a bank that continuously invests in business banking, educating their employees, optimizing their services, implementing new and better solutions, one that focuses on customer satisfaction, works in your best interests, and makes an effort to help you achieve your goals. In other words, you need to find a bank that is capable of aligning its services with your evolution. Otherwise, at some point, you will have to look for another one that can meet your needs, and start building this very important relationship from zero once again.
Your Bank Should Be Your Partner
Keep in mind that your bank will play many crucial roles in the process of building your business, running it successfully, and eventually growing. This means that you are looking for a satisfactory, mutually beneficial relationship.
In fact, rather than simply a source of financing, a well-chosen bank will be your partner – one that understands your company, your specific needs, your problems, your financial goals. And as such, it will try to find the best solutions for you, and it should consider not only its own interests but also yours.
Both parties, the company, and the bank should benefit from this partnership. So even though you may feel like you depend on your bank (if you are looking for something more than a business bank account), you shouldn’t simply accept anything the advisor offers you. Study their proposal carefully and, if you feel like something isn’t in the best interest of your company, or if what they offer isn’t adapted to your needs, you may want to look for another bank or at least a different advisor. Be demanding, and always act with the best interest of your company and your goals in mind.
Your Bank Should Adapt to Your Needs
Every business has specific needs, so the possibility to adapt their services to your needs should be a key factor in choosing your bank. Some banks may be specialized or experienced in specific industries, which can be a good place to start looking. However, this doesn’t mean that a bank that has never worked with your type of business, can’t be an asset. The most important thing is to feel comfortable, understood, and cared for in this partnership.
There are many obvious and subtle signs that a bank won’t be able to meet your needs or build a long-lasting and trusting relationship with you. For instance, if the bank employee who handles your account starts offering services assuming your needs, instead of listening until the end, it may be an indicator that the bank doesn’t offer the kind of personalized service and relationship you need.
While services like online banking, easy access to your account, and overall simple and efficient business banking, are very important to consider, they shouldn’t be a decisive factor. You should never underestimate the importance of choosing a bank carefully.
Once you start your search, you will see that there are many offers, and they aren’t all the same, and most importantly, that not everything that looks good is good for you. The most important thing is to find a bank that you feel confident understands your financial needs and is willing to work with you to meet them in a mutually beneficial way.