Over the course of your entrepreneurship, you will spend a lot of your time in a bank (i.e.: opening a business checking account, business savings account, applying for a business credit card, applying for financing for your business, and possibly even merchant services). It is vital that you create a personal relationship with your business banker for a variety of reasons.
- Advice—Set up standing appointments with your banker—monthly or quarterly—to discuss your business’s finances. You can use this time to analyze your cash flow, discuss any opportunities/concerns, and receive advice.
- Business Contacts—Your banker will work with an assortment of businesses and professionals… Because of this, your business banker, with consent from all parties, can be a treasured resource for you and can introduce you to possible customers, suppliers and even employees.
- Good References—Just like your banker can refer you to possible customers with their consent; they can also refer possible customers to you with your consent. A good reference from your business banker could help you find new customers or new partnerships.